A rise in the number of prescriptions distributed worldwide leads to an important development in the pharmaceutical compounding sector. People across areas suffer from illnesses requiring specific formulations. Compounding pharmacies are therefore working to introduce innovative formulations that are efficient in the treatment of different illnesses. Hiring a dedicated workforce composed of pharmacists and laboratory technicians, however, is one of the major problems facing compounding pharmacies. The major players that operate as compounding pharmacists also provide the patients with tailored drugs that are unable to achieve outcomes by consuming commercially available drugs.
As per the report, the global demand for compounding pharmacies market was valued at approximately USD 9144.3 million in 2018 and is expected to generate revenue of around USD 14966.5 million by end of 2025, growing at a CAGR of around 7.3% between 2019 and 2025.
Compounding pharmacies produce drugs in sterile settings in an efficient manner. This will increase supply deals with health care suppliers from compounding pharmacies during the moment of shortage. In the compounding pharmaceutical industry globally, new regulations are also being implemented to address the issue of contaminated drugs and incorrect formulations. Increasing amount of patients visiting doctors to address chronic disease leads to increased consumption of prescribed drugs, thus fueling the worldwide compounding pharmacies market.
The market for compounding pharmacies is classified on the basis of product type, application, sterility, therapeutic area, and region. Based on the product, the market for compounding pharmacies is divided into topical medication, oral medication, mouthwashes, and suppositories. Oral medicines can also be divided into tablets, capsules, lozenges, suspensions, and others. The topical medicines are classified into ointments, gels, creams, and others. In the coming years, there will be a significant growth in oral drug, capsules, mixtures, lozenges, tablets, and lollipops. Increasing numbers of patients prefer oral medications which is likely to drive the demand for prescribed oral compound medications. Based on applications, the market is segmented into geriatric, pediatrics, adult, and veterinary. On the basis of sterility type, the global compounding pharmacies market is segmented into sterile and non-sterile. Pain medications, dermatological applications, hormone replacement therapies, and others are the key therapeutic areas considered in global compounding pharmacies market.
North America was the market leader in the compounding pharmacy industry. It is expected to be the forecast period's largest income contributor. The market growth can be accredited to the shortage of drugs described by the FDA in the U.S. Europe expects to trail the next area in terms of market revenue contribution.
The major players involved in the global compounding pharmacies market are PharMEDium Services LLC, B. Braun Melsungen AG Company, Fagron, Institutional Pharmacy Solutions, Cantrell Drug Company, Fresenius Kabi AG., and Triangle Lorraine’s Pharmacy among others.
This report segments the global Compounding pharmacies market as follows:
Global Compounding Pharmacies Market: Type Segment Analysis
- Topical medication
- Oral medication
Global Compounding Pharmacies Market: Application Segment Analysis
Global Compounding Pharmacies Market: Sterility Segment Analysis
Global Compounding Pharmacies Market: Therapeutic Area Segment Analysis
- Pain Medications
- Hormone Replacement Therapies
Global Compounding Pharmacies Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- Middle East and Africa