The compounding pharmacies market was valued at US$ 9,442.8 million in 2020 and is projected to reach US$ 14,995.1 million by 2028; it is expected to grow at a CAGR of 6.1% from 2021 to 2028.
Drug shortage crisis across the world, benefits associated with compounded medications, and increasing adoption of customized medicine (Personalized medicine) are among the major factors fueling the market growth. Moreover, growing demand for compounding pharmacy during COVID-19 are expected to foster the market growth during the forecast period. However, product recalls and stringent regulatory requirements hinder the growth of the compounding pharmacies market.
The global compounding pharmacies market is segmented on the basis of product and therapeutic area. Based on product, the market is segmented into oral medications, topical medications, suppositories, and others. The oral medications segment held the largest share of the market in 2020. The growth can be attributed to factors such as it is easy to consume and they come in different forms like solid tablets, capsules, chewable tablets, or lozenges that are easy to be swallowed whole or sucked or as drinkable liquids such as syrups, drops or solutions. Further, the compounding pharmacies market for topical medications segment is expected to grow at the fastest CAGR during 2021–2028. Based on therapeutic area, the compounding pharmacies market is segmented into pain medications, hormone replacement therapies, dermatological applications, and others. The pain medications segment held the largest share of the market in 2020. Moreover, the same segment is estimated to register the highest CAGR in the market during the forecast period.
The World Health Organization (WHO), Centers for Disease Control and Prevention (CDC), and the National Health Service (NHS) are among the primary and secondary sources referred to while preparing the report on the compounding pharmacies market.