Customizing medication to specifically deal with issues faced by the older population will drive the compounding pharmacy industry.
For instance, dysphagia (difficulty in swallowing) is a common problem associated with old age. Compounding medication into alternative delivery methods, such as troches or sublingual’s, to eliminate the need of swallowing can help solve the problem.
Also, elderly patients are often prescribed with many medications to be taken on each day. This increases the risk of allergic reaction and adverse drug interaction and there are high chances that a senior person can skip certain pills and miss their doses. Here compounding the medicines into one single pill and eliminating any allergic element can be very useful for senior citizens.
Moreover, availability of several therapies such as bioidentical hormone replacement therapy for women, testosterone therapy for men along with high-quality dermatological products primarily produced in compounding pharmacies proves advantageous for the industry expansion.
Authors:
Mariam Faizullabhoy, Gauri Wani
Frequently Asked Questions (FAQ) :
Compounding pharmacies market was valued at USD 12.4 billion in 2023 and is anticipated to witness growth at 5.6% CAGR through 2032 driven by the increasing demand for personalized medications.
The pain management segment in the market held 33.3% share in 2023 owing to growing incidence of chronic pain among adults and rising geriatric population.
North America compounding pharmacies market was valued at USD 6.8 billion in 2023 and is anticipated to reach USD 11 billion by 2032 as participants are focusing on the development of compounded medications to better manage patients.
B. Braun Melsungen AG, Clinigen Group PLC, Dougherty's Pharmacy, Inc., Fagron NV, Fresenius Kabi AG, ITC Compounding Pharmacy, Institutional Pharmacy Solutions, LLC, Lorraine’s Pharmacy, McGuff Compounding Pharmacy Services, and Nephron Pharmaceuticals Corporation, among others.