Global Compounding Pharmacies Market is Anticipate to Reach at a CAGR of 6.54% during the forecast period 2020-2027
A new research report published by Fior Markets with the title Compounding Pharmacies Market by Product (Topical Medications, Oral Medications, Rectal, Mouthwashes, Parenteral, Otic, Ophthalmic, Injectables and Others), Therapeutic Area (Hormone Replacement, Specialty Drugs, Pain Management, Nutrition Supplements and Dermatology Applications), Sterility, Application, Distribution Channels, Region and Global Forecast 2020-2027.
The global compounding pharmacies market is expected to grow from USD 10.44 billion in 2019 to USD 17.27 billion by 2027, at a CAGR of 6.54% during the forecast period 2020-2027. North America accounted for the majority of the market shares in 2019. The region has a high demand for compounded drugs owing to the benefits. The patients are increasingly demanding personalized medicine. Moreover, the government has also supported the growth of the compounding pharmacies market. However, Asia-Pacific is expected to register the highest growth rate during the forecast period. The rise in the geriatric population and the increasing prevalence of chronic diseases has led to an increase in demand. Further, increasing research and development activities have accelerated the development of personalized medicine.
NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.
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Key players of the compounding pharmacies market are Rx3 Compounding Pharmacy, Nephron Pharmaceuticals, Dougherty’s Pharmacy, B. Braun Medical, Frensius Kabi, Triangle Compounding Pharmacies, Athenex Pharma Solutions, Institutional Pharmacy Solutions, Lorraine’s Pharmacy, McGuff Company, Pencol Compounding Pharmacy, Clinigen Group, Fagron, Wedgewood Village Pharmac, AmerisourceBergen, Agbi’s Sterile Compounding Pharmacy LLC, Imprimis Pharmaceuticals, Inc. and others.
The product segment includes topical medications, oral medications, rectal, mouthwashes, parenteral, otic, ophthalmic, injectables and others. The oral medications constitute major market shares. The oral medicines are non-invasive and are convenient for the patients to administrate, which is increasing the demand. Further, it has fewer complications compared to other segments that have fostered market growth over the years. The therapeutic area segment includes hormone replacement, specialty drugs, pain management, nutrition supplements and dermatology applications. The pain management system segment holds the majority of the market shares. The growing incidence of chronic pain owing to the hectic lifestyle has increased the demand for the segment. However, the hormone replacement segment is projected to register the highest growth rate. The medicines are developed with the same hormonal structure as that of the patient’s body, which minimizes the side effects. The sterility segment includes sterile and non-sterile. Among the two, the non-sterile segment holds the majority of the market shares. The increasing use of nonsterile drugs such as syrups, pill, capsules has resulted in the market growth of the segment. The demand for non-sterile medication is more than the sterile medication owing to the imposition of less stringent regulations as compared to the latter. The application segment includes pediatric, geriatric, veterinary and adult. Among these, the adult segment dominated the market in 2019. The growing incidence of chronic diseases among adults has led to high demand for personalized medicines. Apart from this, the pediatric segment is ought to register a high growth rate owing to the increased need for customization. The distribution channels segment includes hospital pharmacies and compounding pharmacies. The compounding pharmacies segment account for the majority of the market shares. It specializes in the manufacturing of a variety of compound medicines with the help of skilled professionals.
Compounding pharmacies use the science for the development of personalized medicines, which is the combination of different active pharmaceutical ingredients. These drugs are prepared for fulfilling the needs of the patient. The commercially available drugs are sometimes not effective for certain patients as these are developed in a generic way, which may not suit them. There are certain cases where the patients are allergic to a certain ingredient; thus, these ingredients can be eliminated from the drugs with the help of compounding pharmacies. These medicines are developed with the help of various innovative technology and techniques. The compounding pharmacies provide better effects than the traditional medicines as it provides faster and effective recovery.
About the report:
The global compounding pharmacies market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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