UK Compounding Pharmacies Market size exceeded USD 320 million in 2021 and is anticipated to exhibit a CAGR of 4.5% between 2022 and 2028.
Rising elderly population and enhanced longevity are some of the key factors fueling the industry demand. The average life expectancy of the regional population is increasing due to a major decrease in the fertility rate. There is also a gradual shift in the leading causes of death, with more patients dying from chronic conditions than from infectious diseases.
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Compounding pharmacies can boost a patient’s accessibility to medicines that are difficult to find, such as hormone therapies. The need for anti-aging products, such as bioidentical hormone replacement therapy for women, human growth hormone, and high-quality dermatological treatments, has grown at a notable pace as a higher proportion of the regional population is growing old. The compounded drugs provide convenience and other benefits to consumers.
Highly specialized compounding pharmacies offer individuals with specific medication, that is not readily available at regular pharmacies or not produced commercially. However, lack of availability of skilled pharmacists and lab technicians will hinder the market growth to certain extent.
Impact of COVID-19 on the compounding pharmacies market in UK
The COVID-19 pandemic had an adverse effect on the functioning of compounding pharmacies in the UK, as there was a global shortage of drugs owing to a much higher demand. The situation caused severe strain on the region’s pharmaceutical sector as the supply chain activities came to a sudden halt. Compounding pharmacies had to overcome these constraints to ensure timely production and supply of personalized medicines. However, as the pharmaceutical sector is showing great recovery and non-critical patients resume consultations, compounding pharmacies across the UK will see improved operations.
UK Market, By Product
The oral product segment will account for a large share of UK compounding pharmacies market by 2028. There is a vast availability of medications for pain management in the form of capsules and tablets, which are safe to be consumed orally. Oral drugs offer patients a more convenient method of treatments and are easy to prepare.
The pain management segment will showcase a healthy growth rate through 2028. The pharmacies sell pain management medicines that deliver the precise dosage to patients who are susceptible to adverse effects from various treatments.
UK Market, By Therapeutic Area
The hormone replacement segment will surpass USD 120 million revenue by 2028, attributed to increasing demand for anti-aging solutions and ease in availability of excellent dermatological products. Patients are opting for compounded hormone replacement therapy (HRT) as the treatment suits different body types and hormone levels. A continuous surge in geriatric population will augment the adoption of compounding pharmacies in the region to obtain more specific solutions.
UK Market, By Application
The geriatric applications segment will capture a significant market share from 2022 to 2028. Compounded drugs are widely used for the treatment of cardiovascular diseases (CVD), diabetes, cancer, and other chronic ailments. Increasing awareness among the elderly regarding personalized treatments will spur the preference for these pharmacies. According to the NHS, CVD is among the leading causes of mortality and disability in the UK.
Competitive Industry Landscape
Notable players operating in the UK market include Nova Laboratories, Clinigen, Specialist Pharmacy, ICU Medical, B. Braun Melsungen, Fresenius Kabi, Baxter International, McKesson Corporation, Fagron, and PharMEDium. These companies are using different strategies, including novel product offerings, mergers & acquisitions, to gain competitive edge.