Report : Compounding Pharmacies Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product (Oral Medications, Topical Medications, Suppositories, Others); Therapeutic Area (Pain Medications, Hormone Replacement Therapies, Dermatological Applications, Others) and Geography
Topical Medications Segment to Register Highest CAGR in Compounding Pharmacies Market During 2021–2028
According to our latest study on “Compounding Pharmacies Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product and Therapeutic Area,” the 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. The report highlights the key factors driving the market growth and prominent players with their developments in the market.
Based on product, the compounding pharmacies 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 the 2021–2028.
The growth of the compounding pharmacies market is primarily attributed to the drug shortage crisis across the globe, benefits associated with compounded medications and increasing adoption of customized medicine (Personalized medicine). However, product recalls and stringent regulatory requirements are likely to hinder the market growth during the forecast period. Fagron, Inc., Elixir Compounding Pharmacy, Avella specialty pharmacy, B. Braun Melsungen AG, PharMEDium Healthcare Holdings, Inc., Fresenius Kabi AG, Belle Santé Diagnostic & Therapeutic Institute Pvt. Ltd, Triangle Compounding Pharmacy, Vertisis Custom Pharmacy and US Compounding Inc. are among the leading companies operating in the global compounding pharmacies market.
The report segments global compounding pharmacies market as Follows:
By Therapeutic Area