The Compounding Chemotherapy Market is estimated to be valued at US$ 10.20 Bn or Mn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Compounding chemotherapy refers to the customized preparation of chemotherapy medications by compounding pharmacies for individual patients. It involves the preparation of medication doses with specific strengths and dosage forms to address a patient’s medical needs. Compounding pharmacies prepare the medications to meet a patient’s needs in cases where manufactured drugs are not suitable or unavailable.
Market Dynamics:
One of the major driver for the Compounding Chemotherapy market is the rising prevalence chronic diseases such as cancer. According to World Health Organization (WHO), cancer is the second leading cause of death globally and is responsible for an estimated 9.6 million deaths in 2018. The increasing incidences of cancer is expected to boost the demand for chemotherapy which in turn is projected to propel the growth of compounding chemotherapy market over the forecast period. Second driver is increasing patients opting for customized medications. Not all chemotherapy drugs are available in suitable dosages and formulations for pediatric patients or geriatric patients. Compounded chemotherapy facilitates customized low-dose drugs for these special patient population which is a key factor fueling the market growth.
Segment Analysis
The compounding chemotherapy market can be segmented based on product type into oral medication and topical medication. The oral medication segment currently dominates the market due to growing preference for oral drugs over intravenous drugs as they are more convenient and cost-effective.
PEST Analysis
Political: Governments across various countries are supporting the compounding chemotherapy market through favorable regulations to improve cancer treatment outcomes.
Economic: The rising incidence of cancer and growth in healthcare spending are fueling the demand for compounded chemotherapy drugs economically.
Social: Increasing cancer awareness programs, changing lifestyle, and growing geriatric population have led to higher social acceptance of compounding chemotherapy.
Technological: Technological advancements in 3D printing, robotics and artificial intelligence are aiding in the development of effective and customized compounded chemotherapy drugs.
Key Takeaways
The Global Compounding Chemotherapy Market Growth is expected to witness high, exhibiting CAGR of 5.3% over the forecast period, due to increasing cancer prevalence worldwide. The market size for compounding chemotherapy is estimated to reach US$ 16.32 Bn by 2030 from US$ 10.20 Bn in 2023.
The North American region currently dominates the compounding chemotherapy market owing to supportive regulatory guidelines and growing demand for personalized medication in the US and Canada. Europe is anticipated to be the fastest growing market during the forecast period.
Key players operating in the compounding chemotherapy market are B. Braun Melsungen AG, Fagron NV, PharMEDium Services, LLC (AmerisourceBergen Corporation), Baxter International Inc., Fresenius Kabi AG, Advanced Pharma, Inc., McGuff Compounding Pharmacy Services, Inc., Central Admixture Pharmacy Services, Inc. (CAPS), Institutional Pharmacy Solutions, LLC, Wedgewood Pharmacy, Medisca Inc., Dougherty’s Holdings, Inc., PharMEDium Services, LLC (AmerisourceBergen Corporation), PharMEDium Services, LLC, (AmerisourceBergen Corporation), BioScrip, Inc. These players are focusing on new product launches and strategic collaborations to strengthen their market position.