The rising popularity of customized compounding medication is reshaping the market global outlook of compounding pharmacies. Customized medication takes into account the variations in lifestyle and genetic hormones in a person. It can help patients, especially infants and senior citizens who are allergic to certain ingredients found in the traditional commercial medication.
Compounding permits pharmacists to make drugs that meet patients’ needs and medicines are prepared according to the required specifications in terms of ingredients used in the medication. It also allows pharmacies to formulate & make drugs that are harder to find in the retail market.
Here are the Top 5 Trends Driving the Market:
1. Surge in the number of compounded pharmacies in North America:
According to research studies compounding pharmacies had accounted for 40% of the sales in 2019 This was majorly generated from customized drug sales in North America. New compounding pharmacies which offer customized solutions and hard-to-find drugs based on the patients’ needs are emerging in the U.S. and Canada.
2. Rising senior citizens and chronic disease occurrence in the U.S:
In the past few years, the U.S. elderly population has witnessed a tremendous jump. The number of Americans aged 60 or older will nearly double to reach 100 million by 2060, compared to around 54 million in 2018. Since elderly people are more prone to chronic illnesses, customized compounded medication will be in high demand in the future.
3. Increase in demand for compounded dermatology medication in Europe:
The use of compounded medicine in dermatology is gradually gaining momentum due to the rising number of side effects & allergies caused by commercial drugs. This has led to a demand for customized dermatology compounded medication in Europe and it is expected to grow at a healthy CAGR of 5.8% according to the study in Graphical research.
4. Growing demand for compounded medication and shortage concerns in the U.K. and Germany:
The share of the compounding industry in the U.K is projected to develop at a CAGR of more than 5% by 2026. The increasing income of households has been a major factor driving the demand for compounded drugs in the country. Shortage of compounded medication is a prime concern in the U.K. Consequently, pharmacists and biopharmaceutical companies are working overtime to fill the gap by offering effective personalized drugs for people.
5. Increasing popularity of compounded medication across Japan and India.
The CAGR of the compounding pharmacies industry in Japan is projected to grow at a CAGR of 5.6% in the next few years. The country has a large population of senior citizens that is growing every year. The occurrence of chronic diseases which include cancer is expected to grow substantially in the coming years, which will create a demand for customized compounded medication due to their reduced side effects & high efficacy.
In India, the demand for customized medicine is being driven by the growing customer awareness regarding their benefits. Many doctors in India are prescribing compounded medications that are customized to meet their patient’s unique needs.
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