Global Compounding Pharmacies Market, by Product Type (Oral (Capsule, Tablets, Mixtures, Lollipops, Lozenges), Topical (Gels, Ointments, Cream, Lotions), Rectal, Parenteral, Nasal, Ophthalmic and Mouthwashes) , by Therapeutic Area (Pain Management, Hormone Replacement Therapy (HRT),Dermatology and Specialty Drugs), by Application (Pediatric, Adults, Geriatrics and Veterinary), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, & Africa) - is estimated to be valued at US$ 10,127.9 Million in 2022 and is expected to exhibit a CAGR of 5.7% during the forecast period (2022-2030), as highlighted in a new report published by Coherent Market Insights.
Major players operating in market are focusing on increasing use of personalized medication which is expected to drive the market growth over the forecast period. For instance, according to data published in January 2021, in The Personalized Medicine Coalition (PMC), which is a professional membership organization that represents innovators, scientists, patients, providers, and payers, stated that in 2021, there were approval of 17 new personalized medicines.
Global Compounding Pharmacies Market– Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic and lockdowns in various countries across the globe have impacted the financial status of businesses across all sectors, including the private healthcare sector. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry, mainly due to strict lockdown in several regions. Private healthcare is one such sector that has been impacted significantly by the COVID-19 pandemic.
During the COVID-19 epidemic, there was a rise in the need for drugs and a decline in the manufacturing capacity of commercial medications, which had a favorable effect for the compounding pharmacy sector. For instance, the U.S. Food and Drug Administration (FDA) issued a guidance policy regarding the compounding of specific drugs for hospitalized patients by Federal facilities and State-licensed pharmacies, including health system and hospital pharmacies, for as long as the public health emergency lasts and there is a shortage of the medications needed to treat patients.
Global Compounding Pharmacies Market: Key Developments
In July 2019, PharMEDium Services, LLC which is a provider of outsourced, ready to use sterile admixture services announced to recall 45 lots of 0.5 mg/mL HYDROmorphone HCl in 0.9% Sodium Chloride 1 mL in 3 mL BD Syringe to the user level. The recall was due to presence of sulfite in PharMEDium’s electronic customer ordering system that claimed to be sulfite-free.
Browse 27 Market Data Tables and 31 Figures spread through 156 Pages and in-depth TOC on “ Global Compounding Pharmacies Market”- Forecast to 2030, Global Compounding Pharmacies Market, by Product Type (Oral (Capsule, Tablets, Mixtures, Lollipops, Lozenges), Topical (Gels, Ointments, Cream, Lotions), Rectal, Parenteral, Nasal, Ophthalmic and Mouthwashes) , by Therapeutic Area (Pain Management, Hormone Replacement Therapy (HRT),Dermatology and Specialty Drugs), by Application (Pediatric, Adults, Geriatrics and Veterinary) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, & Africa).
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/compounding-pharmacies-market-3199
Moreover, increasing geriatric population is expected to drive the market growth over the forecast period. For instance, according to a 2018 U.S. Census Bureau report, geriatric population in the U.S. is expected to reach 78.0 million in 2035 compared to the population of 76.4 million of people under the age of 18.
Key Takeaways of the Global Compounding Pharmacies Market:
- Global compounding pharmacies market is expected to exhibit a CAGR of 5.7 % during the forecast period due to increasing use of personalized medication which is expected to drive the market growth over the forecast period. For instance, according to data published in January 2021, in The Personalized Medicine Coalition (PMC), which is is a professional membership organization that represents innovators, scientists, patients, providers, and payers, stated that in 2021, there were approval of 17 new personalized medicines.
- Among product type, oral segment is estimated to hold a dominant position in the global compounding pharmacies market over the forecast period, owing to increase in new drug approvals, which is expected to drive growth of market over the forecast period. For instance, according to data published in December 2021, by McKesson Corporation, which is an U.S. company distributing pharmaceuticals and providing health information technology, medical supplies, and care management tools, the U.S. Food and Drug Administration (FDA) approved BESREMi for treatment of polycythemia vera.
- On the basis of Application, geriatric is estimated to account for the largest market share in the global compounding pharmacies market over the forecast period, owing to increasing prevalence of diseases in geriatric population. For instance, according to an article published on August 2019, in A Cancer Journal for Clinicians, estimated that in 2019, there were approximately 140,690 cancer cases diagnosed and 103,250 cancer deaths among the geriatric population in the U.S.
- Major players operating in the global compounding pharmacies market include Avella Specialty Pharmacy, Central Admixture Pharmacy Services, Fagron, Fresenius Kabi AG, PharMEDium Services, Institutional Pharmacy Solutions, Cantrell Drug Company, Triangle Compounding Pharmacies, Lorraine’s Pharmacy, Rx3 Compounding Pharmacy, B Braun Melsungen AG, Clinigen Group PLC, QuVa Pharma, ITC Compounding Pharmacy, and Advanced Pharmacy.
