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Compounding Pharmacies: Last Week Tonight with John Oliver (HBO) [source]
“Compounding pharmacies create medication tailored to the specific needs of individual patients. John Oliver explains why this small corner of the drug market can cause big problems.” [19 mins]
Compounding Pharmacies w John Oliver
Last Week Tonight with John Oliver is easy to overlook because it’s so terrific every week. Oliver takes on Compounding Pharmacies in this week's episode with a little help from cameos from David Schwimmer, Kristen Bell, Method Man, Jimmy Kimmel and more:
Learn how compounding pharmacies create allergen-free, personalized medications by removing triggers, adjusting dosages, and improving safet
Compounding Pharmacies Market Size, Share & Revenue Projections to 2032
The Compounding Pharmacies Market Revenue was valued at USD 12.6 billion in 2023 and is expected to reach USD 19.9 billion by 2032, demonstrating a steady CAGR of 5.2% over the forecast period from 2024 to 2032. With increasing demand for personalized medicine and tailored pharmaceutical solutions, compounding pharmacies are playing an essential role in modern healthcare.
Key Drivers of Market Growth
The growing prevalence of chronic diseases, aging populations, and the rising demand for customized medication have fueled the expansion of the compounding pharmacies market. Patients and healthcare providers are increasingly seeking alternative solutions to commercially available drugs, especially for allergies, pediatric care, and hormone replacement therapies.
Moreover, advancements in pharmaceutical compounding techniques and technologies, coupled with the heightened focus on patient-specific therapies, are driving market growth. The adoption of stringent regulations to ensure the quality and safety of compounded medications is further boosting consumer trust and market development.
Regional Highlights
North America leads the compounding pharmacies market due to a robust healthcare infrastructure, increasing regulatory support, and growing consumer awareness about the benefits of customized medications. The Asia-Pacific region is emerging as a lucrative market, driven by expanding healthcare facilities, a rising prevalence of chronic conditions, and government initiatives to enhance pharmaceutical manufacturing.
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Market Outlook
The global compounding pharmacies market is poised for sustained growth, propelled by innovations in drug formulations and an expanding focus on addressing patient-specific needs. With the integration of digital technologies and automation, compounding pharmacies are expected to offer higher efficiency and precision, further enhancing market prospects.
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SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.
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Compounding Pharmacies Market Trends Report: Growth, Size, and Revenue 2024-2032
The Compounding Pharmacies Market Revenue was valued at USD 12.6 billion in 2023 and is set to grow to USD 19.9 billion by 2032, reflecting a strong CAGR of 5.2% over the forecast period of 2024-2032. This growth is primarily driven by the increasing demand for personalized medicines, rising patient awareness regarding customized treatments, and advancements in pharmaceutical technologies. As healthcare systems evolve, compounding pharmacies play a vital role in providing tailored medications that meet the specific needs of patients who may not be able to use commercially available drugs.
Key Drivers of Market Growth
The growing prevalence of chronic diseases, aging populations, and an increased focus on individualized healthcare treatments are key factors driving the demand for compounding pharmacies. These pharmacies specialize in creating customized medications, which is particularly important for patients requiring specific drug strengths, forms, or combinations not available in mass-produced medications. Moreover, the ability to provide medications for unique needs—such as allergen-free formulations, pediatric dosages, and hormone replacement therapies—has contributed significantly to the market’s growth.
Furthermore, advances in pharmaceutical technology, such as automated compounding systems, are helping pharmacies streamline operations and ensure the accuracy of drug formulations. This automation allows pharmacies to meet the growing demand for compounded medications with greater efficiency, contributing to an overall improvement in patient care.
Regional Insights
The North American region dominates the compounding pharmacies market, accounting for a significant share of the global market. The presence of well-established healthcare systems, increased healthcare expenditure, and rising consumer awareness about personalized medication options contribute to this dominance. Furthermore, the U.S. Food and Drug Administration (FDA) and state pharmacy boards provide strict regulations, ensuring the safety and efficacy of compounded drugs, which further drives confidence in the sector.
In contrast, the Asia-Pacific region is expected to experience the highest growth during the forecast period. The increasing healthcare infrastructure, rising disposable incomes, and greater adoption of advanced medical technologies are driving demand for compounding pharmacies in countries like India and China. Additionally, the growing number of aging populations and a rise in chronic diseases across the region are expected to further stimulate the market.
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Market Segmentation
The compounding pharmacies market can be segmented based on product type, application, and end-user.
Product Type: The market includes various products, such as topical medications, oral medications, injectable medications, and others. Among these, oral medications hold the largest share, driven by the widespread need for customized pills and capsules for patients who have specific dosing needs. Topical medications are also gaining traction, especially in the treatment of dermatological and pain-related conditions.
Application: The market also caters to several applications, including dermatology, pediatrics, geriatrics, hormone replacement therapy (HRT), and veterinary care. The increasing use of compounded medications in hormone replacement therapy and the rising demand for pediatric medications, which are often compounded to cater to specific dosing requirements, are fueling market growth.
End-User: Compounding pharmacies primarily serve healthcare providers, hospitals, clinics, and patients. The rise in outpatient treatments and the growing trend of home care are also contributing to the market's growth, as patients increasingly seek custom-tailored medications for their personal treatment plans.
Regulatory Landscape
The growth of the compounding pharmacies market is also influenced by stringent regulations imposed by various health authorities. The FDA and similar agencies in other countries ensure that compounding pharmacies meet high standards of quality, safety, and efficacy. While these regulations provide patient safety assurances, they also encourage innovation within the sector, as pharmacies are required to develop more precise and effective ways to compound medications. Compliance with these standards boosts consumer confidence, driving further demand for compounded medicines.
The increasing trend of outsourcing compounded medications from pharmacies to reduce operational costs and improve efficiency is also emerging. Many hospitals and healthcare systems are turning to specialized compounding pharmacies to manage their medication needs more effectively. This trend is particularly prominent in the context of high-cost treatments, where compounded drugs offer a more affordable and tailored solution.
Future Outlook
The compounding pharmacies market is expected to maintain its upward trajectory, driven by ongoing advancements in pharmaceutical technologies and the growing patient demand for personalized treatment options. As healthcare continues to evolve, the role of compounding pharmacies will become more crucial in providing customized medications that cater to an individual’s specific medical needs. Moreover, as healthcare professionals increasingly recognize the benefits of compounded treatments, the market for compounding pharmacies will likely expand, contributing to improved patient outcomes and more efficient healthcare delivery.
About Us
SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company's aim is to provide clients with the knowledge they require to operate effectively in changing circumstances. To provide you with current, accurate market data, consumer insights, and opinions, we employ a variety of methods, including surveys, video talks, and focus groups across the world.
Contact Us
Akash Anand – Head of Business Development & Strategy Email: [email protected] Phone: +1-415-230-0044 (US) | +91-7798602273 (IND)
What are the advantages of compounding pharmacy?
Introduction
When it comes to healthcare each person's medical demands are as unique and common treatments often may not work. This is where compounding pharmacies, help you with personalized treatment. The compounding pharmacies specialize in customizing medications to individual needs based on the GP prescription and make them an increasingly attractive alternative in the ever-changing healthcare market. Here we will see some advantages of compounding pharmacies and why they are gaining great popularity and recognition in the world of healthcare.
Definition of Compounding Pharmacy
A Compounding pharmacy is a highly specialized pharmacy where licensed pharmacists make customized drugs for specific patients. A regular pharmacy predominantly dispenses mass-produced medications. Compounding pharmacies center their efforts on the careful creation of distinct drug formulations. These formulations span a wide spectrum, encompassing considerations such as precise dosage strength, versatile forms ranging from liquids to creams.
Compounding pharmacists have access to cutting-edge instruments and a wealth of experiences. It allows them to skilfully manufacture drugs that harmonize flawlessly with the unique medical demands of each patient.
The advantages of compounding pharmacy
The advantages of compounding pharmacies are changing the healthcare landscape. These extraordinary facilities provide customized medicines, accurate dose changes and allergy friendly pharmaceuticals. Compounding pharmacies are cost-effective procedures and put patients at the center of their treatment journey. Here are some advantages of compounding pharmacy.
Low-Cost Solutions - Contrary to the misconception that customized medications are expensive; compounding pharmacies often offer cost-effective alternatives. By eliminating unnecessary additives and using quality ingredients, compounded medications can be budget-friendly.
Medication is customized for each person - One of the most significant advantages of compounding pharmacies is personalized medication. Standard medications may not cater to everyone's needs. Compounding pharmacists can adjust the dosage, form, and ingredients to ensure that the medication is a perfect fit for the patient. This level of customization can lead to more effective treatments.
Allergy Free Medicines - Many people have allergies or sensitivities to certain ingredients commonly found in commercial medications, such as dyes, gluten, or preservatives. Compounding pharmacies can create allergy-friendly versions of medications by removing these problematic components. This ensures that patients can receive the treatment they need without adverse reactions.
Unique Medicine Formula - Compounding pharmacies can create specialized formulations not available in normal medications. This includes custom creams, ointments, and topical solutions, which can be essential for various dermatological or pain management treatments.
Availability of Banned Medications – Big pharmaceutical companies often discontinue medications due to low demand. However, some patients still depend on those drugs. Compounding pharmacies can replicate discontinued medications, providing a lifeline for those in need.
Flavored Medications - Compounding pharmacies can improve medication compliance, especially for children by adding many flavors to the customized medications. This thoughtful addition makes taking medicine a more enjoyable experience.
Conclusion
The compounding pharmacies have grown up as an example of personalized healthcare in an era where generic therapies frequently fail. These pharmacies, which specialize in creating customized drugs as per doctors’ guidance, are changing the face of healthcare. Compounding pharmacies put patients at the forefront of their treatment journey by providing cost-effective options, personalized medication, allergy-friendly alternatives and provide many benefits. Compounding pharmacies are gaining well deserved popularity as the desire for customized healthcare grows.
Compounding Pharmacies Market and it is projected to reach US$ 14,995.1 million by 2028 with a CAGR of 6.1% 2028 Size into Product, Area a
The major factors driving to the growth of the market are the drug shortage crisis across the world, benefits associated with compounded medications, and increasing adoption of customized medicine (personalized medicine). However, product recalls and stringent regulatory requirements are restricting the compounding Pharmacies Market
PUNE, India, Sept. 23, 2020 (GLOBE NEWSWIRE) -- The Compounding Pharmacies Market Global Market Share, Trends, Analysis and Forecasts, 2020-2030 provides...
