Pune, India, Oct. 12, 2021 (GLOBE NEWSWIRE) -- The global compounding pharmacy market size is expected to gain momentum owing to the growing preference for compounding drugs during the forecast period. This information is published by Fortune Business Insights™ in an upcoming report, titled, “Compounding Pharmacy Market, 2021-2028.” The major contributing factors are the growing number of product development, availability of standard drugs, key players, research activities, and customizations. Compounding is the technique of putting together and manufacturing customized medicines for patients. These drugs are made according to the practitioner's prescription, with the component ingredients blended together in the dosage form and strength recommended.
COVID-19 Impact-
Cumulative Impact of Covid-19 on Medical Sector
The appearance of COVID-19 has brought the world to a halt. We recognize that the healthcare crisis had an extraordinary impact on businesses across industries. Compounding pharmacies may be able to help bridge the demand-supply gap by manufacturing medicines that are currently unavailable or in short supply. The main causes of drug shortages are production delays, supply chain difficulties, and a lack of raw ingredients.
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Segments-
By application, the market is segmented into pain management, dermatology, hormone replacement therapy, oncology, urology, and others. On the basis of service, the market is segregated into ingredient alteration, application, delivery alteration, pharmaceutical dosage alteration, filling supply shortage, animal specialized manufacturing. On the basis of route of administration, the market is categorized into oral, topical, parenteral, rectal, and others. On the basis of usage, the market is fragmented into pediatrics, geriatrics, adults, veterinary. Finally, by geography, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
What does the Report Offer?
The research examines market variables impacting demand and supply, key dynamics affecting the market throughout the forecast period, such as drivers, constraints, opportunities, and future trends.
Increasing Geriatric Population to Stimulate Growth
The global compounding pharmacy market growth is expected to grow due to the rising number of elderly populations during the projected period. Compounding pharmacies can combine medicines and change dosage forms to make them more appropriate for patients. Physical responses in the elderly population, particularly those aged 60 and up, increase the need for pharmacists to construct alternate dose forms to fulfill unique treatment demands. The segment's growth will be fueled by the expanding geriatric population, which has unique needs for better and more effective treatment.
To get the short-term and long-term impact of COVID-19 on this Market.
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Increasing R&D Activities to Promote Growth in North America
North America is expected to hold the largest global compounding pharmacy market share during the forecast period. The increase could be linked to the FDA's announcement of a pharmaceutical shortage in the US.
Asia Pacific is expected to have a sizable share of the market. The development of therapeutic approaches and product formulations by prominent market players is predicted to boost demand in the region.
Increasing Number of Mergers to Create Opportunities for Market Growth
The quality players have been analyzed based on factors such as business plan, product offerings, financial overview, recent developments, and competitive business strategies. The research provides a thorough analysis of the following compounding pharmacies, including their competitive landscape, capacity, and most recent events such as mergers and acquisitions.
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Industry Development-
- December 2020: To combat the COVID-19 pandemic, Triangle Compounding Pharmacy has launched compounded hand sanitizer. Triangle Compounding Pharmacy is the first pharmacy in the United States to offer pharmaceutical-grade hand sanitizer.
List of Key Players Profiled in the Global Market for Compounding Pharmacy:
- B Braun Medical
- Fagron
- PharMEDium Services
- WEDGEWOOD PHARMACY
- Lee Silsby Compounding Pharmacy
- DOUGHERTY’S HOLDINGS
- ACPHARMA Queensland
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