Press release
Compounding Pharmacies Market to Hit US$ 14,995.1 million by 2028
Compounding pharmacies or compound pharmacy role is to mix ingredients as per patients' needs and manufacture drugs that are not commercially available. Pharmacy compounding has been present since the beginning of time. It is essential in cases such as limited dosage strengths and dosage forms, drug allergies to certain ingredients, pediatrics, chemotherapy and veterinary medicine. Further, compounded medicines enhance pharmacist contribution to developing and implementing patient therapeutic plans and provide customized medications of high pharmaceutical quality.The compounding pharmacies market was valued at US$ 9,442.8 million in 2020 and is projected to reach US$ 14,995.1 million by 2028; it is expected to grow at a CAGR of 6.1% from 2021 to 2028.
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Market leaders operating in the market have undertaken various organic growth strategies in the compounding pharmacies market. The compounding pharmacies market majorly consists of the players Fagron, Inc., Elixir Compounding Pharmacy, Avella specialty pharmacy, B. Braun Melsungen AG, PharMEDium Healthcare Holdings, Inc., Fresenius Kabi AG, Belle Santé Diagnostic & Therapeutic Institute Pvt. Ltd, Triangle Compounding Pharmacy, Vertisis Custom Pharmacy and US Compounding Inc. The companies have been implementing various strategies that have helped the growth of the company and in turn have brought about various changes in the market. The companies have utilized organic strategies such as launches, expansion, and product approvals. Moreover, the companies have utilized inorganic strategies including mergers & acquisitions, partnership, and collaborations.
Pain Medications Segment to be Largest Contributor to Compounding Pharmacies Market During 2021-2028
Based on therapeutic area, the compounding pharmacies market is segmented into pain medications, hormone replacement therapies, dermatological applications, and others. The pain medications segment held the largest share of the market in 2020 and the same segment is estimated to register the highest CAGR in the market during the forecast period.
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