Compounding is the process of creating personalized medicine for specific patients. This allows a physician to prescribe a very specific medication, prepared by a pharmacist, for a patient’s individual needs.
The U.S. compounding pharmacies market was valued at USD 4,624.4 Mn in 2018 and is expected to reach USD 6,943.4 Mn by the year 2026, growing at a CAGR of 5.2% during the forecast period.
The market is witnessing growth due to the increasing demand of personalized medications and convenience of using compounded drugs. According to the IACP, there are 56,000 community-based pharmacies in the U.S. About half of them directly serve local patients and doctors. Some 7,500 compounding pharmacies specialize in what the IACP calls "advanced compounding services." Some 3,000 of these pharmacies make sterile products. The tainted steroid shots made by NECC were supposed to have been sterile.
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Oral medications segment dominated the market in the year 2018
The oral medications segment dominated the market in 2018 with a share of 39.6% and is expected to account a share of 33.5% in 2026. High demand for easy to administer dosage forms such as capsules, oral liquids and granules will drive the growth of the segment.
Growing healthcare awareness, and oral medication being the most preferred route of administration is projected to fuel demand for oral medications over the forecast period. Patients suffering from severe gastroesophageal reflux disease (GERD) makes the use of oral nonsteroidal anti-inflammatory drugs (NSAIDs) less desirable. The market for oral medications is growing at a lucrative rate, however patent expiration & stiff competition from generic brands is giving a tough competition to its growth.
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The pharmaceutical ingredient alteration segment dominated the market in the year 2018
The pharmaceutical ingredient alteration segment is anticipated to grow with the highest CAGR of 5.9% over the forecast period, followed by Pharmaceutical Ingredient Alteration (5.8%), Currently Unavailable Pharmaceutical Manufacturing (5.4%) and Others (4.0%).
Pharmaceutical ingredient alteration is done in order to meet requirements of the patients. In some cases, some patients are allergic to a preservative or dye in a manufactured product for which compounding pharmacists can prepare a dye-free or preservative-free dosage form. To satisfy a specific patient need and ensure patient adherence, doctors prescribe a commercially available drug in a different dosage form. Most pediatric patients are nonadherent because their medications are salty, but when the medicine is flavored to their taste, they start taking medications as per the prescription.
Company Profiles and Competitive Intelligence
The major players operating in this market are Central Admixture Pharmacy Services, Fagron NV, Advanced Pharma (Avella Specialty Pharmacy), SCA Pharma, KRS Global Biotechnology Inc., Fresenius Kabi Global, PharMEDium Services, LLC, Cantrell Drug Company, Clinigen Group, Smith Caldwell Drug Store and amongst others.