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Global Compounding Pharmacies Market to Soar at a CAGR 5% to 2024: Growth Factors & Trends
Global Compounding Pharmacies Market is Projected to grow at 5% CAGR during the period 2017-2024. Compounding Pharmacies Industry research report also provides granular analysis of the market share, Size, segmentation, revenue forecasts and geographic regions of the market.Growing elderly population is a major driver for compounding pharmacies market growth. Special requirements of the elderly such as alternative dosage forms, flavor, lower doses will boost business growth over the forecast years.
Increased longevity coupled with the rising trend to look youthful should increase demand for anti-ageing medications such as hormone replacement therapy. Growing public awareness regarding personalized medicines and convenience of using compounded drugs will further augment compounding pharmacies market growth.
Compounding Pharmacies Market size is forecast to exceed USD 12 billion by 2024; as per a new research report.
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Rising drug failure rates in the recent times coupled with drug shortage issues is limiting the availability of commercially manufactured drugs. Compounding pharmacies should emerge as the best alternative to compensate the growing drug demand.
Dearth of skilled lab technicians and pharmacists for compounding drugs will impede industry growth. Issues pertaining to safety of compounded preparations and frequent changes in regulatory norms should adversely impact drug compounding. Requirement for expensive compounding equipment and cost intensive process of maintaining sterile environment for some of the formulations may discourage new industry entrants.
Topical formulations demand is estimated to witness rapid growth owing to the convenience of drug administration. Difficulties in swallowing oral formulations such as tablets and pills along with the advantage of topical formulations to bypass GI tract and provide the medication should fuel industry growth. Rectal route is anticipated to exhibit lucrative growth due to its ease of administration and low cost; however, this may be offset by the associated social stigma.
Pediatric segment is forecast to grow at a robust rate during the forecast period. Rising natality rates coupled with the inability of commercially available medicines to meet special pediatric formulation requirements such as flavors, dosage form and size will escalate compounded pharmacies market demand.
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Veterinary applications should witness rapid growth owing to increasing companion animal population and rising prevalence of animal disorders. However, significant regulatory changes and dearth of validated compounding formulas for animal use will impede business growth.
Pain management accounted for the largest share in the compounding pharmacies market, and is expected to follow a similar trend over the forecast timeline. Advantage of compounded medications to provide precise dosage to patients for pain management without the occurrence of any side effects will propel demand.
For more information on this report, Please visit at: https://www.marketstudyreport.com/reports/compounding-pharmacies-market-size-by-product-oral-topical-rectal-parenteral-inhaler-ophthalmic-by-application-paediatric-adult-geriatric-veterinary-by-therapeutic-area-hormone-replacement-pain-management-industry-analysis-report-regional-outlook-u-s-canada-germany-uk-italy-france-spain-russia-poland-greece-ukraine-sweden-norway-belgium-czech-republic-finland-china-india-japan-singapore-australia-brazil-mexico-saudi-arabia-uae-south-africa-qatar-kuwait-application-potential-price-trends-competit/?utm_source=OPR-SP
Increasing elderly population and rising number of individual and community pharmacies will boost Germany compounding pharmacies market growth. However, concerns pertaining to the quality of compounded drugs may hamper demand. Singapore compounding pharmacies market is slated to grow at a robust rate, primarily due to the growing prevalence of allergies. Increasing medical tourism along with occurrence of drug shortages will further propel business growth.
Compounding pharmacies market players include Fresenius Kabi, B. Braun Medical, Fagron, PharMEDium, Cantrell Drug Company, ITC Compounding Pharmacy, Village Compounding Pharmacy, and Wedgewood Village Pharmacy. Companies are consolidating their market position through adoption of strategies such as collaborations and acquisitions.
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