Dublin, Jan. 26, 2024 (GLOBE NEWSWIRE) -- The "Compounding Pharmacy Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
The global landscape for personalized healthcare has taken a turn towards a promising future with the release of a comprehensive analysis of the compounding pharmacy market, spotlighting its projected growth and emerging trends. Experts forecast a steady Compound Annual Growth Rate (CAGR) of 6.5% for the compounding pharmacy market spanning from 2023 to 2028. This projection is attributed to a surge in demand for tailored medicinal solutions and the escalating prevalence of chronic health conditions.
COVID-19 has notably disrupted traditional healthcare access and supply chains, yet it has catalyzed the compounding pharmacy market's adaptation, instituting advanced online prescription services and doorstep delivery. These innovative steps have been vital in addressing medication shortages and fulfilling the needs of patients with chronic disorders throughout the pandemic. The valuable role of compounding pharmacies was recognized with the implementation of temporary FDA guidelines during the pandemic, allowing for the compounding of specific COVID-19-related drugs without the need for individual prescriptions.
Pain Management Emerges as a Dominant Sector Within Compounding Pharmacy Services
In a detailed segment evaluation, pain management is anticipated to dominate the compounding pharmacy market throughout the forecast period. Facing an increasing number of patients suffering from chronic pain and the wide availability of generic analgesic medications, compounding pharmacies are poised to meet the growing need for customized pain management solutions.
The rising geriatric population and a corresponding increase in complex health conditions requiring personalized treatments serve as major propellants for the compounding pharmacy market's growth. With a burgeoning senior demographic and the onset of complex diseases such as cardiovascular conditions and cancer, the demand for intricate medication regimens is on an upswing.
North America to Lead with Highest Market Share Due to Advanced Compounding Services and Regulatory Supervision
Regionally, the North American market is set to command a significant market share, bolstered by the presence of numerous compounding pharmacies and a high engagement level with compounded medications. The region's drug shortage crisis, exacerbated by the pandemic's impact on supply chains, further amplifies the necessity for compounding pharmacies.
With rigorous FDA and state-level regulations furnishing a trusted framework, the North American compounding pharmacy market benefits from heightened confidence and reliance among patients seeking personalized pharmaceutical care.
Despite the bright outlook, challenges such as substantial initial investments for establishing modern compounding facilities may hinder market expansion. Yet, the persistence of drug shortages and a steady uptick in demand suggest a robust trajectory for the compounding pharmacy market in the forthcoming years.
The new market study aims to provide stakeholders with a detailed examination of the compounding pharmacy landscape, exploring the roots of its growth, the dynamics of different market segments, and the prevailing trends that mold its future.
Compounding Pharmacy Market – Competitive and Fragmented Landscape
- With the compounding pharmacy market being both fragmented and competitive, it comprises a spectrum of key players including B. Braun, Athenex Pharma Solutions, and Fresenius Kabi, who are at the forefront of innovation in compounded pharmaceuticals.
- Market participants are continuously evolving, bringing forth advanced compounding solutions that align with practitioners' shifting preferences and patients' unique healthcare requirements.
- This comprehensive market study underscores the strategic efforts and trajectories of these pivotal industry players, setting a benchmark for excellence and patient-centric care within the global compounding pharmacy marketplace.
Experts predict the compounding pharmacy sector will maintain its upwards momentum, fueled by technological advancements, a refined regulatory environment, and burgeoning patient awareness. This comprehensive market report is poised to become a valuable asset for pharmaceutical companies, healthcare professionals, and investors in navigating the evolving terrain of personalized medicine.
A selection of companies mentioned in this report includes
- B. Braun Medical Inc.
- Fagron NV
- Fresenius Kabi
- Wedgewood Pharmacy
- Clinigen Group PLC
- Dougherty's Pharmacy, Inc.
- Lorraine's Pharmacy
- Rx3 Compounding Pharmacy
- Institutional Pharmacy Solutions
- Mcguff compounding pharmacy services
- Pencol Compounding Pharmacy
- ITC Compounding Pharmacy
- Valor Compounding Pharmacy, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/9vzlrh
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