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Sterile Compounding Pharmacies Market 2024 - Business Analysis, Development Outlook, Regional Strategies And Outlook By 2033
Sterile Compounding Pharmacies Market
As per the report, the sterile compounding pharmacies market size has grown strongly in recent years. It will grow from $4.99 billion in 2023 to $5.3 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The sterile compounding pharmacies market size is expected to see strong growth in the next few years. It will grow to $6.7 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%.
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Surging Demand For Personalized Medicine Drives Growth In Sterile Compounding Pharmacies Market
Increasing demand for personalized medicine is expected to propel the growth of the sterile compounding pharmacies market going forward. Personalized medicine is a type of medicine that prevents, diagnoses, or treats disease by using information about a person's genes or proteins. Sterile compounding pharmacies play a significant role in offering personalized medications to patients in a sterile environment to provide customized medication to people based on their needs and avoid the possibility of intolerance to certain doses or drug compounds. This improves treatment results and increase patient satisfaction and adherence to therapy. For instance, in 2022, according to the report published by Personalized Medicine Coalition, a US-based company operating in personalized medicine services, personalized medicines have now accounted for at least a quarter of new medication approvals, with the approval of 12 new personalized medicines in 2022 which has increased dramatically. Therefore, the increasing demand for personalized medicine is driving the sterile compounding pharmacies market.
Robotic Automation Spurs Efficiency And Safety In Sterile Compounding Pharmacies
The adoption of robotic automation is a key trend gaining popularity in the sterile compounding pharmacies market. Major companies operating in the sterile compounding pharmacies market are focused on robotic automation to strengthen their position in the market. For instance, in March 2023, Omnicell Inc., a US-based healthcare technology company, introduced IVX Station, a robotic compounding technology for safe and efficient sterile compounding preparations using automation. The IVX Station features an automated compounding process in an ISO Class 5 environment, as well as temperature, humidity, and particle monitoring continually. It was also designed with safety in mind, with advanced vision systems, gravimetric verification, auto-labeling, and automated application of tamper-evident syringe caps. Furthermore, this new technology allows for scalability with a cloud-based formulation library, which is constantly updated to guarantee manufacturers access to the most recent authorized formulations.
The sterile compounding pharmacies market covered in this report is segmented -
1) By Product: Injectables, Nasal, Ocular, Otic
2) By Therapeutic Area: Hormone Replacement Therapy, Pain Management, Dermatology, Oncology, Hematology, Dental, Other Therapeutic Areas
3) By Route of Administrations: Intravenous, Intramuscular, Subcutaneous
4) By End-Users: Adults, Pediatrics, Geriatrics, Veterinary
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Major companies operating in the sterile compounding pharmacies market report are B. Braun SE, PharMerica Corporation, Fagron Group BV, QuVa Pharma Inc., NewCo Pharma GmbH, Medisca, PharMEDium Healthcare Holdings Inc., Central Admixture Pharmacy Services (CAPS), SandsRx LLC, LeeSar Inc., Avella Specialty Pharmacy, Stokes Pharmacy Inc., Imprimis Pharmaceuticals Inc., Wells Pharmacy Network LLC, McGuff Compounding Pharmacy Services Inc., Potter's House Apothecary Inc., Pharos Innovations LLC, Triangle Compounding Pharmacy Inc., Valor Compounding Pharmacy Inc., Pace Pharmacy, PenCol Specialty Pharmacy LLC, Pavilion Compounding Pharmacy LLC, Olympia Pharmacy, MedisourceRx, Stat RX Pharmacy, Rx3 Compounding Pharmacy, Atlas Pharmaceuticals Co. Ltd., ReNue Rx, Premier Pharmacy Labs Inc., Absolute Pharmacy Inc.
Contents of the report:
1. Executive Summary
2. Sterile Compounding Pharmacies Market Report Structure
3. Sterile Compounding Pharmacies Market Trends And Strategies
4. Sterile Compounding Pharmacies Market - Macro Economic Scenario
5. Sterile Compounding Pharmacies Market Size And Growth
…..
27. Sterile Compounding Pharmacies Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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