July 16, 2024
Compounding Chemotherapy Market

Compounding Chemotherapy Market to Witness High Growth Owing to Rising Incidence of Cancer

The Compounding Chemotherapy Market is estimated to be valued at US$ 10.20 Bn 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:

The compounding chemotherapy market involves compounding drugs used in chemotherapy treatment of cancer. The compounded drugs are customized to meet specific needs of patients such as specific dosage, removal of undesirable constituents and delivery through alternative routes such as intranasal, transdermal etc. Compounding pharmacies prepare these customized drugs for patients who cannot use the standard commercially available drugs due to allergy, decreased tolerance etc.

Market Dynamics:

The global compounding chemotherapy market is primarily driven by the rising incidence of cancer across the globe. According to WHO, cancer is a leading cause of death worldwide and accounted for nearly 10 million deaths in 2020. This increasing cancer burden is likely to drive the demand for more complex chemotherapy regimens thus fueling the market growth. Additionally, increasing demand for customized chemotherapy owing to drug shortages, patient allergies, intolerances etc further aids the market growth. However, safety and sterility issues associated with compounded drugs may hamper the market growth over the forecast period.

SWOT Analysis

Strength: The compounding chemotherapy market has strong growth potential due to rising geriatric population and increasing cancer cases. Compounding allows for customized drug formulations as per patient needs. It provides more effective treatment solutions.

Weakness: Compounding is a complex and specialized process that requires high technical expertise. Any error can prove fatal for the patient. It is a costly process that increases the overall treatment expenses. Lack of standardized procedures and quality control also increase safety risks.

Opportunity: Rising healthcare spending in developing nations provides new areas for market expansion. Rapid penetration of health insurance schemes will boost demand. Growing popularity of personalized medicine offers scope for custom-made chemotherapy formulations.

Threats: Stringent regulatory approval process delays market entry of new formulations. Risk of drug contamination and quality issues can damage brand reputation.

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 cases of cancer worldwide. According to WHO, cancer burden is projected to increase to 27.5 million new cases and 16.3 million cancer deaths by 2040. Chemotherapy remains one of the most preferred line of treatments.

Regional analysis: North America dominated the compounding chemotherapy market and accounted for over 35% revenue share in 2023. This is attributed to growing prevalence of chronic diseases, increasing health awareness, robust healthcare infrastructure, and strong presence of major market players in the region. Asia Pacific exhibits the fastest growth during the forecast period, owing to improving accessibility of healthcare facilities, economic growth, and expansion strategies of market players in developing nations.

Key players related content: 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 companies are focusing on new product approvals, collaborations, and expansion

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it