Westford, USA, Oct. 20, 2022 (GLOBE NEWSWIRE) -- Compounding pharmacies are becoming increasingly popular as patients demand more customizable and detailed medications. These pharmacies offer a wider variety of medication options, along with different dosages and delivery methods. Pharmacists in the global compounding pharmacy market often have more experience prescribing medication, which allows them to provide patients with better care.
Due to the growth in compound pharmacies, competition is heating up among pharmacists. It's important for pharmacists to stay up-to-date on the latest trends and techniques so they can keep their clients happy and guide them towards the best possible care. Compound pharmacy customers are typically loyal and will continue returning to a pharmacy that provides quality products and services.
As per SkyQuest’s latest findings on global compounding pharmacy market, compound pharmacies currently account for one-third of all pharmacy sales in the United States. This explosive growth is due in part to the increasing popularity of highly specialized medications that must be taken regularly multiple times per day. For example, patients who are suffering from chronic conditions such as diabetes or asthma require regular doses of medication to keep their symptoms at bay.
Compound pharmacies are becoming increasingly popular due to the fact that they offer a unique, streamlined pharmacy experience. In order to provide an in-depth analysis of this trend, SkyQuest conducted a study on global compounding pharmacy market around the world. The findings showed that compound pharmacies are associated with lower medication costs and increased patient satisfaction. Furthermore, they can be particularly beneficial for patients who have difficulty accessing traditional pharmacies due to their location or disability. Overall, these results suggest that compound pharmacies are a valuable addition to the global pharmacy landscape.
In 2021, the adult population held a 47% share of the compounding pharmacy market. With the rise in chronic diseases, which can be prevented by the use of compounding products. Besides, supplements are used by a great majority of the population for various purposes, starting from the lack of nutrition to cure disorders.
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SkyQuest Study Reveals Antibiotics are the Most Widely Prescribed in Compounding Pharmacy Market
As the number of compounding pharmacies continues to grow, it is important for those in the healthcare industry to understand their operations and how they can increase efficiency and quality. SkyQuest has released its latest report on compounding pharmacies, which provides an overview of the industry, including growth rates, types of pharmacies, and major players.
The majority of compounding pharmacies (85%) in the global compounding pharmacy market are independent, with 36% being owned by small businesses. Women account for 48% of pharmacy owners nationwide, but only 33% of pharmacists are women. The average age of a pharmacist in the compounding pharmacy sector is 43 years old, compared with 40 years in the chain drugstore sector.
The most commonly prescribed medications in the compounding pharmacy market are antibiotics (41%), followed by injectables (29%). The top three reasons why pharmacists prescribe these medications are infection control (27%), patient need (25%), and compensation/incentives (23%). The top three diseases treated in the compounding pharmacy sector are respiratory infections (28%), gastrointestinal infections (24%), and dermatological conditions (15%).
We analyzed data from 362 compounding pharmacies, surveying their sales and pharmacy practices in the compounding pharmacy market. Our findings underscore the importance of safe and effective pharmacy compounding practices to protect both patients and pharmacists.
Almost all compounding pharmacies (85%) sell only compounded medication, with no sales of traditional drugs or over-the-counter products. Sales volume is highest for compounded biological products, followed by compounded non-biological medications. Compounded medications account for more than two-thirds of total pharmacy sales at compounding pharmacies.
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Compounding Pharmacy Market is Gaining Grounds in Cancer Treatment
In the compounding pharmacy market, the oral market segment is anticipated to drive the market with the increase in the popularity of oral pharmaceuticals which dole out tablets, capsules, granules powders, and so on. It is expected to increase at a CAGR of 6% through 2028.
The most raging disease sector that requires new innovations for treatment and prevention is cancer. As per trends, SkyQuest found that in 2022, the estimated number of new cancer cases that will be diagnosed is 16.8 million. As of now 609,360 cancer deaths have been reported in the US only. Prostate, lung, and colorectal cancer account for 43% of cancer cases as per the data of 2021. By 2050 at least 6.9 million new cancer cases will emerge.
While compounding pharmacy services can't cure or prevent every type of cancer, they can play an important role in helping patients manage their health and improve their chances of surviving cancer. By creating customized medications specifically designed for individual patients, compounding pharmacies can help reduce the risk of side effects and make it easier for patients to take their medications as prescribed in the compounding pharmacy market.
Compounders also play a vital role in fighting cancer by developing new therapies and vaccines. Their expertise in chemistry allows them to develop new ways of treating tumors using existing drugs or creating entirely new types of drugs that have never been used before.
The geriatric population is also a concern in the health care sector and treatment and prevention of the disease are one of the key spaces for improvements in the compounding pharmacy market. Around 24% of the total population in US is expected to be geriatric by 2060. As per the data of 2019, 703 million people globally over the age of 65 years are geriatric. It is projected to double to an astounding number of 1.5 billion in 2050, leaving scope for new innovations and novice products to take over the market.
SkyQuest has studied the top players in the compounding pharmacy market and created a report. This report includes the strategies used by the top players to have a competitive edge in the market. This includes any business activities like R&D investments, M&A, collaborations, partnerships, alignment with recent trends, innovations used, and much more.
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Top Player's Company Profiles
- Fresenius Kabi AG (Germany)
- B. Braun Medical Inc. (US)
- Fagron (Netherland)
- PharMEDium Services (US)
- WEDGEWOOD PHARMACY (US)
- Lee Silsby Compounding Pharmacy INC. (US)
- DOUGHERTY'S HOLDINGS (US)
- ACPHARM Queensland (Australia)
- Village Compounding Pharmacy (Texas)
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Global Cancer Immunotherapy Market.
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Global Single Use Bioprocessing Market
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