Pharmaceutical Compounding Market A Comprehensive Analysis of Market Dynamics and Growth

According to Precision Business Insights (PBI), latest report, the Pharmaceutical Compounding market is expected to be valued at USD 14,410.10 million in 2023, growing at an 6.6% CAGR from 2024 to 2030. The primary drivers of the expansion of the Global Pharmaceutical Compounding market include the Increase in the prevalence of chronic disease, increase in old age population and improved life expectancy, growing drug failure rate and massive drug shortage across the globe further drive growth of the market globally. increase in restrictions on manufacturing of complex formulation is anticipated to hinder the pharmaceutical compounding market growth.

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The Pharmaceutical Compounding Market Detailed Segmentation
Based on the Application, the market is segmented into the following:
• Pain Management
• Dermatology
• Harmone Replacement Therapy
• Oncology
• Others

Based on the Service, the market is segmented into the following:
• Ingredient Alteration
• Application or Delivery Alteration
• Pharmaceutical dosage alteration
• Filling Supply Storage

Based on the Route of Administration, the market is segmented into the following:
• Oral
• Parental
• Topical
• Rectal

Based on the Usage, the market is segmented into the following:
• Pediatric
• Geriatric
• Adults
• Veterinary

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Pain Management Segment is expected to Dominate the Pharmaceutical Compounding Market
Based on the applications, the global pharmaceutical compounding market is segmented into Pain management, Dermatology, Harmone Replacement Therapy, Oncology, and others. The pain management segment is expected to account for the largest share of global pharmaceutical compounding market owing to the large patient base suffering from chronic pain from various diseases and the presence of a generic market. Increasing accidental cases and growing cancer and chronic pain cases are key factors responsible for the growth of the pain management market.

Based on geography, the market is segmented into the following:
• North America
• Europe
• The Asia Pacific
• Latin America
• MEA

The North American market is expected to increase in the global pharmaceutical compounding market over the forecast period. The North American market is expanding as a result of the healthcare spending power, increased healthcare facilities, high regional awareness of compounded drugs, and numerous market participants all favor the industry's growth. The presence of several compounding pharmacies, high adoption among people, and scarcity of many drugs are key factors for market growth. Asia Pacific and Latin America are expected to register fast market growth during the forecast period due to the increasing preference for compounding drugs, and awareness about the compounding pharmacy among the people. On the other hand, the Middle East and Africa is projected to have a lucrative growth in compounding pharmacy market in the near future.

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Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global Pharmaceutical Compounding market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region.

Key players profiles in the pharmaceutical compounding market report are Athenex Pharma solutions, B. Braun Melsungen AG, Dougherty's Pharmacy Inc., Fresenius SE and Co., Institutional Pharmacy solutions, ITC compounding pharmacy, McGuff Companies Inc, Nephron Pharmaceuticals, New Compounding Pharma, Olympia Compounding pharmacy, Panacea Biomatx Inc, Perrigo company plc, RX3 Compounding Pharmacy, Valor Compounding Pharmacy.

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This release was published on openPR.