Compounding Pharmacies Market Trends

Growth Drivers

• Growing Geriatric Population - According to the World Health Organization, one in six individuals on the planet would be 60 or older by 2030. By this point, there are projected to be 1.4 billion people over the age of 60, up from 1 billion in 2020. The number of persons in the globe who are 60 years or older would double (2.1 billion) by 2050. Hence, the demand for compounding medication is estimated to boost. Difficulty in swallowing and other oral problems such as dysphagia is very common in older people. A person's capacity to absorb particular drugs changes as they age. For instance, a slowing metabolism makes it more difficult for medications to be broken down. As a result, the medication's desired effectivity could not manifest as quickly as expected. Therefore, the preference for compounding drugs is growing further boosting the market growth.
• Rise in Drug Failure - A successful medicine takes 10 to 15 years and about 2 billion to produce. Despite, these enormous time and financial investments, approximately 89% of medication ideas in clinical trials are unsuccessful.
• Surge in Prescription for Compounded Medications - 1 to 3 percent of prescriptions written in the US are for compounded medications.
• Growth in Compounding Pharmacies - In the United States, there are about 55,000 community-based pharmacies, of which approximately 7,499 are compounding pharmacies.
• Upsurge in Dermatological Diseases - According to the World Health Organization, around 900 million people worldwide are currently afflicted with skin disorders, which are among the most prevalent illnesses affecting people's health. Hence, the market is estimated to grow. With dermatology compounding, the pharmacist could develop customized dermatological medications by fusing various ingredients to produce a drug that is catered to your unique requirements. Some chemicals, unneeded additives, and preservatives could be omitted from compounded drugs to accommodate the allergies or sensitivities of specific patients.

Challenges

• Lack of Skilled Pharmacists
• Growing Restrictions on Manufacturing of Compounding Medication - The development of the global market for compounding pharmacies is anticipated to be hampered by growing constraints on the production of complex formulas. Moreover, some difficulties are thought to be brought on by compounded medication. As a result, it prohibits compounding pharmacies from producing a number of different types of medications, including replicas of FDA-approved prescription drugs. Even, if they are listed on the FDA's shortage list, as well as complicated dosage forms such as extended release products, transdermal patches, liposomal products, and the majority of biologics.
• Lack of Consumer Preference for Compounding Drugs