New York, Jan. 22, 2024 (GLOBE NEWSWIRE) -- The global compounding pharmacies market size is slated to expand at ~9% CAGR between 2023 and 2035. The market is poised to garner a revenue of USD 27 billion by the end of 2035, up from a revenue of ~USD 11 billion in the year 2022.This market revenue is growing on account of a surge in the geriatric population. According to the World Health Organization, one in six individuals on the planet is projected to be 60 or older by 2030. By now, there will be 1.4 billion people over the age of 60, up from 1 billion in 2020.
Request Free Sample Copy of this Report @ https://www.researchnester.com/sample-request-4762
With the surge in age, various issues regarding medications occur. Dysphagia, or difficulty swallowing, is a major issue that affects the elderly. For instance, the prevalence of dysphagia in people over 50 is thought to be higher than 19 per cent. Individuals who have trouble swallowing are unable to take their prescribed drugs. Medication may be delivered in many ways by a compounding pharmacy so that patients don't have to swallow pills. As a result, the market for compounding pharmacies is estimated to rise.
Rise in Population to Boost the Growth of Compounding Pharmacies Market
Around 0.87% more individuals resided on Earth in 2023 than there were in 2022 (approximately 7,975,105,155). This has further increased the demand for medications since with the rise in population patient pool also increases. Additionally, there has been a surge in investment by governments in different nations to provide proper healthcare systems to the population. Therefore, the market demand for compounding pharmacies is predicted to grow.
Compounding Pharmacies Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Prevalence for Cardiovascular Disease to Influence the Market Expansion in North America
The compounding pharmacies market in North America is poised to generate the highest revenue in the market over the forecast period. This growth is set to be influenced by the growing prevalence of cardiovascular disease. For instance, heart disease affected the lives of about 695,000 Americans in 2021, accounting for 1 in 5 fatalities. Even though generic drugs are now available for the treatment of CVD, patients continue to need specialized care to maintain heart health in North America. Compounded pharmacies have seen a renaissance as a result.
Make an Inquiry Before Buying this Report @ https://www.researchnester.com/inquiries-before-buying-4762
Surge in Allergies Cases to Drive the Market Expansion in Asia Pacific
The Asia Pacific market for compounding pharmacies is predicted to have notable growth in the market over the forecast period. This could be set to be influenced by rising prevalence of allergies. Between 2017 and 2022, the number of AR cases varied from over 2 to close to 8% overall. Hence, compound drugs are beneficial for a wide range of individuals, especially those with allergies.
Compounding Pharmacies, Segmentation by Therapeutic Area
- Pain Management
- Hormone Replacement Therapy
- Dermal Disorders
- Nutritional Supplements
The pain management segment is estimated to generate the highest market revenue by the end of 2035. This growth is projected to be influenced by rising chronic pain prevalence. In 2021, 5.1% of American adults (51.6 million) were expected to have chronic pain, and 6.9% (17.1 million) to experience high-impact chronic pain (i.e., chronic pain that significantly limits everyday activities).
Compounding Pharmacies, Segmentation by Route of Administration
- Oral
- Tropical
The oral segment is set to have significant growth in the market over the coming years. This is because a large number of people greatly prefer oral administration. Furthermore, the growing prevalence of diabetes is also estimated to influence segment growth since a large number of people prefer oral medication. Nearly 422 million individuals worldwide suffer from diabetes, with the majority residing in low- and middle-income nations. The disease is directly responsible for 1.5 million fatalities annually.
Compounding Pharmacies, Segmentation by Sterility
- Non-Sterile Compounding Drugs
- Sterile Compounding Drugs
A few of the well-known industry leaders in the compounding pharmacies market that are profiled by Research Nester are B. Braun SE, Pharmacy Technician Certification Board, Institutional Pharmacy Solutions, LLC, Fagron, NewCo Pharma GmbH, Triangle Compounding, Advance Pharmaceuticals Inc., Athenex, Inc., Dougherty's Pharmacy, Nephron Pharmaceuticals Corporation, and others.
Recent Development in the Market
- The Pharmacy Technician Certification Board launched the PTCB Certified Compounded Sterile Preparation Technician (CSPT) Programme. All new certification programmes given by the PTCB since the organization's founding in 1995 and the introduction of its Certified Pharmacy Technician (CPhT) Programme are limited to the CSPTTM Programme. The PTCB CSPT Programme is essential to attaining PTCB's goal of promoting pharmaceutical safety.
- Fagron, the leading pharmaceutical compounding company in the world, bought a 5038 outsourcing plant in Boston from Fresenius Kabi. Along with all operational aspects of the facility, including clients, vendors, and approximately 80 employees, the transaction includes a supply arrangement with Fresenius Kabi. This acquisition was a critical step towards our strategic aim of being the leading worldwide platform for sterile outsourced services.
Read our insightful Blogs and Data-driven Case Studies:
- Novel Drug Delivery Systems - A Lucrative yet Efficacious Medical Advancement!
Get current & future insights of novel drug delivery systems. The blog explores types of drug delivery system and how the NDDS is better and offers regional trend analysis and information about latest developments.
- How a Pharma Company integrated Biotech into its Drug Development and emerged with a Strong Market Position?
Explore the field of biotechnology in pharmaceutical industry. Our guide discusses the advantages of integrating biotechnology in drug development.
About Research Nester
Research Nester is a one-stop service provider with a client base in more than 50 countries, leading in strategic market research and consulting with an unbiased and unparalleled approach towards helping global industrial players, conglomerates and executives for their future investment while avoiding forthcoming uncertainties. With an out-of-the-box mindset to produce statistical and analytical market research reports, we provide strategic consulting so that our clients can make wise business decisions with clarity while strategizing and planning for their forthcoming needs and succeed in achieving their future endeavors. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds.
