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North America compounding pharmacies market forecast fueled by rising dermatology applications
Published Date: August 3, 2022
North America compounding pharmacies market share will grow at a notable rate due to the rising demand for personalized medication across the region. Personalized medicines can help patients with acute disorders lead a normal life. Patients are increasingly relying on specialized compounding pharmacy services, due to the shortage of specific drugs they need to treat their ailments.
The incidence of chronic diseases like rheumatoid arthritis is growing at an alarming rate across North America. According to a report by the Centers for Disease Control and Prevention (CDC), as of 2020, every 1 out of 4 adults in the U.S. was suffering from arthritis. The report further states that by 2040, around 78 million adults aged 18 years and above will be diagnosed with the disease.
This scenario will amplify the demand for customized medication because commercially available medicines may not fulfill the unique pain management needs of an arthritis patient. This will further enhance the establishment of compounding pharmacies across the region.
North America compounding pharmacies market size will surpass USD 7.8 billion by 2026.
1. Dermatological applications of compounding pharmacies rise:
The occurrence of skin diseases is increasing across North America due to various factors, such as lack of a proper skincare routine, unhealthy dietary habits, and family history of the disorder. Cases of acute disorders like dermatitis and melanoma are growing at a worrying rate.
According to the American Academy of Dermatology (AAD), nearly 7.5 million people in the U.S. have been diagnosed with psoriasis, a chronic skin condition. These health disorders have augmented the demand for online compounding pharmacies, which produce appropriate medication to avoid allergic or other adverse medical reactions on ingesting the drugs.
2. Rectal administration of compounding medicines will grow:
The rectal segment captured 9% of North America compounding pharmacies market. This type of drug administration is widely recommended by doctors because the medicine takes shorter time to absorb into the system, facilitating faster recovery.
Rectal administration has a higher bioavailability, which means that the amount of drug present in the capsule is greater because the upper gastrointestinal tract does not interfere in the drug absorption process. This increases the effectiveness of the medicinal ingredients used.
3. Demand for compounded veterinary medicines will increase:
The regional compounding pharmacies industry size from the veterinary segment will record around 5% CAGR through 2026. Most pet animals are diagnosed with some form of medical condition during their lifetime. This can greatly affect their overall quality of life, restricting them from engaging in certain activities.
Diseases like skin cancer and arthritis are increasingly affecting pet animals. As per the Morris Animal Foundation, 14 million adult dogs are suffering from osteoarthritis in the U.S. This has increased the need for animal drug compounding. Sometimes, when a prescribed medicine for pets is not readily available in the required form like pills or gels, the owner can get the drug customized from veterinary pharmacies for compounded pet medications to suit their pet’s needs.
North America compounding pharmacies market outlook will remain progressive due to the rising prevalence of chronic ailments and the shortage of certain medicines across regular drug stores. Organizations, such as Mc Guff Company, Rx3 Compounding Pharmacy, Fagron, Clinigen Group, Nephron Pharmaceuticals, Dougherty's Pharmacy, and Triangle Compounding Pharmacies, are some of the reputed players in the regional industry.