Compounding Pharmacy Market to Reach $26.38 Billion by 2031

(EstateNewsWire.com, August 28, 2024 ) The Compounding Pharmacy Market is valued at USD 14.79 Bn in 2023 and is estimated to reach over USD 26.38 billion by 2031, exhibiting a CAGR of 7.6% during the forecast period.

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A compounding pharmacy, frequently referred to as a pharmaceutical compounding facility, is a particular sort of pharmacy that assembles prescriptions to manufacture bespoke drugs. Compounding pharmacies provide customized pharmaceuticals by combining, modifying, or mixing pharmaceutical-grade substances to match each patient's specific needs, in contrast to regular pharmacies that dispense mass-produced drugs made by pharmaceutical firms.
Although the practice of compounding medications dates back thousands of years, it has become more popular in modern medicine to serve patients with specialized needs. When a patient's preferences for dosage, allergies, or certain medical conditions prevent them from using commercially accessible pharmaceuticals, a prescription for compounded medications is frequently issued. They can be found in a variety of forms, including suppositories, creams, ointments, tablets, torches, and suspensions. Compounding pharmacies are especially helpful for patients with special health needs as well as in veterinary, pediatric, and geriatric medicine due to their capacity to personalize drugs. The market for compounding pharmacies is fueled by several factors, such as the aging population, the rise in chronic illness, the growing cooperation of major players, and the constant release of new products.

List of Prominent Players in the Software-Defined Vehicle Market:
• Albertsons Companies
• Apollo Clinical Pharmacy
• Aurora Compounding
• B. Braun Melsungen
• Custom Med Apothecary
• Fresenius Kabi
• Fagron
• Formul8
• Fusion Apothecary
• Galenic Laboratories (
• Institutional Pharmacy Solutions
• JL Diekman and AQ Touchard
• Letco Medical
• Olympia Pharmacy
• PharMEDium Services
• Walgreen
• Wedgewood Pharmacy
• The London Specialist Pharmacy Ltd
• MEDS Pharmacy
• Rx3 Compounding Pharmacy
• Clinigen Group PLC
• Dougherty's Pharmacy, Inc.
• Lorraine's Pharmacy
• Mcguff compounding pharmacy services

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Market Dynamics:
Drivers:
The growing prevalence of chronic conditions such as pain, hormone imbalances, and dermatological disorders boosts the demand for compounded medications that offer targeted and effective treatments. Innovations and improvements in compounding technology enhance the ability to create complex formulations and improve the quality and safety of compounded medications. An aging population with unique medical needs, including hormone replacement and pain management, drives demand for specialized compounded medications. Regulatory frameworks and standards that ensure the safety and quality of compounded medications support market expansion by establishing clear guidelines for compounding practices.
Challenges:
The increasing number of compounding pharmacies and the entry of large pharmaceutical companies into the compounding space create competitive pressures, which can affect pricing and market share. Keeping up with rapidly advancing compounding technologies and integrating them into existing systems can be challenging for some pharmacies, particularly smaller or less technologically advanced ones.
Regional Trends:

North America has the largest market share during the forecast period, the region sees significant advancements in compounding technology and a growing emphasis on custom medications for chronic conditions, pain management, and hormone replacement therapy. he U.S. Food and Drug Administration (FDA) and state-level regulations impact compounding practices, with ongoing efforts to enhance quality and safety. However, The Asia-Pacific region is emerging as a significant player in the compounding pharmacy market, driven by rapid healthcare development and increasing awareness of personalized medicine. The growing population, rising incidence of chronic diseases, and expanding healthcare infrastructure contribute to market growth.

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Recent Developments:
• In April,2024, Walgreens, introduced Walgreens Specialty Pharmacy, a holistic offering that expands access to care for patients with complex, chronic conditions and enables partnerships that drive profitability for Walgreens’ pharmacy business. The company is also making investments that will transform its specialty pharmacy offerings, including gene and cell therapy services.
• In July 2022, Fagron (a global pharmaceutical compounding player) expanded its sterile compounding presence in the United States by acquiring the 503B outsourcing facility owned by Fresenius Kabi.
Segmentation of Compounding Pharmacy Market.
Global Compounding Pharmacy Market - By Products
• Topical
• Oral
• Rectal
• Nasal
• Ophthalmic
Global Compounding Pharmacy Market – By Therapeutic Areas
• Pain Management
• Hormone Replacement Therapy
• Dermal Disorder
• Nutritional Supplement
• Other Therapeutic Areas
• Oral
Global Compounding Pharmacy Market – By Route of Administration
• Oral
• Topical
• Parenteral
• Other Routes of Administration
Global Compounding Pharmacy Market – By Sterility Type
• Sterile
• Non-Sterile
Global Compounding Pharmacy Market – By End User
• Pediatric
• Adults
• Geriatric
• Veterinary
Global Compounding Pharmacy Market – By Compounding Type
• Pharmaceutical Ingredient Alteration (PIA)
• Currently Unavailable Pharmaceutical Manufacturing (CUPM)
• Pharmaceutical Dosage Alteration (PDA)
• Others
Global Compounding Pharmacy Market – By Region
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa

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