The global drug shortage crisis, the benefits of compounded medications, and the increasing adoption of customised medicine are the major factors driving market growth (personalized medicine). However, product recalls and stringent regulatory requirements are limiting the growth of the Compounding Pharmacies Market. The role of a compounding pharmacy or compound pharmacy is to mix ingredients to meet the needs of patients and to manufacture drugs that are not commercially available. Compounding pharmacies are necessary in situations involving limited dosage strengths and dosage forms, drug allergies to specific ingredients, paediatrics, chemotherapy, and veterinary medicine. Furthermore, compounded medicines improve pharmacist participation in developing and implementing patient therapeutic plans while also providing customised medications of high pharmaceutical quality.
The United States is experiencing a rapid drug shortage, which is causing problems for health care facilities, clinicians, patients, and federal regulators. The main causes of drug shortages are difficulties in manufacturing, the acquisition of raw materials, regulatory issues, and business arrangements, as well as disruptions in the supply chain. Drug shortages, according to the American Society of Health-System Pharmacists, can have a negative impact on drug therapy and cause delays in medical procedures, resulting in medication errors.
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Drug shortages range from simple medications like buffered aspirin to life-saving medications like cancer antibiotics and chemotherapy agents, as well as emergency medications like epinephrine. Healthcare professionals, particularly pharmacists, are working tirelessly to manage this public-health crisis, as are the US government and drug manufacturers. Health-care workers have begun to devise solutions to the drug shortage. Compounding pharmacies are regarded as a viable source of drugs in short supply. Furthermore, due to the COVID-19 pandemic, the US Food and Drug Administration (USFDA) has identified 20 drugs with potential shortages.
Compounding pharmacies market is divided into oral medications, topical medications, suppositories, and others. In 2020, the oral medications segment held the largest market share. This segment’s growth can be attributed to factors such as ease of consumption and availability in a variety of forms such as solid tablets, capsules, chewable tablets, and lozenges that can be swallowed whole or sucked, or as drinkable liquids such as syrups, drops, and solutions. Additionally, the compounding pharmacies market for topical medications is expected to grow at the fastest CAGR between 2021 and 2028.
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