Compounding Pharmacies Market Size By Product (Oral, Topical, Rectal, Parenteral, Inhaler, Ophthalmic), By Application (Paediatric, Adult, Geriatric, Veterinary), By Therapeutic Area (Hormone Replacement, Pain Management), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, Italy, France, Spain, Russia, Poland, Greece, Ukraine, Sweden, Norway, Belgium, Czech Republic, Finland, China, India, Japan, Singapore, Australia, Brazil, Mexico, Saudi Arabia, UAE, South Africa, Qatar, Kuwait), Application Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024
Published Date: May 2017 | 192 Pages | Report ID: GMI749 Report Format: PDF
Compounding Pharmacies Market size was over USD 8 billion in 2016, with growth forecast of over 5% CAGR from 2017 to 2024.
U.S. Compounding Pharmacies Market size, By Product, 2013-2024 (USD Billion)
The compounding pharmacies market is slated to witness robust growth over the forecast timeframe. Rapidly increasing geriatric population along with higher proportion of individuals reaching advanced age has resulted in increased demand for medications in alternate doses and formulations. Growing awareness pertaining to availability of personalized medicines will boost industry growth.
Increasing drug shortage due to quality and manufacturing issues will further augment compounding pharmacies market growth. Occurrence of drug shortage leads to increased chances of occurrence of adverse events among critically ill patients and delayed delivery of patient care. Compounding enables the replication of drugs that are commercially produced but unavailable due to shortages.
The lack of availability of skilled staff for compounding process consuming will impede market growth to some extent. However, establishment of educational and research institutes providing formal education and training in pharmacy will provide skilled technicians and laboratories in the near future. Risks associated with improperly compounded medications such as contamination, adulteration, unsafe combinations will restrain market expansion.
High cost of equipment and need for maintaining a sterile environment will restrain market growth. Continuously changing regulations will restrict industry expansion to some extent.
Compounding Pharmacies Market, By Product
Oral medications dominated the compounding pharmacies market. The segment is anticipated to follow a similar trend during the forecast timeframe. Preference of individuals to consume medications through the oral route in the form of capsules, tablets and pills will drive segment growth. Growing drug failure rate during drug discovery process will propel industry expansion. Drug failure leads to decrease in availability of alternate medications to patients resulting in increased dependence of compounded medications.
Demand for parenteral medications is estimated to grow at a rapid pace owing to benefits of parenteral compounding preparations such as localized drug delivery and quick action leading to faster drug availability to the body. Ophthalmic segment is anticipated to witness lucrative growth. Increasing age related retinal disorders such as cataract, glaucoma, corneal scarring and macular degeneration will boost demand. Convenience offered by compounded medications such as combining multiple prescriptions into single dose, dose alterations and making medication available in alternate forms will further escalate demand.
Compounding Pharmacies Market, By Application
Adult segment accounted for the largest compounding pharmacies market share in 2016. Increasing prevalence of cardiovascular diseases among adults owing to lifestyle changes, adoption of sedentary lifestyle and consumption of fat rich foods will boost demand for compounded medications. Growing demand for flavored medications due to changing taste preferences while suffering from chronic illness will further propel segment growth.
Geriatric segment should witness rapid growth due to escalating elderly population. Aging is associated with age related chronic diseases and physiological changes which impair the elderly from using commercially available drug products for treatment. Problems faced by elderly population in swallowing pills and capsules, need for differed dosage levels and requirement for combining medications into one dose will increase demand for compounded drugs.
Compounding Pharmacies Market, By Therapeutic Area
Pain management held the largest industry share in 2016. Ability of compounding pharmacies to provide special preparations for pain management in accurate doses and without any side effects will fuel segment growth.
Hormone replacement is forecast to witness lucrative growth owing to increasing demand for anti-aging products. Ability of compounding pharmacies to provide hormone replacement therapy as per the patient body type and hormone levels will augment segment growth.
Compounding Pharmacies Market, By Region
U.S. accounted for the largest compounding pharmacies market share in 2016. Increasing number of baby boomers coupled with growing awareness pertaining to compounded medications will fuel growth over the forecast period. Increasing drug shortage along with rising prices of prescription drugs will augment industry expansion.
Japan market is anticipated to witness rapid growth over the forecast period. Usage of advanced technologies such as robots for compounding processes has led to automation of compounding pharmacies in the country. Presence of oldest population in the world coupled with highest life expectancy rate will further stimulate market growth.
Competitive Market Share
Some of the prominent industry players include Fagron, B.Braun Medical, Fresenius Kabi, Cantrell Drug Company, Institutional Pharmacy Solutions and Pencol Compounding Pharmacy.
The industry participants resort to strategies such as acquisitions, collaborations and joint ventures to strengthen their foothold in the compounding pharmacies market. For instance, in 2015 Fagron acquired JCB labs to strengthen its sterile compounding business in North America.
Compounding Pharmacies Industry Background
Compounding pharmacies are undergoing rapid development through technological advancements and adoption of automation in compounding process. Usage of automation has resulted in increase in quality of preparations through enhanced uniformity. Compounding pharmacies are being equipped with electric mixers, capsule filling machines, ointment mills, electronic mortar and pestle. Usage of electronic balances coupled with software programs has resulted in higher accuracy of formulations. Adoption and implementation of technology will further boost the compounding pharmacies market over the forecast period.
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