New York, NY, Aug. 14, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Compounding Pharmacies Market By Product Type (Oral, Topical, Mouthwashes, Suppositories, Injectables, and Ophthalmic), By Therapeutic Type (Hormone Replacement and Pain Management), and by End-users (Adult, Pediatric, Geriatric, and Veterinary): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 - 2024”. According to the report, global compounding pharmacies market was valued at approximately USD 9,106.0 million in 2017 and is expected to generate revenue of around USD 13,910.0 million by end of 2024, growing at a CAGR of around 6.2% between 2018 and 2024.
Every patient is different and has unique needs for which customized medications are a critical part of quality medical service and patient care. Nowadays, compounding is also serving the needs of dentists, veterinarians, and their patients. The compounding pharmacy is the process of mixing, combining, or alteration of the ingredients to generate the personalized medication for individual patients. It is customized dosage forms and/or prescription medications to meet an individual patient’s needs. Prescription of compounding medication was common earlier to 1960s, before the beginning of manufactured medicines. But due to the need for specialized medication for individual patients, there has been a renaissance of compounding pharmacies.
Browse through 72 Tables & 24 Figures spread over 110 Pages and in-depth TOC on “Global Compounding Pharmacies Market Size & Share 2017 Report: Industry Growth, Trends, Analysis and Forecast, 2024”.
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Compounding pharmacies served a lot of vital patient needs. Compound medications are preferable when the patient’s needs are not met by FDA approved drugs. However, in contrast to drugs manufactured by pharmaceutical companies, compounded drugs are not FDA-approved. The state boards of pharmacy regulate the practice of compounding. The other government authorities such as the Drug Enforcement Agency (DEA) and the United States Pharmacopeia (USP) Convention have their own sway over compounded drugs.
The compounding pharmacies market is segmented on the basis of product type into oral, topical, mouthwashes, suppositories, injectables, and ophthalmic. The oral product type segment is expected to contribute to the largest share in global compounding pharmacies market. The oral product type is further categorized into capsules, tablets, suspension, lozenges, and lollipops. The convenience of oral medication and its safe and non-invasive route of administration will increase the patient preference for oral medications hence fueling the growth of oral segment during the forecast period. The topical products are further classified into creams, gels, ointments, and lotions. Among which cream product segment is expected to hold the prominent share. The injectable segment is sub-segmented into injections, infusions, concentrates, powders for reconstitution, and gels. Among which injections segment is expected to grow at significant CAGR during the forecast period.
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Based on the therapeutic type, the global compounding pharmacies market is segmented into hormone replacement and pain management. Pain management segment is expected to hold the major share by therapeutic type during the forecast period. Whereas the hormone replacement therapeutic segment is anticipated to grow at highest CAGR owing to the increasing popularity of hormone therapies for betterment, restoring, and balancing hormone in an individual’s body.
By end-user, the market is segmented into an adult, pediatric, geriatric, and veterinary. The adult and geriatric segments are anticipated to lift up the global compounding pharmacies market during the forecast period. High adoption of compounded medicines for chronic diseases and physiological changes in adult people increases the demand for compounded medicines.
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North America dominates the compounding pharmacies market due to favorable government initiatives and high adoption of compounded drugs by patients. Furthermore, the U.S. is expected to dominate the North America compounding pharmacies market throughout the forecast period, owing to favorable government policies and increasing number of compounding pharmacies in the region.
Europe is the second largest regional market and is expected to show significant growth in the years to come due to increasing awareness and adoption of compounded drugs. A high number of geriatric population and need of personalized medication will significantly boost the compounding pharmacies market in the European region.
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The Asia Pacific market is projected to have the highest CAGR during the forecast period. Market growth is particularly expected in China, India, and other emerging countries where the market penetration of compounding pharmacies is anticipated to be highest. Owing to increasing disposable income and rising healthcare awareness coupled with high acceptance of compounded medications will fuel the growth of the market in Asia Pacific region.
In Latin America, Brazil contributes for the major market share in the compounding pharmacies market, owing to increasing healthcare infrastructure in the region. The Middle East and Africa hold the least growth in comparison to other regions, due to the lack of health awareness in this region which is further responsible for hindering the growth of the market. Thus, all the aforementioned parameters are expected to propel the market growth globally.
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Some of the key players in compounding pharmacies market include AmerisourceBergen, Rx3 Pharmacy, Agbi’s Sterile Compounding Pharmacy LLC, B. Braun Medical Inc., Cantrell Drug Company, Inc., Belle Sante Diagnostic & Therapeutic Institute Pvt. Ltd., Village Sterile Compounding Pharmacy, Imprimis Pharmaceuticals, Inc., Institutional Pharmacies Of Louisiana LLC, Lorraine's Pharmacy, McGuff Sterile Compounding Pharmacy Services, Inc., Panaceutics Inc., Pencol Compounding Pharmacy, Fagron, ITC Compounding Pharmacy, SCA Pharmaceuticals, Wedgewood Pharmacy, Fresenius Kabi AG, and Dougherty's Holdings, Inc.
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This report segments the global compounding pharmacies market as follows:
Global Compounding Pharmacies Market: Product Type Segment Analysis
- Oral
- Topical
- Mouthwashes
- Suppositories
- Injectables
- Ophthalmic
Global Compounding Pharmacies Market: Therapeutic Type Segment Analysis
- Hormone Replacement
- Pain Management
Global Compounding Pharmacies Market: End-user Segment Analysis
- Adult
- Pediatric
- Geriatric
- Veterinary
Global Compounding Pharmacies Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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