1. Business

Compounding Chemotherapy Market Driven by Increased Adoption of Personalized Medicine

Disclaimer: This is a user generated content submitted by a member of the WriteUpCafe Community. The views and writings here reflect that of the author and not of WriteUpCafe. If you have any complaints regarding this post kindly report it to us.

The compounding chemotherapy market involves the customization of drug doses based on a patient's specific needs. In compounding chemotherapy, an oncologist may prescribe lower or higher doses of chemotherapy drugs or combine therapies to maximize treatment effectiveness. Compounders prepare medication by combining, mixing, or altering ingredients to create unique medications tailored to meet individual needs for allergies, dosages, or other special requirements that manufactured pharmaceuticals do not meet. Compounding chemotherapy allows for improved patient outcomes by improving tolerance of treatment regimens and minimizing side effects. The Global Compounding Chemotherapy Market is estimated to be valued at US$ 11.76 Mn in 2024 and is expected to exhibit a CAGR of 2.8% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the Global Compounding Chemotherapy Market Size are Singapore Airlines,Air New Zealand,Qantas,Qatar Airways,Virgin Australia,Emirates,All Nippon Airways,EVA Air,American Airline,Spicejet,The Boeing Company,Airbus SE,Lockheed Martin Corporation,Textron Inc,Embraer S.A. Increasing incidence of cancer is stimulating the demand for compounded chemotherapy medications. Rising cases of pediatric cancers and geriatric population susceptible to developing cancers are expected to propel market growth. Technological advancements in compounding facilities such as improved pharmacokinetics and closed system transfers are enhancing safety and efficacy of personalized treatment plans.

Market Trends

Growing preference for personalized cancer treatment over conventional chemotherapy is a major trend in the market. Compounded chemotherapy allows tailoring of drug type and dosage based on efficacy for each individual's disease. Secondly, growing focus on patient centric care is shifting treatment choice towards less toxic compounded drugs. This minimizes side effects and improves quality of life.

Market Opportunities

Emerging economies with large underserved patient populations present significant growth opportunities. Market players may focus on expanding affordable access through public-private partnerships. Secondly, compounding chemotherapy for novel oral oncolytic therapies and targeted cancer drugs will gain traction. This expands application scope beyond conventional IV treatments.

Impact of COVID-19 on Compounding Chemotherapy Market

The COVID-19 pandemic adversely impacted the growth of the compounding chemotherapy market globally in 2020. Many elective surgeries were postponed during the peak months of the pandemic to avoid unnecessary exposure and prioritize resources for COVID patients. This led to a decline in the demand for compounded chemotherapy drugs which are widely used in cancer treatment. However, telehealth solutions played a crucial role in continuing care for cancer patients during this period. Many oncology practices adopted virtual consultations to provide counseling and manage treatment plans remotely. This helped sustain the market to some extent. With the rollout of vaccination drives in 2021, surgical volumes and cancer treatments are recovering. But supply chain disruptions and price hikes of active pharmaceutical ingredients continue to pose challenges. To boost growth, market players are focusing on ensuring an uninterrupted supply of essential compounds through strategic collaborations. They are also expanding production capacities and virtual support programs to cater to the treatment needs of patients in remote locations.

North America dominates Compounding Chemotherapy Market in terms of value.
The North American region accounts for the largest share of the global compounding chemotherapy market in terms of value. This is majorly attributed to the high incidence of cancer, availability of advanced treatment options, growing geriatric population susceptible to chronic diseases, and favorable reimbursement policies in countries like the US and Canada. According to recent statistics, the US oncology drug market was valued at over US$ 100 billion in 2020, emphasizing the scale of operations in the region. Large presence of key players also makes North America a strategic investment hub for compounding chemotherapy. The market is projected to grow steadily here during the forecast period with recovery in cancer care services and further uptake of personalized medicines.

Asia Pacific emerges as the fastest growing region for Compounding Chemotherapy Market.
The Asia Pacific region is emerging as the most lucrative market for compounding chemotherapy globally owing to rapid economic development, improving access to healthcare, and rising cancer burden. Countries like China, India, Japan, and South Korea are witnessing increased government spending as well as public-private initiatives to strengthen their oncology infrastructure and capabilities. At the same time, growing medical tourism from Western nations is boosting service investment in the region. Initiatives likeMake in India also encourage local manufacturing of off-patent oncology drugs through compounding. These factors are contributing to Asia Pacific becoming the fastest growing regional market for compounding chemotherapy by 2030 in terms of value. The market is projected to expand at a CAGR of over 4% during the forecast period in the APAC territory.

Get More Insights On This Topic: Compounding Chemotherapy Market


Welcome to WriteUpCafe Community

Join our community to engage with fellow bloggers and increase the visibility of your blog.
Join WriteUpCafe