The compounding pharmacies market in Europe is forecasted to be growing at a CAGR of 5.42% from 2023 to 2028 and be worth USD 3.77 billion in 2023 and USD 4.91 billion by 2028.
The shortage of essential drugs across the European region is expected to drive the growth of the European compounding pharmacies market. For instance, according to the Department of Health and Social Affairs (DHSC), in 2019, the NHS faced a shortage of life-saving drugs, including treatments for cancer, cardiovascular disease, and epilepsy. This, coupled with the increasing prevalence of chronic diseases, is driving the need for medicines in the European region. For instance, according to the World Health Organization, in 2019, there were 8.2 million new cases of cancer, and 9.7 million deaths from cancer were reported. While in France, the cancer prevalence rate was at 177,500 new cancer cases, 68,000 cancer deaths were recorded in 2019, where 205,600 deaths were seen in women and 90,000 deaths were seen in men. These numbers are expected to grow more due to many lifestyle changes, estimated to grow the market’s growth rate during the forecast period.
Many hospitals in most European countries depend heavily on imports of drugs and their raw materials for cutting down prices for bulk manufacturing and cheap labor. The pharmaceutical and biotechnological science market is growing widely into developing new and innovative drugs with lesser side effects and more efficiency. These drugs are expected to support the growing demand for drugs for chronic pain management, diabetes, weight loss, cardiovascular diseases, and oncology. In addition, the increasing drug failure rate and the growing awareness of the benefits of compound drugs are expected to drive the market for the anticipated period.
The R&D sector is expanding more than ever before, with tough competition for quick approvals and unique combinations. Furthermore, customized drugs are also in demand to meet the current market requirements, and this is expected to provide lucrative growth opportunities for market players. For instance, in 2018, AMC, an Amsterdam hospital focused on producing compound medicines, received approval from the Dutch authorities to produce an equivalent of chenodeoxycholic acid. Additionally, compounding pharmacies employ e-commerce platforms to diversify their consumer base and increase revenues across nations. All these aforementioned factors are anticipated to drive the European compounding pharmacies market for the next few years.
However, growing restrictions on the manufacture of complex formulations are expected to hamper the growth of the European compounding pharmacies market. The manufacturing of drugs is a tenacious and lengthy process that cannot be produced in bulk unless they have the proper manufacturing authorization, which requires adequate toxicity and pharmacovigilance data. For instance, France plans to allow pharmacists to replace biological products with less expensive biosimilars in the production of prescriptions. This is expected to decrease the need for drugs such as sustained-release products, transdermal patches, liposomal products, and most biologics which are growing in demand.
Other factors such as the high cost of maintaining the sterile environment and the different regulations in various European regions, which can lead to the sale of cheaper products in the market, are likely to restrain the market.
This research report on the European compound pharmacies market has been segmented and sub-segmented into the following categories.
By Product:
By Therapeutic Area:
By Application:
By Country:
In 2020, the compounding pharmacies market in Germany accounted for over 18% market share and is expected to grow considerably during the forecast period. This market growth can be attributed to the growing base of the geriatric population and the presence of well-developed healthcare facilities which aim for early inceptions for better prognosis.
The regional market in the UK held a dominant position in the Europe compounding pharmacies market in 2020, with a share of 35% in value, followed by Spain. Factors such as increasing drug shortages, demand for precision medicine, the increase in chronic pain associated with cancer, and technological advancements will increase the growth of these regional markets.
KEY MARKET PLAYERS:
A few promising companies operating in the European compounding pharmacies market profiled in this report are Fagron, Inc., Elixir Compounding Pharmacy, Fresenius Kabi AG, Belle Santé Diagnostic & Therapeutic Institute Pvt. Ltd, Triangle Compounding Pharmacy, Vertisis Custom Pharmacy, Avella specialty pharmacy, B. Braun Melsungen AG, PharMEDium Healthcare Holdings, Inc., and US Compounding Inc.
Related Reports
Access the study in MULTIPLE FORMATS
Purchase options starting from $ 1400
Didn’t find what you’re looking for?
TALK TO OUR ANALYST TEAM
Need something within your budget?
NO WORRIES! WE GOT YOU COVERED!
Call us on: +1 888 702 9696 (U.S Toll Free)
Write to us: [email protected]
Reports By Region