Pune, India, May 23, 2022 (GLOBE NEWSWIRE) --
As per a recent industry report put forward by Graphical Research, the North America compounding pharmacies market is forecast to register its name in the billion-dollar fraternity down the line of seven years, by exceeding a revenue of USD 7.8 billion by 2026.
North America compounding pharmacies market share is expanding at a consistent rate. High disposable income among the people in North America has driven the developments in healthcare industry due to the affordability to invest in highly advanced medication that meets the targeted medical needs of the people.
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There is increasing use of personalized medication in North America for the treatment of illnesses along with the prevention. A certain group of individuals that require a particular medication that is not commercially available highly depend on customized medicines that are extended by compounding pharmacies. The benefits of personalized medicine include improved health outcomes for patients, especially infants and senior citizens, along with the individuals that are allergic to certain ingredients of commercial medicines.
Compounding permits providers to gain requests for drugs that are made as per the specifications of ingredients and administration route coupled with being precisely matched to the needs of the patients.
High adoption of oral compounded medication
Concerning the type of product, the availability ranges from topical, parenteral, nasal, rectal, ophthalmic, oral, and optic drugs. In the year 2019, the oral compounded meds segment was responsible for nearly USD 1.9 billion in terms of revenue. Many medications for the treatment of aches, infections, and pain is mainly available in the form of capsules and tablets that are consumed orally.
These medications pass through the digestive tract of the patient which may lead to the delay in the effect of medication and can also lead to gastrointestinal side effects. Due to the aforementioned factors, the compounding pharmacy provides desired changes in the oral dosage form such as flavored medicines for infants.
Extensive demand for non-sterile medicines
North America compounding pharmacies market share is bifurcated as per sterility as well, into sterile and non-sterile. The non-sterile segment has gained considerable recognition owing to the rising cases of chronic pain indicating the need for non-sterile medicines like topical pain relievers and pills. The rising need for non-sterile medicines like pills, capsules, and syrups will also boost the revenues for these pharmacies.
Consumption across the geriatric application
North America compounding pharmacies find extensive preference among pediatric, adult, geriatric, and veterinary sectors. Among these, the geriatric sector captured nearly 19.5% of the total industry share in the year 2019.
Geriatric patient population base undergoes various physiological changes and may also be able to use certain commercial drug products for various treatments. Compounding pharmacies carry the ability to simplify medication among the elderly who face difficulty in swallowing. Compounding provides a way to address these problems by mixing many drugs into one single preparation making it easier and convenient for the patients, driving the demand for these products.
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Rising aging population in the U.S.
Regionally speaking, the U.S. compounding pharmacies market has emerged as a profitable revenue terrain over the years due to the growing use of new technologies making the customized medicines cost-effective for patients. The rapidly growing aging population in the U.S. has supported the growth trends in the industry over time.
As per the Population Reference Bureau, the total number of Americans above the age of 65 and older is expected to double from more than 52 million in the year 2018 to nearly 95 million by 2060. The aging population is susceptible to many crucial diseases which will complement the use of different compounding pharmacies drugs.
The compounding pharmacy companies in North America are actively working towards improving their offerings to meet the escalating medical needs of the people. Additionally, these companies are heavily injecting funds to enhance the research and development of new products that meet the targeted needs. Some of the prominent market players include Nephron Pharmaceuticals, Pencol Compounding Pharmacy, Wedgewood Village Pharmacy, Triangle Compounding Pharmacies, and Mc Guff Company, among various others.
Browse Related Report:
Europe Compounding Pharmacies Market Size By Application (Pediatric, Adult, Geriatric, Veterinary), By Therapeutic Area (Hormone Replacement, Pain Management, Dermatology Applications, Specialty Drugs, Nutritional Supplements), By Product (Oral {Solid Preparations [Tablets, Capsules, Granules, Powder], Liquid Preparations [Solutions, Suspension, Emulsion, Syrup], Topical [Ointments, Creams, Gels, Pastes], Rectal [Suppositories, Enema], Parenteral [LVP, SVP]}, Nasal, Ophthalmic, Otic), 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 (Germany, UK, France, Italy, Spain, Poland, Ukraine, Greece, Sweden, Norway, Belgium, Czech Republic, Finland, Russia), Application Potential, Competitive Market Share & Forecast, 2020 – 2026
https://www.graphicalresearch.com/industry-insights/1601/europe-compounding-pharmacies-market
Asia Pacific Compounding Pharmacies Market Size By Therapeutic Area (Hormone Replacement, Pain Management, Dermatology Applications, Specialty Drugs, Nutritional Supplements), By Product (Oral {Solid Preparations [Tablets, Capsules, Granules, Powder], Liquid Preparations [Solutions, Suspension, Emulsion, Syrup], Topical [Ointments, Creams, Gels, Pastes], Rectal [Suppositories, Enema], Parenteral [LVP, SVP]}, 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 (Japan, China, India, Singapore, Australia, Taiwan, South Korea, Indonesia, Thailand), Application Potential, Competitive Market Share & Forecast, 2020 – 2026
https://www.graphicalresearch.com/industry-insights/1603/asia-pacific-compounding-pharmacies-market
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