NEW YORK, October 14, 2015 /PRNewswire/ --
According to the latest market report published by Persistence Market Research titled ' Global Market Study on Compounding Pharmacies: Asia Pacific is expected Witness Highest Growth by 2021', the global compounding pharmacies market is projected to expand at a CAGR of 6% during the forecast period (2015-2021). Compounding pharmacies accounted for market revenue worth US$ 6,500 Mn in 2014 and the revenue is expected to increase to US$ 9,751 Mn by 2021.
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Compounding pharmacies produce personalized medicines, which can be altered by dosages, medicinal strengths, forms and medium of administration, under guidance of licensed pharmacists and physicians. The market for compounding pharmacies, though shrouded by regulatory restrictions and product quality conformations, presents lucrative opportunity, as they offer ease of accessibility, affordability and administration to potential customers.
Increase in demand for drugs prone to medicinal drought, personalized dosages and innovative therapeutic areas is expected to boost overall demand for compounding pharmacies worldwide. Upcoming regulatory harmonization, and need for manufacturing facilities to adhere to good manufacturing practices listed under the U.S. and EU Pharmacopeias are set to standardize the compounding pharmacies market. Compounded drug manufacturers in Australia have been mandated to adhere by rules listed under the Australian Therapeutic Goods Administration (TGA). Latin America and Europe are the subsequent lucrative destinations for compounding pharmacies.
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Globally, Asia Pacific is expected to dominate the market throughout the forecast period, driven by promotion of innovative therapies and product formulations by major players in the market. Singapore and Australia are the two major growth promoting countries for compounding pharmacies in Asia Pacific. The compounding market in Singapore is expected to increase from a current estimated value of US$ 204.9 Mn in 2015 to US$ 387.2 Mn by 2021, registering a CAGR of 11% over the forecast period.
Among therapeutic segments, compounding pharmacies find largest application in the pain management industry, followed by hormone replacement therapy and others. The hormone replacement therapeutic segment is expected to gain traction in the near future due to increasing demand for anti-ageing solutions. Increasing demand for high-quality dermatological products is also influencing manufacturers to opt for better quality active pharmaceutical ingredients and maintain a sterile microbial contamination-free manufacturing space. Creams and gels are the most popular products in dermatology, followed by transdermal application products, largely popular in tropical countries.
By application type, the compounding pharmacies market is segmented into medications for adults, children and geriatric population along with veterinary drugs. Medications for adult segment is expected to dominate the overall compounding pharmacies market by the end of the forecast period, i.e. by 2021. The segment is projected to register an above average growth rate over the forecast period. However, veterinary compounded drugs are also gaining traction as these drugs are available in alternate forms and in varying strengths not commercially available.
Some of the Key market participants covered in the report include B. Braun Melsungen AG Company, Fagron, PharMEDium Services, LLC, Institutional Pharmacy Solutions, Cantrell Drug Company, Triangle Compounding Pharmacies, Lorraine's Pharmacy, and Fresenius Kabi AG.
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The compounding pharmacies market is segmented as follows:
- Medications for adult
- Medications for veterinary purposes
- Medications for children
- Medications for geriatric
By Therapeutic Area
- Pain management
- Hormone replacement therapy
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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