The compounding pharmacies market is expected to grow in the next seven years, according to a ResearchAndMarkets.com report.
1. The compounding pharmacies market was valued at $9.4 billion last year and is expected to reach $15 billion in 2028, growing at a 6.1 percent compound annual growth rate.
2. The factors driving market growth include a global drug shortage, increased adoption of personalized medicine and the growing awareness of benefits associated with compounded medications.
3. Last year during the COVID-19 pandemic, the demand for compounding pharmacies increased.
4. Last year, the oral medications segment held the largest market share because oral medications are easy to consume, according to the report.
5. The topical medications segment of the compounding pharmacies market is expected to grow the fastest through 2028.
6. Growth could be hampered by product recalls and more regulatory requirements.