Compounding Pharmacy Market Size, Share, Growth Analysis, By Product(Medications, Topical medications, Suppositories, Mouthwashes), By Therapeutic Area(Hormone replacement therapies, Pain medications, Dermatological applications), By Region - Industry Forecast 2024-2031

Global Compounding Pharmacy Market size was valued at USD 8.12 billion in 2019 and is poised to grow from USD 8.62 billion in 2023 to USD 14.82 billion by 2031, growing at a CAGR of 6.2% in the forecast period (2024-2031).

Over the years ahead, the Compounding Pharmacy Market is expected to be driven by the increasing rate of patent expirations, increased life expectancy, and the growing elderly population. Compounding pharmacy’s major function is to create unique versions of medications that are either not widely accessible or are not produced by commercial pharmaceutical corporations for specific patients with their unique demands. A licensed physician creates these medications at compounding pharmacies after taking the patient's medical requirements into account. Compound pharmacists can put medications into specially flavored liquids, topical creams, transdermal gels, suppositories, or other dosage forms tailored to specific patient needs.

In 2021, the market share of compounding pharmacies was 47% held by the adult population. Nutritional supplements are supplied by compounding pharmacies to help adult customers with their daily activities. Additionally, people are susceptible to a number of chronic disorders that can be early on prevented with compounding products. The rising prevalence of chronic disease brought on by a poor diet and sedentary lifestyle will increase demand for compounded medications and spur market expansion.

US Compounding Pharmacy Market is poised to grow at a sustainable CAGR for the next forecast year.