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Global Compounding Pharmacies Market Report Till 2024

08-02-2018 02:04 PM CET | Health & Medicine

Press release from: marketstudyreport.com

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Market Study Report adds a new commercialization potential of the compounding pharmacies market has further soared by several notches primarily on the account of the rising geriatric population across the globe for the period of 2018-2024 that shows the growth of the market is rising at a Steady 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.

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.

However, the continuous changing regulatory norms and standards will impede the market growth to some extent. Furthermore, high cost of equipment, sterility maintenance and lack of skilled lab technicians and pharmacists will hamper the growth of compounding pharmacies market.

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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.

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Table of Content:

Chapter 1. Methodology
1.1. Methodology
1.1.1. Initial data exploration
1.1.2. Statistical model and forecast
1.1.3. Industry insights and validation
1.1.4. Market definition and forecast parameters
1.2. Data sources
1.2.1. Secondary
1.2.2. Primary
Chapter 2. Executive Summary
2.1. Precision medicine industry 360 degree synopsis, 2013 - 2024
2.1.1. Business trends
2.1.2. Product trends
2.1.3. Application trends
2.1.4. Therapeutic are trends
2.1.5. Regional trends
Chapter 3. Precision Medicine Industry Insights
3.1. Industry segmentation
3.2. Industry size and forecast, 2013 - 2024
3.3. Industry ecosystem analysis
3.3.1. Vendor matrix
3.3.2. Distribution channel analysis
3.4. Industry impact forces
3.4.1. Growth drivers
3.4.1.1. Increasing geriatric population & longevity globally
3.4.1.2. Growing acceptance of personalized medicines worldwide in U.S. and Europe
3.4.1.3. Increasing drug shortage in North America and Europe
3.4.1.4. Convenience of using compounded drugs
3.4.1.5. Growing drug failure rate
3.4.2. Industry pitfalls & challenges
3.4.2.1. Lack of skilled lab technicians and pharmacists in developed countries
3.4.2.2. High costs of equipment and maintenance of sterile environment
3.4.2.3. Changing regulatory specifications
3.4.2.4. Consumers perception towards compounded drugs
3.5. Growth potential analysis
3.5.1. By product
3.5.2. By application
3.5.3. By therapeutic area
3.6. Regulatory landscape
3.6.1. U.S
3.6.2. Europe
3.6.3. Australia
3.7. Reimbursement landscape

Outside scope of this report the increasing expenditure on clinical trials of drugs and growing drug failure rate has further driven the compounding pharmacies market to flourish in North America and Europe. As per estimates, millions are being invested in R&D programs related to personalized medicine, and most of the time, the cost is being sunk into failures. Amidst this scenario, pharmaceutical biggies are significantly investing in their pharmaceutical compounding operations that help prepare personalized medications at lower cost and without the need for a drug supply approval from pharma manufacturers. Powered by a supportive competitive scenario and a soaring populace demanding tailor-manufactured drugs, compounding pharmacies market is likely to accrue heavy returns over the ensuing years.

With the growing emphasis of the overall healthcare fraternity on advancing in the concept of personalized medicines for chronic & respiratory disorders, compounding pharmacies industry has emerged as one of the most lucrative verticals of the medical space. The commercialization potential of the compounding pharmacies market has further soared by several notches primarily on the account of the rising geriatric population across the globe. Estimates by the United Nations claim that the global geriatric population (above 60 years) is foreseen to surpass 2 billion in 2050 from 962 million in 2017. This population base is touted to require dosages and drug excipients that are customized according to specific needs and are generally not met by the commercially available drugs. The substantial rise in geriatric population as well as the growing awareness regarding personalized medicines are thus set to have a direct impact on the growth prospects of this business sphere.

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