Selbyville, Delaware, Dec. 13, 2019 (GLOBE NEWSWIRE) --
Global Compounding Pharmacies Market is expected to surpass USD 13.5 billion by 2025, according to a new research report by Global Market Insights, Inc. Rising geriatric population base coupled with increasing drug shortage will accelerate the compounding pharmacies industry growth over the forecast period.
Growing need of personalized medicines in developed as well as developing region will render a significant positive impact on global market growth. As a result of enormous research and development in the field of genomics over the past decade, healthcare providers are now equipped with rich data regarding patient’s health. With this data on hands, healthcare providers are increasingly looking for patient specific drugs rather than standard prescription drugs that will drive the market demand.
Request for a sample of this research report @ https://www.gminsights.com/request-sample/detail/749
Increasing geriatric population and longevity across the globe will serve to be a high impact rendering factor for compounding pharmacies market growth. As per the data published by United Nations, number of people aged 60 years, and above will increase by 40% to 2.1 billion by 2025. Kidney and liver function drastically decease with the increasing age that makes geriatric patients susceptible to adverse effects of standard medications. Thus, market demand for compounding medications will sharply rise with growing geriatric population.
Some major findings of the compounding pharmacies market report include:
- The compounding pharmacies industry has witnessed a steady growth despite of few occurrences of compounding related adverse drug events
- Increasing demand for compounded medication for geriatric as well as pediatric patients has been observed over the historical review period
- Increasing popularity of precision medicines is amongst the key factors driving the global market growth
- Major players operating in the market are Fresenius Kabi, PharMEDium Services, Central Admixture Pharmacy Services Inc., and Fagron
- Companies are focusing on overcoming the regulatory hurdles in manufacturing and supplying of compounded drugs to patients
Based on product, the compounding pharmacies market is segmented into topical, rectal, oral, parenteral, inhaler, and ophthalmic segment. Ophthalmic segment will grow at around 5% CAGR from 2019 to 2025. In many ophthalmic conditions such as periocular and intraocular conditions, commercial drugs are not easily available. In such scenario, compounding pharmacies play a crucial role by providing compounded ophthalmic products. However, risk of adverse events and regulatory hurdles pertaining to the manufacturing of sterile compounded medications will limit the segment growth to some extent.
Browse key industry insights spread across 250 pages with 427 market data tables & 15 figures & charts from the report, “Compounding Pharmacies Market Share By Therapeutic Area (Hormone Replacement, Pain Management, Dermatology Applications, Specialty Drugs, Nutritional Supplements), By Product (Oral, Topical, Rectal, Parenteral, Nasal, Ophthalmic, Otic), By Application (Pediatric, Adult, Geriatric, Veterinary), By Compounding Type (Pharmaceutical Ingredient Alteration [PIA], Currently Unavailable Pharmaceutical Manufacturing [CUPM], Pharmaceutical Dosage Alteration [PDA]), By Sterility (Sterile, Non-sterile), By Distribution Channel (Hospital Pharmacy, Compounding Pharmacy), Industry Analysis Report, Regional Outlook, Price Trends, Application Potential, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/compounding-pharmacies-market
Based on application, the compounding pharmacies market is divided into pediatric, geriatric, adult and veterinary segment. Veterinary segment accounted for more than USD 1.5 billion in 2018. Mixing of injectable drugs, preparation of suspension or paste are some of the common compounding activities performed at veterinary clinics. Patients often struggle while administration of distasteful standard medications to pet animals. In such scenario veterinary compounding can modify the medications to improve palatability of drugs.
Based on therapeutic area, the market is categorized into hormone replacement, pain management, dermatology, specialty drugs, and nutritional supplements. Pain management accounted for more than 30% of revenue share in 2018. There are plenty of pain management medications available in the market. However, dose strength and dosage form of such medications may lead to adverse reactions in many patients. As a result, market demand for customized pain medication is rapidly growing.
Compounded pharmacies market, based on sterility, is bifurcated into sterile and non-sterile compounded medications. Sterile compounding will witness around 6% CAGR from 2019 to 2025. Very few compounding pharmacies currently manufacture sterile products due to stringent regulatory policies. Moreover, sterile compounding is a cumbersome manual process and carries significant risk of contamination. However, launch of new compounding equipment for automation of sterile compounding will augment the segment growth over forecast timeframe.
Based on distribution channel, the market is segmented into hospital and compounding pharmacies. The hospital-based compounding pharmacies dominated the market with more than 50% of revenue share in 2018. Hospital pharmacies usually deals with the compounding at small scale for alteration of dosage form or improving the palatability of medications.
U.S. market dominated the North America region with revenue more than USD 5 Billion in 2018. Manufacturing and quality problems lead to drug shortage in the U.S. creating room for administration of compounded drugs. Favorable demographic trends and improving regulatory scenario will further drive the market demand over the forecast timeframe.
Notable players in compounding pharmacies market include Fagron, Triangle Compounding Pharmacies, B. Braun Medical, Institutional Pharmacy Solutions, Doughtery’s Pharmacy, Fresenuis Kabi, Lorraine’s Pharmacy, Wedgewood Village Pharmacy, Village compounding Pharmacies, ITC Compounding Pharmacy, Mcguff compounding pharmacy services, Rx3 Compounding Pharmacy, PharmaMEDium, Pencol Compounding Pharmacy.
Make an inquiry for purchasing this report @ https://www.gminsights.com/inquiry-before-buying/749
Browse Related Reports:
U.S. Compounding Pharmacies Market 2025: Non-sterile segment held the highest share of 67.7% in 2017 owing to increasing adoption of oral medication that offers convenience and ease of administration in patients of all age groups. Some of the prominent players operating in the U.S. market are Absolute Pharmacy, B. Braun Medical, Baxter, Cantrell Drug Company, Central Compounding Center, Clinigen Group, Dougherty’s Pharmacy, Fagron, Fresenius Kabi, ICU Medical, Institutional Pharmacy Solutions, Lorraine’s Pharmacy, McGuff Compounding Pharmacy Services, McKesson Corporation, Nephron Pharmaceuticals, Pencol Compounding Pharmacy, Pentec Health, PharMEDium, Premier Pharmacy Labs, Rx3 Compounding Pharmacy, RXQ Compounding Pharmacy, Triangle Compounding Pharmacies, Wedgewood Village Pharmacy and Wells Pharmacy Network.
https://www.gminsights.com/industry-analysis/us-compounding-pharmacies-market
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.