The compounding pharmacies market is projected to register a substantial rate of growth over the upcoming years due to rising incidences of chronic disorders, growing adoption of sterile compounded medications, and high product usage for ophthalmic route of administration. The basic role of compounding pharmacies is to make medicines that are prescribed by specialists for specific patients with needs that cannot be met by commercially available medications.
The market for compounding pharmacies is segmented in terms of therapeutic area, by product, application, compounding type, distribution channel, sterility and regional landscape.
With respect to therapeutic area, the market for compounding pharmacies is categorized into pain management, specialty drugs, nutritional supplements, dermatology applications, hormone replacement, and others. Nutritional supplements segment in 2020, accounted for more than 5.5% market share. Nutritional supplement is a dietary supplement that provide various nutrients that are advised not be consumed in adequate quantities.
Based on product, the market is classified into ophthalmic, otic, nasal, parenteral, rectal, topical, and oral. In 2020, ophthalmic segment was valued at more than $1 billion and will continue to dominate the industry in the following years. Compounded drugs for ophthalmic route of administration are administered to the eyes, most commonly as an eye drop formulation.
In terms of application, the overall compounding pharmacies market is segmented into veterinary, geriatric, adult, and pediatric. Veterinary segment will witness more than 4.5% CAGR over the forecast timeframe.
With respect compounding type, the overall market PDA (pharmaceutical dosage alteration), CUPM (currently unavailable pharmaceutical manufacturing), PIA (pharmaceutical ingredient alteration), and others. In 2020, the PIA segment accounted for more than 35% market share and will witness robust growth over the coming years. Pharmaceutical ingredient alteration generally includes medication that is compounded for individuals that are allergic to certain ingredients.
Based on distribution channel compounding pharmacies, hospital pharmacy, and others. The others segment possessed over 8% of the overall market share in 2020 and is anticipated to register similar growth patterns in the times to come.
Talking of sterility spectrum, the market is divided into nonsterile dosage forms and sterile dosage form. In 2020, the sterile dosage forms segment accounted for more than $3 billion market value and is forecasted to progress at rapid pace over the projected time period. Sterile compounded medications are mostly meant to be used as infusions, injections, as well as application to the eye.
From a regional frame of reference, in 2020, the Latin America accounted for nearly 3% of market share and is expected to showcase a lucrative growth rate during the study time period. The anticipated growth is majorly ascribed to the rising incidences of chronic disorders across several countries of Latin America.