Compounding Pharmacies Market size worth over $15bn by 2027

Compounding Pharmacies Market size is set to surpass USD 15 billion by 2027, according to a new research report by Global Market Insights, Inc.
 

Increasing elderly population and improved life expectancy are creating great opportunities for the compounding pharmacies market growth. Growing drug failure rate and the massive shortage of drugs across the globe will propel the market demand for compounding pharmacies. Moreover, rising awareness regarding the benefits of compounded medication is leading to the increased adoption of such customized medicines for effective patient care that will push the market expansion in developing regions.

 

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Rising awareness regarding the benefits of compounded medication will accelerate the market revenue

Benefits and convenience offered by different compounded drugs will serve to be a high impact rendering factor. The capability of different compounding pharmacies to create specific dosages that are not produced commercially, different hypoallergenic versions of drugs and, liquid doses for a patient with difficulty in swallowing pills will boost Compounding Pharmacies Market – Global Compounding Pharmacies Industry Size, Share, Price, Growth Trends, Application Potential, Technology, Forecast, Competitive Analysis, PDF Reportdemand for compounded drugs. Compounding pharmacies can combine certain prescriptions into a single dose permitting patients to take one pill instead of many. Lower costs of compounded drugs due to access of pharmacists to pure, high-quality chemicals that often costs less will further fuel the industry demand. Additionally, the removal of designer dyes and preservatives used by specific drug manufacturers during compounding further lowers costs. Compounded pharmacies provide convenient and alternative forms of medication such as changing the form of medication from solid pill to liquid suspension. Therefore, above-mentioned aspects will prove advantageous for the overall industry progression. However, lack of skilled pharmacists and lab technicians in developed economies may hinder the industry expansion to a certain extent.
 

Higher demand for hormonal therapy will create significant growth opportunities

Compounding Pharmacies Market

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The hormonal replacement segment in the compounding pharmacies market is anticipated to witness around 6% growth rate till 2027 as this therapy use hormone that has the same chemical structure as the hormones in the body. Hormone replacement therapy is used in the treatment of symptoms associated with menopause and hormonal imbalance that surges the segment demand. Similarly, increasing demand for hormonal therapy as it helps to address a range of issues including birth control, prostate cancer, and others are prospective to influence the segment growth.
 

Increasing developmental activities in topical formulations will favor the compounding pharmacies market progression

The topical segment accounted for around USD 1.5 billion in 2020, owing to rising demand for ointments, creams, gels, and other similar products. Topical medications are applied to the skin or mucous membranes that allows it to enter the body. Growing R&D activities with respect to topical formulations are projected to impel the market value.
 

Growing geriatric population with need of personalized medicines will favor the industry growth

The geriatric segment held more than 19.5% of the compounding pharmacies market share in 2020. Compounding pharmacies have the ability to combine pills and alter dosage forms in order to make them suitable for patients. Elderly population aged 60 and above undergoes physiological changes that surge the need for pharmacists to compound alternative dosage forms to meet specific treatment needs. The growing geriatric population base with customized requirements for getting better and improved treatment will drive the segment expansion.
 

Browse key industry insights spread across 338 pages with 479 market data tables & 20 figures & charts from the report, “Compounding Pharmacies Market Size Therapeutic Area (Hormone Replacement, Pain Management, Dermatology Applications, Specialty Drugs, Nutritional Supplements), By Product (Oral {Solid Preparations [Tablets, Capsules, Granules, Powder], Liquid Preparations [Solutions, Suspension, Emulsion, Syrup]}, Topical {Ointments, Creams, Gels, Pastes}, Rectal {Suppositories, Enema}, Parenteral {SVP, LVP}, Nasal, Ophthalmic, Otic), By Application (Pediatric, Adult, Geriatric, Veterinary), By Compounding Type (Pharmaceutical Ingredient Alteration [PIA], Currently Unavailable Pharmaceutical Manufacturing [CUPM], Pharmaceutical Dosage Alteration [PDA]), By Sterility (Sterile, Non-sterile), By Distribution Channel (Hospital Pharmacy, Compounding Pharmacy) Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/compounding-pharmacies-market
 

Rising demand for unavailable drugs will create growth opportunities for the segment

The CUPM segment captured around 22.5% of the compounding pharmacies market share in 2020 led by the need for specialized medicines. Lack of availability of drugs is one of the major concerns due to the factors such as disruption in manufacturing and supply chain, discontinuation of a drug or specific formulation owing to less usage or health risks. In these cases, compounding pharmacies can develop different formulations to cater to the patient population. Increasing list of unavailable medication and its demand in the industry will push the segment progression.
 

Increasing demand for targeted injectable medicines is poised to drive the segment revenue

The sterile segment in the compounding pharmacies market was valued at USD 3 billion in 2020. Sterile compounding pharmacy involves the development of medication requiring complete sterile conditions such as injectable solutions, suspension, vaccines, and syrups among others. The rising demand for injectable targeted medicines and growing usage of parenteral nutrition for geriatric patients will further spur the industry expansion.
 

Rising number of compounding pharmacies is predicted to fuel the market growth

The compounding pharmacy segment is set to showcase around 5.5% CAGR through 2027. Compounding pharmacies are specialized entities that are involved in the development of custom medications. Compounding pharmacies create custom medications from base ingredients for patients with different health ailments. Furthermore, growing need for personalized medications and rising number of compounding pharmacies is estimated to prove beneficial for the overall market revenue.
 

Advanced healthcare infrastructure in the European region will accelerate the market value

Germany compounding pharmacies market size was more than USD 365 million revenue size in 2020. Advanced healthcare infrastructure along with government initiatives favoring compounding pharmacies industry will further boost the market demand in the European region. In addition, increasing number of compounding pharmacies and surging number of geriatric population base will also create growth opportunities in the region.
 

Adoption of numerous growth strategies enables foremost industry participants to maintain their market share

Some of the leading market players operating in the compounding pharmacies market include Athenex Pharma Solutions (Athenex Inc.), B. Braun, Clinigen Group PLC, Dougherty's Pharmacy, Inc., Fagron, Fresenius Kabi, Institutional Pharmacy Solutions, Lorraine’s Pharmacy, McGuff Company Inc. (McGuff Compounding Pharmacy Services), Nephron Pharmaceuticals Corporation, Pencol Compounding Pharmacy, Rx3 Compounding Pharmacy, Triangle Compounding Pharmacies, and Wedgewood Village Pharmacy, Inc. among many others. These companies carry out strategic developments to maintain robust foothold in the market.
 

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