By
Medical Care Review | Thursday,
August 24,
2023
The compounding drugs market is expanding in pain management, hormonal therapy, and topical formulation areas.
FREMONT, CA: The global compounding pharmacies market will reach USD 20 billion by 2030 at a registering growth of 6.66 percent CAGR. Pharmacies compound medicines for developing alternate routes of administering pain medications like morphine lollipops. Doctors prescribe medicines to compound pharmacists to combine drugs for individuals unaffected by available medication. The major segment of consumers in the compounding pharmacy market are people 60 years and above for anti-aging products. This segment is the most vulnerable to chronic conditions.
The compounding pharmacy market is growing. Compounded medicines are filling the gap caused by increased demand for cures and the inaccessibility of drugs. Compounded drugs provide an alternate solution for ineffective medications for individual patients.
The Compounded medicine market is experiencing growth in the following sectors:
Pain management: Accidental injury, cancer treatments, and pain management drugs take up the largest portion of market shares. Chronic pain is responsible for generating approximately USD 635 billion every year. Compounding drugs substitute drugs that cause unpleasant side effects from Nonsteroidal Anti-Inflammatory Drugs (NSAID) like anticonvulsants, antidepressants, topical analgesics, and opioids.
Hormonal therapy: Physicians use hormone replacement therapy to treat menopause and hormonal imbalance symptoms.The therapy uses hormones that have the same structures found in hormones in the body. Hormonal replacement therapy uses hormones with the same structure as hormones in the body. Hormonal therapy helps with birth control and prostate cancer. Market shares will increase by 7 percent till 2030 in hormonal replacement.
Personalized medicines: The geriatric population contributed 20 percent of the compounding pharmacies' market share in 2021. People aged 60 and above undergo physiological changes that require personalized medical solutions. Pharmacists compound alternative dosages to meet specific treatment needs.
Topical formulations: There is an increased demand for topical medicines like ointments, creams, and gels. Research and development are looking into topical formulations that will increase market value. In 2021 topical medications accounted for USD 1.7 billion.
Unavailable drugs: Currently unavailable pharmaceutical manufacturing [CUPM] segment captured close to 23 percent of market shares in specialized medicines. The availability of drugs is a major concern. A low supply of certain medications arises due to disruption in the supply chain, discontinuation of production, or drugs or their formulation.
