UK Compounding Pharmacies Market size was valued at USD 326.6 million in 2017 and is expected to witness 5% CAGR from 2018 to 2024.
UK Compounding Pharmacies Market, 2017 & 2024 (USD Million)
Rising geriatric population coupled with improved longevity is the key factor driving UK compounding pharmacies market growth. Increasing life expectancy owing to decline from high to low fertility and shift in leading causes of death from infectious & parasitic diseases to chronic conditions & non-communicable diseases has enhanced longevity of the population. Moreover, affordable costs of compounding pharmacies will prove beneficial for business growth in upcoming years. Higher proportion of people reaching advanced age as well as increasing urge to look youthful will surge the demand for anti-aging products such as bioidentical hormone replacement therapy for women, human growth hormone, and high-quality dermatological products that are primarily produced in compounding pharmacies.
Furthermore, convenience and benefits offered by compounded drugs will serve to be another impact rendering factor in the business growth. Individuals requiring medication at a strength that is not available in the market or drugs that are currently not commercially available are provided by highly specialized compounding pharmacies. Ability of compounding pharmacies to increase the availability of difficult to find medications such as hormone therapies will augment market expansion. However, dearth of skilled lab technicians and pharmacists may hamper industry growth over the forecast period.
Oral segment accounted for more than 32.5% revenue share in 2017 and is estimated to witness robust growth during the analysis period. Segment growth is attributable to availability of large number of medications for the treatment of pain management and aches in the form of capsules and tablets could be consumed orally.
Parenteral segment is anticipated to show 5.3% CAGR over the analysis timeframe. Benefits offered by parenteral preparations such as rapid onset of action, localized delivery of drugs and quick availability of drug to the body in case of emergencies will favour the segment growth.
Pain management segment was valued more than USD 150 million in 2017 and is expected to witness similar trend over the forecast timeframe. Compounded pain management medicaments enable delivery of precise dosage to patient susceptible to certain adverse effects.
Hormone replacement segment is driven by increasing demand for the anti-ageing solutions and availability of excellence dermatological products. Growing demand for compounded hormone replacement therapy (HRT), specifically used to suit different body and hormone levels will further foster the segment growth.
Adult segment dominated the application segment with over USD 152 million in 2017 owing to rising need of compounded drugs for treatment of cardiovascular diseases, diabetes, cancer and other chronic diseases. Increasing awareness among adults regarding personalized treatments will further spur the segment size.
Geriatric application segment is forecasted to witness robust CAGR of 6% by 2024. Segment growth is attributable to growing geriatric population in the country along with their inability to tolerate the market dosage forms. Increasing demand for alternative dosage forms to meet specific patient requirements will favour the segment growth.
Notable players operating in UK compounding pharmacies market include Baxter International, B. Braun Melsungen, Clinigen, Fagron, Fresenius Kabi, ICU Medical, McKesson Corporation, Nova Laboratories, PharMEDium and Specialist Pharmacy. Industry players are adopting strategies such as diversified product offerings, merger and acquisitions to sustain market competition and gain more revenue. For instance, in November 2016, B. Braun announced collaboration with Omni cell’s Performance Center and IV Automation Technology. This collaboration was intended with an aim to increase system interoperability to help decrease the time and clinical support needed to manage IV Infusions and IV compounding.
Almost all drugs were tailor-made or compounded by physicians or pharmacists for individual use, before the introduction of mass-produced pharmaceuticals in the 1940s. In 1997, compounding was brought into a federal regulatory framework. Compounded drug crisis at the New England Compounding Center in 2012, due to unclear legal status of compounding pharmacies, problems with legal oversight and overlapping of federal and state jurisdiction. Later, stringent regulations and guidelines for compounding medications surged the adoption of personalized medicines over the recent years. Increasing awareness among people regarding compounded drugs, shortage of emergency drugs as well as benefits associated with compounded drugs will fuel the UK compounding pharmacies industry growth during the forecast period.