Market Trends of Compounding Pharmacy Industry
The Pain Management Segment is Expected to Dominate the Market During the Forecast Period
The pain management segment is expected to account for the largest share of the market owing to the large patient base suffering from chronic pain from various diseases. Increasing accidental cases, the high burden of cancer, and chronic pain cases are key factors responsible for the growth of the pain management market. For instance, according to the May 2023 update by the National Institute of Health, new cases of chronic pain occurred more often among US adults than new cases of several other common conditions, including diabetes, depression, and high blood pressure. Furthermore, almost two-thirds of the chronic disease population suffered from pain. Compounding pharmacies provide drugs for effective pain management tailored for specific patients. Thus, the pain management segment is expected to contribute to the market's growth during the forecast period.
Non-steroidal anti-inflammatory drugs (NSAIDs), anticonvulsants, antidepressants, topical analgesics, and opioids are the major classes of drugs that doctors prescribe for chronic pain management. These drugs are available by prescription to relieve fever and pain. For instance, as per the article published in November 2023 in the International Journal of Pharmaceutical Compounding Inc., low doses of naltrexone were found to be beneficial among patients who had pain associated with the diagnosis of idiopathic hypereosinophilic syndrome. Thus, owing to such personalized approaches, the segment is expected to witness notable growth over the forecast period.
Side effects associated with these medications include stomach irritation, unpleasant side effects, and unwanted flavor/route of administration. Compounding pharmacies provide alternate methods to ease consumption and cope with the side effects. Such an advantage of compounding pharmacies is expected to accelerate market growth.
North America is Expected to Witness Significant Growth Over the Forecast Period
The compounding pharmacy market in North America is expected to hold a significant market share during the forecast period. The presence of several compounding pharmacies, high adoption among people, and scarcity of many drugs are key factors for market growth. Annual conferences in the region discussing updates and advancements in the compounding of drugs are expected to drive market growth over the forecast period. For instance, in November 2023, the US Food and Drug Administration (FDA) virtually conducted its 12th intergovernmental working meeting on drug compounding with state government officials, including officials from state regulators, representatives from the National Association of Boards of Pharmacy (NABP), and other representatives from FDA.
Several organizations are interested in the compounding pharmacy market across the United States. For instance, in July 2022, Fagron, the global player in pharmaceutical compounding, acquired a 503B outsourcing facility from Fresenius Kabi in Boston. With this acquisition, Fagron expanded its US sterile compounding footprint. Similarly, in June 2022, Osceola Capital, a private equity firm, opened its eighth addition to the Revelation Pharma Corporation platform by purchasing Wedgewood Pharmacy’s Human-Health Book of Business. Wedgewood Pharmacy operates compounding pharmacies that offer sterile and non-sterile compounded medications for animal patients in 50 states.
Hence, owing to the developments in compounding pharmacies and the rise in strategic activities by the key players, the market is expected to witness strong growth in the region.
