Compounding Pharmacies Market: By Product Type (Oral, Topical, Mouthwashes, Suppositories), By Therapeutic Area (Hormone Replacement Therapy, Pain Medications, Dermatological Conditions, Others), By Application (Children Drugs, Adult Drugs, Geriatric Drugs, Veterinary Drugs), By Distribution Channel (Traditional Stores, Compounding Pharmacies), and Geography  

Compounding Pharmacies Market at USD 9.4 billion in 2022 and is poised to grow at a CAGR of 6.2.% from 2023-2029. Moreover, the convenience with the compounded medicines such as required dose for patients and convenient dosage form is anticipated to upsurge the revenue of compounded pharmacies market. Similarly, availability of compounding medicines in wide therapeutic areas, rise in awareness among healthcare professionals, and compounding of multi-component drugs also expected to boost the compound pharmacies market. Furthermore, acquisitions, mergers, and collaborations between the players of the market oxy-fuel combustion technology the revenue of compounded pharmacies market growth. Compounding Pharmacies Market combine and prepare the personalized medicine by a licensed pharmacist or under guidance of physicians. These medicines are compounded by altering, mixing, or combining the active pharmaceutical ingredients with suitable additives in appropriate concentrations. These drugs can be prepared with or without prescriptions. However, these drugs are not approved by regulatory agencies and do not verify the effectiveness and safety of drugs. Compounded drugs are not covered by reimbursement schemes or any other pharmaceutical benefit agencies. The ageing population and improved life expectancy are offering significant market growth potential. Compounding pharmacies will also be in high demand because to the rising rate of drug failure and the global drug scarcity. Furthermore, higher acceptance of compounded medications will be pushed by increased understanding of the benefits of compounded medications.