Oral Medications Segment to Dominate North America Compounding Pharmacies Market during 2020–2028

According to a new market research study on “North America Compounding Pharmacies Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Product and Therapeutic Area,” is expected to reach US$ 7,786.73 million by 2028 from US$ 4,997.65 million in 2021. The market is estimated to grow at a CAGR of 6.5% from 2021 to 2028. The report provides trends prevailing in the North America compounding pharmacies market along with the drivers and restraints pertaining to the market growth. Increasing adoption of customized medicine (Personalized Medicine) is the major factor driving the growth of the North America compounding pharmacies market. However, product recalls and stringent regulatory requirements hinder the growth of North America compounding pharmacies market.

COVID-19 virus outbreak was first observed in December 2019 in Wuhan (China), and it has spread to ~100 countries across the world, with the World Health Organization (WHO) stating it as a public health emergency. The global impacts of COVID-19 are being felt across several markets. Although the healthcare sector had witnessed SARS, H1N1, and other outbreaks in the last few years, the severity of the COVID-19 has made the situation more complicated due to its mode of transmission. North America has been witnessing a growing number of COVID-19 cases since its outbreak. For instance, according to Worldometer, the number of cases increased to 30,081,657, with 547,234 deaths reported in the US as of March 22, 2021. The cases are also increasing in Mexico and Canada. In Mexico, the cases have reached 2,166,290, with 194,710 deaths. Similarly, in Canada, there are about 909,157 COVID cases, with 22,463 deaths reported so far. The COVID–19 pandemic outbreak has highly disrupted the socio-economy of various countries across the world. The majority of the people have lost their jobs during the pandemic. According to the Commonwealth Fund, the unemployment rate in mid-April 2020 was ~14.7%. In response to control the spread of the COVID–19 pandemic, many of the states-imposed lockdown resulting in the closing of many workplaces. It has dramatically slowed US economic activity in 2020. However, it has positively affected the few businesses in the US

The market for compounding pharmacies market is segmented into product, therapeutic area, and country. Based on product, the market is segmented into oral medications, topical medications, suppositories, and others. In 2020, the oral medications segment held the largest share North America compounding pharmacies market. Based on therapeutic area, the market is divided into pain medications, hormone replacement therapies, dermatological applications, and others. In 2020, the pain medications segment held the largest share North America compounding pharmacies market. Similarly, based on country, the market is bifurcated into US, Canada, and Mexico. US contributed a substantial share in 2020. 

Avella specialty pharmacy; B.Braun Melsungen AG; Fagron, Inc; Fresenius Kabi AG; PharMEDium Healthcare Holdings, Inc; Triangle Compounding Pharmacy; US Compounding Inc; Vertisis Custom Pharmacy; are among the leading companies in the North America compounding pharmacies market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, Triangle Compounding Pharmacy has launched compounded hand sanitizer to fight with the COVID-19 pandemic. Triangle Compounding Pharmacy is the first to provide pharmaceutical-grade hand sanitizer in U.S.

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