Global Compounding Pharmacies Market 2022: Rising Popularity of Customized Medications to Bode Well for Market Growth

According to the latest market report published by Persistence Market Research titled 'Global Market Study on Compounding Pharmacies: Asia Pacific is expected to witness highest growth by 2021', the global compounding pharmacies market is projected to expand at a CAGR of 6% during the forecast period (2015 - 2021). Compounding pharmacies accounted for market revenue worth US$ 6.5 Bn in 2014 and the revenue is expected to increase to US$ 9.75 Bn by 2021.

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Compounding pharmacies produce personalized medicines, which can be altered by dosages, medicinal strengths, forms, and medium of administration, under the guidance of licensed pharmacists and physicians. The market for compounding pharmacies - though shrouded by regulatory restrictions and product quality conformations - presents a lucrative opportunity as compounded drugs offer ease of accessibility, affordability, and administration to potential customers.

The report analyzes the global compounding pharmacies market in terms of market value by end use, product, region, and therapeutic area; and provides information regarding regional market dynamics, regulations, PEST analysis, competitive landscape, current trends, market estimations, and forecast.       

Among therapeutic segments, compounding pharmacies find largest application in the pain management industry followed by hormone replacement therapy and others. The hormone replacement therapy segment is expected to gain traction in the near future due to increasing demand for anti-ageing solutions.

Companies

Fagron
Fresenius Kabi AG
PharMEDium Services, LLC,
Institutional Pharmacy Solutions
Cantrell Drug Company
Lorraine's Pharmacy
Braun Melsungen AG Company.

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Increasing demand for high-quality dermatological products is also influencing manufacturers to opt for better quality active pharmaceutical ingredients and maintain a sterile microbial contamination-free manufacturing space. Creams and gels are the most popular products in dermatology, followed by transdermal application products, largely popular in tropical countries.

By end use type, the compounding pharmacies market is segmented into medications for adults, children, and geriatric population along with veterinary drugs. Medications for the adult segment is expected to dominate the overall compounding pharmacies market by the end of the forecast period.

The segment is projected to register an above average growth rate over the forecast period. However, veterinary compounded drugs are also gaining traction as these drugs are available in alternate forms and in varying strengths not commercially available.

Globally, Asia Pacific is expected to dominate the market throughout the forecast period, driven by the promotion of innovative therapies and product formulations by major players in the market. Singapore and Australia are the two major growth promoting countries for compounding pharmacies in Asia Pacific.

Competitive Landscape

Collaborations and acquisitions are key strategies used by compounding pharmacies to differentiate themselves from the competition. These tactics enable players to consolidate the resources required to ensure that their businesses have a long-term future in the industry.
Furthermore, these strategies enable two corporations to make use of technology that is already in place at one of the organizations and use it to assist them to enhance drug production.
Compounding pharmacies are focusing on product launches and expansion for, thereby, enhancing their market presence. Some of the recent instances include:
On February 14, 2017, B. Braun presented its new parenteral nutrition program, PN360, at the American Society for Parenteral and Enteral Nutrition (A.S.P.E.N.) Clinical Nutrition Week. The product was designed to improve neonatal, paediatric, and adult patient outcomes.
In February 2016, PharMEDium Services, LLCannounced a sole source agreement with Premier, Inc. to provide a wide range of services used for pain management, operating room anaesthesia, intensive care, nerve block, and labor and delivery.

In June 2016, PharMEDium and Kit Check announced a collaboration. The goal of this partnership is to create RFID tags for use in PharMEDium's prefilled syringes.

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Key Questions Answered in This Report.

What are the Roadblocks for Compounding Pharmacies Market Suppliers?
What are the Key Opportunities for Compounding Pharmacies Market Manufacturers?
How is Focus on Safety Influencing Compounding Pharmacies Market Demand?
What is the Regulatory Impact on Global Sales of Compounding Pharmacies Market?
Which Region Offers the Largest Opportunity for Sales of Compounding Pharmacies Market?
Where Does the U.S. Stand in the Market for Compounding Pharmacies Market?
What Is the Outlook for Compounding Pharmacies Market Manufacturers in China?
Why is Germany a Lucrative Market for Compounding Pharmacies Market Manufacturers?
Why Will Belgium Outpace Other European Markets for Compounding Pharmacies Market?
Why is There High Demand for Tires in Compounding Pharmacies Market?
Why are Sales of Compounding Pharmacies Market Surging?

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This release was published on openPR.