Compounding Pharmacies Market Outlook 2024 - Cantrell Drug Company, McGuff, PharMEDium, Institutional Pharmacy Solutions, Triangle Compounding Pharmacies, Village Compounding Pharmacy, Pencol Compounding Pharmacy & more
Compounding Pharmacies Market Research Report for the period of 2018-2024 that shows the growth of the market is rising at a 5% CAGR to 2024.
Compounding Pharmacies market will reach USD 12.5 billion by 2024; as per a new research report. Rising prevalence of chronic and non-communicable diseases worldwide will drive compounding pharmacy market growth over the forecast timeframe. Growing elderly population suffering from chronic diseases such as diabetes, asthma and other cardiac disorders coupled with increasing life expectancy across the world will propel the industry growth. Furthermore, increasing aesthetic concerns will fuel the demand for anti-ageing products such as testosterone therapy for men, bioidentical hormone replacement therapy for women and other high quality dermatological products that are produced in compounding pharmacies.
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Dearth of cancer drugs or other essential drugs in developed region such as Europe and North America will augment the demand for compounding pharmacies over the forthcoming years. Limited supply of raw materials, production delay by manufacturers and discontinuation of commercialized drug has led to drug shortage. Ability of compounding pharmacies to fill a gap by replicating commercial drugs in case of shortage will fuel the demand for compounded medicines thereby propelling industry growth.
Topical segment will show significant growth over the forecast period owing to the rising prevalence of diabetes worldwide. Growing adoption of unhealthy dietary habits and rising prevalence of obesity are the key factors increasing prevalence of diabetes among the people that subsequently lead to increase in demand of compounded long acting and rapid acting insulin analogs. Moreover, availability of other compounded topical preparations of antidiabetic drugs such as DPP-4 inhibitors and GLP-1 agonists will further witness a significant growth in the future owing to its application in treatment of type II diabetes.
Pediatric segment is estimated to grow at a considerable rate over forecast period owing to growing awareness pertaining to compounding pharmacies and increasing infant morbidity and mortality. Furthermore, customization of medicines to formulate convenient dosage forms for children such as conversion of big, solid pills into easy-to-administer liquid dosage form, will significantly boost the segment growth during analysis period.
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Hormone replacement segment will grow at a faster rate during the forecast period due to increasing demand for various anti-ageing products as well hormone replacement theories among adults. Increasing focus of people on excellent quality dermatological products that are compounded as per the patients’ needs and requirements will further escalate hormone replacement segment growth.
U.S. compounding pharmacies market dominated the industry owing to the presence of geriatric patient pool, developed healthcare facilities and technological advancements. U.S. pharmaceutical industry has witnessed several incidences of drug shortage over the past few years. Increasing drug shortage will certainly boost demand for compounded medications.
Some of the notable industry players are Fagron, B. Braun, Fresenius Kabi, Cantrell Drug Company, McGuff, PharMEDium, Institutional Pharmacy Solutions, Triangle Compounding Pharmacies, Village Compounding Pharmacy, Pencol Compounding Pharmacy and Wedgewood Village Pharmacy. Major industry players are emphasizing on enhancing and strengthening the product portfolio. They are further focusing on partnerships and collaborations to enhance their existing systems.
Table of Content:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Compounding Pharmacies Industry Insights
Chapter 4. Compounding Pharmacies Market, By Product
Chapter 5. Compounding Pharmacies Market, By Application
Chapter 6. Compounding Pharmacies Market, By Therapeutic Area
Chapter 7. Compounding Pharmacies Market, By Region
Chapter 8. Company Profiles
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Related Reports: -
United States Compounding Pharmacies Market Report 2018
In this report, the United States Compounding Pharmacies market is valued at USD XX million in 2017 and is expected to reach USD XX million by the end of 2025, growing at a CAGR of XX% between 2017 and 2025.
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