Compounding Pharmacies Market 2018 Trends & Major Key Players B.Braun Medical, Fresenius Kabi, Fagron, Cantrell Drug Company, Inc., PharMEDium Services, Dougherty's Pharmacy, Inc., Integrated Pharmacy Solutions Inc, McGuff Company, Inc., Triangle Compound
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The aforementioned instances aptly validate the fact that compounding pharmacies market is defined by a plethora of strategic collaborations, joint ventures, and acquisitions across most of the topographies worldwide. Other biggies that are actively partaking in global compounding pharmacies industry include B.Braun Medical, Cantrell Drug Company, Pencol Compounding Pharmacy, and Institutional Pharmacy Solutions.
1. Increasing geriatric population & longevity globally
2. Growing acceptance of personalized medicines worldwide in U.S. and Europe
3. Increasing drug shortage in North America and Europe
4. Convenience of using compounded drugs
5. Growing drug failure rate
Pharmacy compounding is essentially the discipline of preparing personalized medications for patients that are prescribed by a medical expert. Compounded medication formed by mixing individual ingredients with the required dosage has been researched and found to be rather beneficial for patients, consequently emerging as the driving force of compounding pharmacies market since the last decade. The methodology is perpetually common across most medical faculties, including geriatrics, pediatrics, and even veterinary. Prescriptions are usually provided for a host of disorders, including oncology, hormone replacement, and pain management. The modest success rate of compounded prescriptions will lead compounding pharmacies industry size to cross USD 12.5 billion by 2024, claim reports.
Some of the leading players in compounding pharmacies market include Fagron, PharmaMEDium, B.Braun Medical, Institutional Pharmacy solutions, triangle compounding Pharmacies, Cantrell Drug company, Fresenuis Kabi, Lorraine’s Pharmacy, Wedgewood Village Pharmacy, Doughtery’s Pharmacy, Village compounding Pharmacies, Mcguff compounding pharmacy services, Rx3 Compounding Pharmacy, Pencol Compounding Pharmacy, ITC Compounding Pharmacy.
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Personalized medication is one of the latest trends of the healthcare sector, a fad that will, in all probability contribute toward the growth of compounding pharmacies market. The rapidly growing elderly population across the globe susceptible to numerous disorders has led medical experts and researchers to develop a range of medication derived from alternate formulations. In addition, drug shortage leads to delayed patient care and subsequently enables the requirement of replicated but commercialized and legally approved drugs that can prove to be godsend for critically ill patients. Thus, the rising drug shortage pertaining to manufacturing and quality issues will spur compounding pharmacies industry size in the ensuing years across various geographies, especially the developed economies such as the United States and Japan.
As per statistics, U.S. held dominated the overall compounding pharmacies market share in 2017 and is anticipated to grow with a remarkable rate over the years ahead. This growth can be attributed to the rising awareness regarding the benefits of compounded medication and the rising trend of using personalized medicines. Drug shortages leading to increased prescription drug prices will also augment U.S. compounding pharmacies industry share over 2017-2024.
Most patients prefer consuming compounded medication through the oral route, such as tablets, capsules, and pills. Attesting to this very fact, oral products dominated the overall compounding pharmacies market share in 2017 with a valuation of USD 2,872.5 million. On occasion though, it has been observed that elderly patients find difficulty in swallowing pills and tablets, owing to which other products are likely to capture a sizable share of the business. Topical formulations for instance, may witness an appreciable growth rate over the coming six years, as per a reliable compounding pharmacies industry report.
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