Global Market Insights Inc., recently released findings from a new research report indicating that the compounding pharmacies market value is expected to reach $18.2 billion U.S. dollars (USD) by 2030. The report also indicated that the compounding pharmacies industry is projected to register a 5.5% compound annual growth rate (CAGR) between 2022 and 2030 due to expanding popularity of individualized medication across the globe.
The report noted that the growing geriatric population and enhanced life expectancy across the globe will drive the industry trends. Illnesses such as dysphagia, along with the escalating prevalence of chronic pain in elderly patients, will hasten the demand for compounding pharmacies. Moreover, the shortage of pharmacists and skilled lab technicians in developed economies may emerge as a key restraining factor. Experts also noted that an optimistic view toward compounded medications may inspire technicians to enhance their abilities.
The compounding pharmacies market from hospital pharmacy segment will exhibit a CAGR of 5.8% through the analysis timeframe due to frequent hospital visits of patients for their ailments. An increased demand for custom medications will drive the segment expansion since prescription dosages are easily accessible in hospital pharmacies.
The report also mentioned that the sterile segment surpassed 3.3 billion USD in 2021 and will record substantial growth up to 2030. There is an elevated risk of infection during injection administration through IV or direct dosage into the eyes. In sterile compounding, medication is prepared in an environment free of contaminating agents such as viruses and bacteria, which will expand the demand for sterile compounding through the evaluation period.
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