by Compounding chemotherapy play a vital role in healthcare by preparing customized medications to meet the unique medical needs of individuals that cannot be met by manufactured pharmaceutical products. Compounding chemotherapy combine, mix, or alter ingredients to create a medication tailored to the needs of an individual patient. This involves altering dosage form, strengths, delivery method, flavoring agents, and other variables. Compounded medications are prescribed when an FDA-approved drug may be unsuitable due to allergies, size or age of the patient or to allow for changes to drug delivery method. Compound medications are also prepared when a specific pharmaceutical product is not available in the market. The rising geriatric population vulnerable to chronic diseases and the growing need for personalized drugs drive the demand for compounded medications.
The global compounding chemotherapy market is estimated to be valued at US$ 11.76 Mn in 2024 and is expected to exhibit a CAGR of 2.8% over the forecast period 2024 To 2031.
Key Takeaways
Key players: Key players operating in the compounding pharmacy Market are Singapore Airlines,Air New Zealand,Qantas,Qatar Airways,Virgin Australia,Emirates,All Nippon Airways,EVA Air,American Airline,Spicejet,The Boeing Company,Airbus SE,Lockheed Martin Corporation,Textron Inc,Embraer S.A.
Growing demand: The growing geriatric population suffering from multiple diseases propels the demand for customized medication prepared by compounding pharmacies. Moreover, the shortage of FDA-approved drugs also boosts the Compounding Chemotherapy Market Size.
Global expansion: Leading compounding chemotherapy is expanding globally through mergers and acquisitions to cater to the international demand for compounded drugs. Strategic partnerships with pharmaceutical companies are also helping compounding pharmacy chains strengthen their global footprint.
Market Key Trends
The rising prevalence of chronic diseases requiring long-term medication is a major driver accelerating the 2.8% CAGR growth of the compounding chemotherapy market during the forecast period. With lifestyle diseases affecting younger populations, demand for personalized drugs is increasing. compounding chemotherapy play a critical role in addressing unmet medical needs through customized medication prepared as per patients’ needs. This has propelled leading pharmaceutical players to collaborate with compounding pharmacies to develop innovative drugs.
Porter’s Analysis
Threat of new entrants: Low capital requirements and established brands make entry difficult.
Bargaining power of buyers: Buyers have high bargaining power due to availability of substitutes.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitute raw materials and differentiated products.
Threat of new substitutes: New substitutes pose medium threat due to growing generics market.
Competitive rivalry: Intense competition due to established brands and patents of major players.
North America dominated the compounding chemotherapy market in terms of value in 2024 due to increasing cancer incidence and growing healthcare expenditure in the region. The Asia Pacific region is expected to grow at the highest CAGR during the forecast period owing to expanding healthcare infrastructure, rising medical tourism, and increasing investment by key players.
Geographical Regions
North America accounted for the largest share of the compounding chemotherapy market in 2024 owing to growing incidence of cancer, rising healthcare expenditure, and presence of major players in the region.
The Asia Pacific region is poised to register the highest CAGR during the forecast period. This is attributed to factors such as expanding healthcare infrastructure, increasing consumer awareness about advanced treatment options, and growing medical tourism in the region.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
