Sterile Compounding Pharmacies Market Is Expected To Reach A Valuation Of US$ 8.9 Billion By 2031

As per the newly released data by Fact.MR, the global sterile compounding pharmacies market reached US$ 5.07 Bn in 2020 and is projected to surpass US$ 8.9 Bn by the end of 2031.

With rising demand for custom compounded formulations and increasing pharmaceutical spending, the overall market is slated to expand at 7.2% CAGR between 2021 and 2031.

Compounding pharmacies use a doctor's prescription to create customized medication. These customized medications offer therapeutic alternatives for patients with unique medical needs that cannot be met by the U.S. Food and Drug Administration (FDA) approved drugs.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐚 𝐒𝐚𝐦𝐩𝐥𝐞 𝐂𝐨𝐩𝐲 𝐨𝐟 𝐓𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭:
https://www.factmr.com/connectus/sample?flag=S&rep_id=7061?PS

Factors such as high risk of infection through drugs administered using injection through an IV or directly into the eyes are increasing the demand for sterile compounding. It involves creating a medication in an environment free from contaminating agents such as viruses and bacteria.

These drugs need to be carefully prepared in a separate sterile room to minimize the risk of contamination. Hence, adoption of sterile compounding is expected to surge over the forecast period.

Shortage of various types of drugs due to quality and manufacturing issues will boost the demand for sterile compounding pharmacies.

Furthermore, manufacturers are integrating latest technologies such as automation, in the compounding procedures to minimize human involvement. This will aid the production of high quality compounding products with greater efficiency.

According to Fact.MR, injectable are among highly preferred sterile compounding products due to their faster mode of action. Meanwhile, sales of ocular compounded ophthalmic medications are projected to account for the second largest share of 15.5% by 2031 in this market. This is attributable to the increasing prevalence of ophthalmic disorders across the world.

Regionally, North America will continue to dominate the sterile compounding pharmacies market with the U.S. accounting for 72% market share through 2031. Growing awareness among people, adoption of automation in compounding procedures, strong presence of leading market players, and increasing spending on medicines are some of the factors boosting the market in the U.S.

"Minimizing risk in sterile compounding process is crucial for maintaining the quality of the product. As a result, sterile compounding pharmacies are shifting towards automation. Adoption of robotics and other latest technologies ensure safety while reducing human related mistakes in the entire process. This is expected to create growth opportunities for the market." says the Fact.MR analyst.

𝐊𝐞𝐲 𝐓𝐚𝐤𝐞𝐚𝐰𝐚𝐲𝐬 𝐟𝐫𝐨𝐦 𝐒𝐭𝐞𝐫𝐢𝐥𝐞 𝐂𝐨𝐦𝐩𝐨𝐮𝐧𝐝𝐢𝐧𝐠 𝐏𝐡𝐚𝐫𝐦𝐚𝐜𝐢𝐞𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐮𝐫𝐯𝐞𝐲

• With increasing spending on medicine and highly advanced healthcare infrastructure, the U.S. is expected to account for around 77.2% share in 2021.
• Canada's sterile compounding pharmacies market is poised to exhibit a CAGR of 8.9% between 2021 and 2031.
• Owing to the growing demand for sterile compounding formulations along with presence of leading players, the U.K. is set to account for around 34% share of the Europe market.
• Australia and New Zealand, collectively, accounted for around 54% market share of Asia Pacific in 2031.
• Based on product, ocular segment is projected to account for 15.5% market share during the forecast period.
• In terms of therapeutic area, hormone replacement therapy segment is poised to expand at 5% CAGR between 2021 and 2031.

𝐊𝐞𝐲 𝐃𝐫𝐢𝐯𝐞𝐫𝐬

Increasing preference for personalized medicines spurs the growth of sterile compounding pharmacies market.

Rising geriatric population, high prevalence of diseases, and shortage of essential medicines are supporting the growth of the market.

Adoption of robotic automation for increasing the efficiency and quality of drug compounding is reshaping the sterile compounding pharmacies market.

𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐋𝐚𝐧𝐝𝐬𝐜𝐚𝐩𝐞

Key companies operating in the sterile compounding pharmacies market are deploying necessary resources to meet the new U.S. Pharmacopeia (USP) standards for enhanced patient and staff safety.

They have adopted various growth strategies such as mergers, acquisitions, new product launches, and collaborations to expand their global footprint.

For instance,

In September 2019, QuVa Pharma, Inc. announced immediate significant capacity increase for compounded sterile injectable preparation.

In November 2020, Fagron Sterile Services US expanded its product portfolio by introducing a new platform with multiple presentations available- Intravenous (IV) Bags. The new platform launches with multiple presentations of fentaNYL, HYDROmorphone and midazolam.

In February 2019, Fagron North America, a leading supplier of compounded medications to hospital pharmacies and patients, announced the opening of one of the largest 503B human drug outsourcing facilities in the U.S. in November, which will utilize automation for sterile compounding process.

Some of the prominent players operating in the sterile compounding pharmacies market profiled by Fact.MR are:

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

𝐆𝐞𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐨𝐧 𝐭𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭 𝐟𝐨𝐫 𝐒𝐩𝐞𝐜𝐢𝐟𝐢𝐜 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐒𝐨𝐥𝐮𝐭𝐢𝐨𝐧𝐬:
https://www.factmr.com/connectus/sample?flag=RC&rep_id=7061?PS

𝐌𝐨𝐫𝐞 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬 𝐨𝐧 𝐭𝐡𝐞 𝐒𝐭𝐞𝐫𝐢𝐥𝐞 𝐂𝐨𝐦𝐩𝐨𝐮𝐧𝐝𝐢𝐧𝐠 𝐏𝐡𝐚𝐫𝐦𝐚𝐜𝐢𝐞𝐬 𝐒𝐚𝐥𝐞𝐬 𝐎𝐮𝐭𝐥𝐨𝐨𝐤

Fact.MR provides an unbiased analysis of sterile compounding pharmacies market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global demand for sterile compounding pharmacies with a detailed segmentation on the basis of:

Product

Injectables
Nasal
Ocular
Otic

Therapeutic Area

Hormone Replacement Therapy
Pain Management
Dermatology
Oncology
Hematology
Dental
Others

End User

Adults
Pediatrics
Geriatrics
Veterinary

Key Questions Covered in the Sterile Compounding Pharmacies Market Outlook Report

The report offers insight into sterile compounding pharmacies demand outlook for 2021-2031
The market study also highlights projected sales growth for sterile compounding pharmacies market between 2021 and 2031

Sterile compounding pharmacies market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
Sterile compounding pharmacies market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others

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About Fact.MR

Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range - from automotive & industry 4.0 to healthcare, technology, chemical and materials, to even the most niche categories.

This release was published on openPR.