SEATTLE, Nov. 8, 2021 /PRNewswire/ -- According to Coherent Market Insights, The global compounding pharmacies market is estimated to account for 14,116.4 Mn in terms of value by the end of 2028.
In the field of medicine, compounding pharmacies are places where different compounds are made to remedy a disease or condition. These pharmacies have the ability to create customized formulas in accordance with the requirements of the patients. Compounding pharmacies usually employ the most modern and safe compound preparation techniques, as well as the most up-to-date equipment and facilities. They also have access to some of the best quality products in the market. In the world of pharmaceuticals, compounding pharmacies play an important role. Their main job is to design a unique formulation for a medicine that is unable to be manufactured under the conditions dictated by the manufacturer.
1. Increasing geriatric population and growing acceptance of personalized medicines is expected todrive growth of the global compounding pharmacies market during the forecast period
According to the World Health Organization (WHO), by 2050, the global population aged 65 years and above is expected to reach around 2 billion increasing from 900 million in 2015. Since elderly people are most susceptible to various chronic diseases such as cardiovascular disease, the demand for personalized medicines has increased significantly over the years. Compounding pharmacies are a method of creating customized medications according to a patient's specific requirements.
2. Rising research and development activities pertaining to topical formulations is expected to propel the global compounding pharmacies market growth over the forecast period
The demand for topical formulations such as gels, creams, ointments, and other similar products. Topical medications are applied to the skin or mucous membranes that allow it to enter the body. Key companies in the pharmaceutical industry are focused on research and development activities, in order to innovate novel topical formulations. Thus, such factors are expected to propel the market growth in the near future.
1. Increasing demand for unavailable drugs can present lucrative growth opportunities in the market
Unavailable drugs refer to back-ordered medicines due to manufacturing problems or discontinued drugs due to decreased usage or declining manufacturing profits. Many pharmaceutical organizations are laying emphasis on developing unavailable drugs, in order to cater to growing demand. For instance, in June 2021, Bristol Mayer Squibb received the U.S. Food and Drug Administration (FDA) approval for Zeposia indicated for the treatment of inflammatory bowel disease (IBD).
2. High demand for hormonal therapy can provide major business opportunities in the market
The demand for hormonal replacement therapy is gaining significant traction. Hormone replacement therapy is typically used in the treatment of symptoms associated with hormonal imbalance and menopause. Furthermore, growing demand for hormonal therapy can provide major business opportunities.
North America is expected to witness significant growth in the global compound pharmacies market during the forecast period. This is owing to increasing demand for drugs prone to medicinal drought, innovative therapeutic areas, and personalized dosages. Furthermore, the presence of favorable government policies and increasing acceptance of compounding pharmacies is expected to boost the regional market growth over the forecast.
2. Asia Pacific
Asia Pacific is expected to register a robust growth rate, owing to improving healthcare sector and rising incidence of chronic diseases such as cancer, diabetes, CVD across the region. Moreover, growing geriatric population is expected to boost the regional market growth in the near future.
Major companies involved in the global compounding pharmacies market are Athenex Pharma Solutions (Athenex Inc.), B. Braun, Clinigen Group PLC, Dougherty's Pharmacy, Inc., Fagron, Fresenius Kabi, Institutional Pharmacy Solutions, Lorraine's Pharmacy, McGuff Company Inc. (McGuff Compounding Pharmacy Services), Nephron Pharmaceuticals Corporation, Pencol Compounding Pharmacy, Rx3 Compounding Pharmacy, and Triangle Compounding Pharmacies.
For instance, in August 2021, MEDISCA launched a new thyroid active pharmaceutical ingredient (API), creating a consistent supply for compounding pharmacists.
Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide.