by Compounding pharmacies combine or alter ingredients to create customized medications for patients who may not be able to take commercially available solid oral dosage forms, including children, elderly patients, and those with swallowing disorders. The customized medications prepared by compounding pharmacies fulfill a vital unmet medical need for many patients.
The Netherlands Compounding Pharmacies Market is estimated to be valued at US$ 599.62 Mn in 2024 and is expected to exhibit a CAGR of 6.5% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the Netherlands compounding pharmacies are GE Healthcare,,Invacare Corporation,,Inogen,,IUC Medical (Smiths Medical),,HERSILL S.L.,,Fisher & Paykel Healthcare Limited,,Philips Respironics, Inc.,,DeVilbiss Healthcare,,Tecno-Gaz Industries,,Allied Healthcare Products, Inc.,,Teleflex Incorporated,,Chart Industries,,ResMedDrägerwerk AG & Co. KGaALinde,,CAIRE. The rising geriatric population prone to chronic diseases and conditions is boosting the demand for customized medications in the country. Additionally, technological advancements such as 3D printing for compounding drugs are enabling pharmacists to produce highly precise personalized medicines.
Market Trends
Two of the key trends in the Netherlands Compounding Pharmacies Market Size include increased applications of compounding in pediatrics and veterinary medicine. Compounded medications are gaining popularity in meeting the unique drug requirements of children and companion animals. Regulatory bodies have also recognized compounding as a critical practice that fills important clinical needs left unmet by manufactured pharmaceuticals.
Market Opportunities
The untapped rural areas in the country present lucrative opportunities for expansion of compounding pharmacies. Investments in advanced technologies could further enhance the safety, efficacy and consistency of compounded drugs. Partnerships with healthcare providers and hospitals can help address the growing needs of an aging population with complex conditions.
Impact of COVID-19 on Netherlands Compounding Pharmacies Market
The COVID-19 pandemic has significantly impacted the growth of Netherlands Compounding Pharmacies Market. During the initial phase of the pandemic, the market witnessed decline as several pharmacy services were restricted. However, with increasing cases of COVID infections, the demand for compounding drugs grew exponentially. Compounding pharmacies played a crucial role in fulfilling the medication needs of large patient base isolated or hospitalized due to the virus.
The pandemic led to shortages of several essential drugs globally. This fueled the demand for compounded alternatives available through local compounding pharmacies. Several new COVID treatments involving compounded drugs received approvals during this period. Post pandemic, the significant role demonstrated by compounding pharmacies during the crisis established them as reliable healthcare providers. This boosted their brand image and recognition value among patients as well as physicians.
With resumption of normal activities, the market is recovering steadily through 2022. However, future growth will depend on strategies adopted to sustain post pandemic momentum. Emphasis on telehealth services, online prescribing and home delivery models can help compounding pharmacies scale up operations efficiently. Collaborations with healthcare providers and insurance companies will also support market growth going forward.
Geographically, Netherlands Compounding Pharmacies Market in terms of value is highly concentrated in regions of North Holland and South Holland. These regions accounted for over 60% share prior to pandemic owing to high population density and healthcare investments. Other regions like Utrecht, Gelderland and North Brabant are also emerging markets.
The fastest growing region for Netherlands Compounding Pharmacies Market is expected to be Limburg. The influx of patients from neighboring countries due to its strategic location near Belgium and Germany is a key growth driver. Favorable regulations and initiatives by local authorities to promote healthcare infrastructure are supporting market expansion in Limburg at over 8% CAGR during forecast period.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
