Compounding Pharmacies Market Industry Analysis | Top Companies: B. Braun Medical, Cantrell Drug Company, Inc., Fagron, Institutional Pharmacy Service, ITC Compounding Pharmacy, Wedgewood Village
North America and Europe region have witnessed significant drug shortage over past few years. The reason is attributable to the product delays, inconsistent supply of raw materials and product quality issues. Shortage of drugs may have serious repercussion such as death of patients. Lack of timely availability of standard drugs will stimulate the demand for compounded medications.
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High cost of sophisticated equipments required for compounding medicines coupled with dearth of availability of skilled workforce will impede the industry growth to some extent over the forecast timeframe. Ever changing regulatory scenario will further hamper the industry growth affecting the production of compounded drugs on large scale.
Oral product segment dominated the industry with revenue of USD 2,872.5 million in 2017. The high market value is attributable to the increasing demand for compounded oral medication, especially in the field of pain management. Furthermore, the liquid oral dosage forms are preferred due to associated convenience and ease of administration. Geriatric people often desire liquid oral dosage form in replacement to commercially available dosage forms.
Oral product segment is followed by parenteral segment that is forecasted to grow at a robust CAGR of 6%. Drugs compounded as parenteral dosage form are rapidly absorbed and show better efficacy compared to other dosage forms. However, parenteral compounding is stringently regulated that can restrict the segment growth to certain extent. Moreover, high cost parenteral medications and requirement of skilled persons for administration will limit the segment growth.
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Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
B. Braun Medical
Cantrell Drug Company, Inc.
Institutional Pharmacy Service
ITC Compounding Pharmacy
Adult application segment with a market value of USD 4,113.6 million in 2017 will show a robust growth over the forthcoming years. Increasing prevalence of viral, bacterial, cardiovascular, respiratory and oncology diseases in adult population will largely support the segment growth. Women in the age of 40-50 years suffering from hormonal fluctuations need compounded hormonal medications. This further supports the segment growth over the forecast timeframe.
Geriatric population segment is forecasted to witness robust growth rate of 6.7% over forthcoming years. Percentage of adult population is expected to rise from 11% to 22% of the total population by 2050. As geriatric patients are in great need of compounded medications tailored to specific needs, such stupendous increase in number of geriatric patients will support the segment growth.
Hormonal replacement therapy segment accounted for USD 3,425.3 million in 2017. Compounded hormonal therapy is designed considering the level of hormones in individual patients. This allows far better management of conditions compared to commercially available drugs with standard dose. As a result, the demand for compounded hormonal therapy is increasing especially from the women in the age group between 40-50 years.
Pain management segment is the growing at CAGR of 4.6% owing to increasing demand for compounded medications in the area of pain management. Number of accidents and consequent orthopaedic disabilities are constantly increasing. For instance, The Association for Safe International Road Travel reported that around 1.3 million people die of road accidents each year. Rising number of accidents will escalate the demand for compounded drugs for better pain management.
U.S. dominated North America industry dominated by U.S. compounding pharmacies market with the revenue of 4,781.2 million in 2017. Ongoing technological advancements leading to manufacturing of superior quality drugs coupled with favorable demographic trends will enable U.S. to retain higher revenue share over the forecast period. High awareness among patients and availability of sophisticated infrastructure required for compounding activities will drive the regional growth.
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Germany is forecasted to show robust growth rate of 5.4% due to presence of government initiatives supporting compounding pharmacies market growth. Moreover, availability of superior technology and improved operational capabilities of the pharmaceutical companies will expand the industry growth in forthcoming years.
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