This New Version Global Compounding Pharmacies Market Research Report is a deep market research report in this Market Study Report. Report focused on global and regional market, major manufacturers, as well as the segment market details on different classifications and applications. First, this report analyzed the basic scope of this industry like definition, specification, classification, application, industry policy and news.
Compounding Pharmacies Market size is forecast to exceed USD 12 billion by 2024; as per a new research report.
Growing elderly population is a major driver for compounding pharmacies market growth. Special requirements of the elderly such as alternative dosage forms, flavor, lower doses will boost business growth over the forecast years.
Increased longevity coupled with the rising trend to look youthful should increase demand for anti-ageing medications such as hormone replacement therapy.
Rising drug failure rates in the recent times coupled with drug shortage issues is limiting the availability of commercially manufactured drugs. Compounding pharmacies should emerge as the best alternative to compensate the growing drug demand.
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Dearth of skilled lab technicians and pharmacists for compounding drugs will impede industry growth. Issues pertaining to safety of compounded preparations and frequent changes in regulatory norms should adversely impact drug compounding.
Requirement for expensive compounding equipment and cost intensive process of maintaining sterile environment for some of the formulations may discourage new industry entrants.
Topical formulations demand is estimated to witness rapid growth owing to the convenience of drug administration. Difficulties in swallowing oral formulations such as tablets and pills along with the advantage of topical formulations to bypass GI tract and provide the medication should fuel industry growth.
Rectal route is anticipated to exhibit lucrative growth due to its ease of administration and low cost; however, this may be offset by the associated social stigma.
Pediatric segment is forecast to grow at a robust rate during the forecast period. Rising natality rates coupled with the inability of commercially available medicines to meet special pediatric formulation requirements such as flavors, dosage form and size will escalate compounded pharmacies market demand.
Veterinary applications should witness rapid growth owing to increasing companion animal population and rising prevalence of animal disorders. However, significant regulatory changes and dearth of validated compounding formulas for animal use will impede business growth.
Pain management accounted for the largest share in the compounding pharmacies market, and is expected to follow a similar trend over the forecast timeline. Advantage of compounded medications to provide precise dosage to patients for pain management without the occurrence of any side effects will propel demand.
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Increasing elderly population and rising number of individual and community pharmacies will boost Germany compounding pharmacies market growth. However, concerns pertaining to the quality of compounded drugs may hamper demand.
Singapore compounding pharmacies market is slated to grow at a robust rate, primarily due to the growing prevalence of allergies. Increasing medical tourism along with occurrence of drug shortages will further propel business growth.
Mexico compounding pharmacies market is anticipated to grow at a significant rate owing to presence of few compounding pharmacies and large unmet medical needs. Presence of diverse ethnic groups in this region will provide lucrative business opportunity for new industry entrants.
Compounding pharmacies market players include Fresenius Kabi, B. Braun Medical, Fagron, PharMEDium, Cantrell Drug Company, ITC Compounding Pharmacy, Village Compounding Pharmacy, and Wedgewood Village Pharmacy.
Companies are consolidating their market position through adoption of strategies such as collaborations and acquisitions.
Compounding pharmacies market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2013 to 2024, for the following segments:
Compounding Pharmacies Market By Product: Oral - Solid preparations, Liquid preparations, Topical - Ointments, Creams, Gels, Pastes, Others, Rectal -Suppositories, Enema, Others, Parenteral, Inhaler, Ophthalmic - Eye drops, Ear drops, Nasal drops and Others.
Compounding pharmacies Market By Application: Pediatric, Adult, Geriatric and Veterinary
Compounding pharmacies Market By Therapeutic Area: Hormone replacement and Pain management
The above information is provided for the following regions and countries: North America - U.S., Canada, Europe - Germany, UK, Italy, France, Spain, Poland, Ukraine, Greece, Sweden, Norway, Belgium, Czech Republic, Finland, Russia, Asia Pacific - China, India, Japan, Australia, Singapore, Latin America - Argentina, Brazil, Mexico, Middle East and Africa - South Africa, UAE, Saudi Arabia, Qatar and Kuwait.
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