Global Compounding Pharmacies Market To Reach About USD 13,910 Million By 2024 – ZMR
As per the report, the valuation of global compounding pharmacies market in 2017 was about USD 9,106.0 million and is projected to reach a value of about USD 13,910.0 million by 2024, expanding at a CAGR of about 6.2% during the forecast period (between 2018 and 2024).
Compounding is the science of merging and creating medicines that are specific to the requirements of the patients. These drugs are made based on the prescription of the practitioner in which the individual constituents are blended together in accordance with the recommended dosage. The qualified pharmacists are allowed to tailor the drug for the patient fulfilling their particular needs like flavors, dosage forms, strengths, and exclusion of constituents for which the patient is sensitive or allergic.
In recent years, numerous technological developments and ground-breaking techniques have enabled compounding pharmacies to tailor medicines as per the need of patient and in turn have fueled the growth of the global compounding pharmacies market. In addition, diverse benefits comprising making medication simpler to use, enabling alternate dosage forms, allowing access to outdated drugs, and making drugs allergy-friendly is anticipated to drive the market growth during the forecast period. furthermore, rising drugs shortage comprising cancer medicines and emergency drugs is also expected to surge the demand for compounding pharmacies around the world. Also, hospitals along with other healthcare providers are boosting patients to buy compounded drugs. Nonetheless, dearth of practiced pharmacists and lab technicians in developed countries might hamper the growth of the global compounding pharmacies market to some extent.
The global compounding pharmacy market is divided based on distribution channel, therapeutic area, product type, and region. the market, based on distribution channel, can be classified into traditional stores and compounding pharmacies. The global compounding pharmacy market, based on product type, can be diversified into topical medications, suppositories, oral medications, and others. Among these, the oral medications segment is likely to hold highest market share owing to the rising preference of patients to medicines via the oral route. The oral medications segment can be further bifurcated into tablets, capsules, lozenges, suspensions, and others. Likewise, the topical medications can be further classified into ointments, gels, creams, and others. The market, based on therapeutic area, can be divided into dermatological applications, hormone replacement therapies, pain medications, and others.
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Among these, hormone replacement therapies are gaining recognition in balancing and reinstating hormones within the body. Creation of drugs or compounding fulfilling specialized requirements of individual patients is increasing. Also, the rising number of people has presented a positive outlook toward hormone replacement therapy in the recent years. This is further expected to boost the need for compounded drugs within hormone replacement therapy.
Regionally, the global compounding pharmacies market was dominated by North America and it is projected to be the greatest revenue contributor during the forecast period. This regional expansion can be credited to the dearth of drugs reported in the U.S. by the Food and Drug Administration (FDA). Also, Asia Pacific is projected to display a substantial growth during the forecast period. The increase is primarily owing to the rising geriatric population base in China, India, and other Asia Pacific nations. In addition, the increasing incidence of chronic disorders like cancer and other conditions is also projected to drive the demand for compounded medications market. Furthermore, the evolving hospital facilities and infrastructure together with huge patient pool will also drive the market expansion in the years to come.
Few of the key players in the global compounding pharmacies market include Dougherty’s Pharmacy, B. Braun Medical, Frensius Kabi, Fagron, Clinigen Group, Institutional Pharmacy Solutions, Pencol Compounding Pharmacy, Lorraine’s Pharmacy, Triangle Compounding Pharmacies, Athenex Pharma Solutions, Nephron Pharmaceuticals, Rx3 Compounding Pharmacy, Wedgewood Village Pharmacy, and McGuff Company, among others.
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- CDN Newswire