Compounding Pharmacies Market, By Product Type (Oral, Topical, Rectal, Nasal, Ophthalmic), By Therapeutic Area (Hormone Replacement Therapy, Pain Management, Specialty Drugs, Nutritional Supplements, Others), By Application (Pediatric, Adults, Geriatrics, Veterinary), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

Published In : May 2024

Code : CMI3199

Pages :190

Formats :

Excel and PDF

Industry : Pharmaceutical

Compounding Pharmacies Market Size and Trends

Global compounding pharmacies market is estimated to be valued at USD 11.18 Bn in 2024 and is expected to reach USD 16.92 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 6.1% from 2024 to 2031.

Compounding Pharmacies Market Key Factors

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Global compounding pharmacies market growth is driven by rising demand for compounded medicines due to growing geriatric population. Compounded medications provide customized treatment for various conditions that may not be addressed through traditional commercially available drugs. Rising chronic diseases and health issues is expected to boost demand for personalized medicines, and this provides numerous opportunities for the market players.

Increasing Demand for Hormone Replacement Therapy

Increasing demand for hormone replacement therapy (HRT) is expected to drive the global compounding pharmacies market growth over the forecast period. For instance, in September 2021, according to the data published by National Library of Medicine, in the U.S., about 4 out of 10 women aged 70-79 years had undergone hysterectomy in 2018.

/p>Increasing Inorganic Growth Strategies

Increasing adoption of inorganic growth strategies such as acquisition is expected to drive the market growth over the forecast period. For instance, on April 10, 2024, Myonex, a global clinical trial company, announced that it had acquired Saveway Compounding Pharmacy, a U.S.-based compounding pharmacy. The acquisition helps Myonex to better supply patients in clinical trials with medication and equipment as needed. It will also help the company expand its clinical trial designs and include direct-to-patient and home healthcare provider capabilities.