The Compounding Pharmacies Market size is projected to hit around US$ 14.3 Bn by 2026, growing at a CAGR of around 6.2% over the forecast period 2019 to 2026.
LOS ANGELES, Feb. 06, 2020 (GLOBE NEWSWIRE) -- Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Compounding Pharmacies Market (By Product: Oral, Parenteral, Rectal, Topical, Ophthalmic, Others; By Therapeutic Area: Pain Management, Hormone Replacement Therapies, Dermatological Applications, Nutritional Supplement, Others; By Sterility: Non-sterile, Sterile) – Global Industry Analysis, Market Size, Opportunities And Forecast, 2019 - 2026”.
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Geographically, the market is divided into five regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In 2018, North America accounted for the largest share of the market and is anticipated to maintain its dominance during the forecast period. The shortage of drugs, increasing the geriatric population, and high healthcare awareness among people are the key factors for the dominance of the region. The Asia Pacific region is expected to observe the fastest growth during the forecast period. The growth can be attributed to the presence of a large geriatric population and people suffering from chronic diseases, the development of basic infrastructural facilities, and the entry of various players. China, India, Japan, and Singapore are some of the major contributing countries in the Asia Pacific.
Based on the product, the market has been segmented into oral, parenteral, rectal, topical, ophthalmic, and others. In 2018, the oral medications segment accounted for the maximum share of the market. The segment is further divided into tablets, capsules, lozenges, suspensions, and others. High demand from patients for oral medications due to ease of administration and transportation is a key factor for the dominance of the segment. Topical products are expected to observe the significant growth during the forecast period due to increasing allergic conditions and growing awareness about hormone replacement therapy. The topical medications segment can be further segmented into gels, creams, ointments, and others. Topical medications preferred for dermatological applications.
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Based on the therapeutic areas, the global compounding pharmacies market is further divided into pain management, hormone replacement therapies, dermatological applications, nutritional supplement, and others. The pain management segment accounted for the maximum share of the market in 2018. Hormone replacement therapy is anticipated to boost the market growth with the fastest rate during the forecast period. This can be attributed to widening their applications in various conditions such as cancer and menopause. Furthermore, a shortage of these drugs in the U.S. and the requirement of variations in the formulations from patient to patient are the key factors for the high market growth. Demand for the nutritional supplement is increasing significantly and is anticipated to hold a substantial share during the forecast period. Unhealthy lifestyle and eating habits responsible for the requirement of external supplements and hence it is expected to observe a significant growth in the nutritional supplement demand at compounding pharmacies.
Based on the sterility of the formulation, the market has been divided into sterile and non-sterile dosage forms. In 2018, the non-sterile formulation segment accounted for the largest share of the market and is expected to propel the market growth during the forecast period.
Key players operating in the compounding pharmacies market are B. Braun Melsungen AG Company, Cantrell Drug Company, Dougherty’s Pharmacy, Fagron, Fresenius Kabi AG., Mcguff compounding pharmacy services, Institutional Pharmacy Solutions, ITC Compounding Pharmacy, PharMEDium Services LLC, Triangle Lorraine’s Pharmacy, Village compounding Pharmacies, Wedgewood Village Pharmacy, and Rx3 Compounding Pharmacy. Mergers and acquisitions are some of the key strategies being adopted by the market players to enhance their share in the global market.
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Some of the key observations regarding the compounding pharmacies industry include:
- In January 2019, BodMD Medical Group has signed a partnership agreement with compounding pharmacies that are licensed by state Pharmaceutical Boards.
- In November 2018, Wellspring Compounding Pharmacy opened at its new location in Berkeley, CA. This new compounding pharmacy provides both sterile and non-sterile formulary across California.
- In July 2018, veterinary compounding pharmacies, Wedgewood Pharmacy and Diamondback Drugswere merged. The merger increased a range of medications available and enhanced the speed of delivery to veterinary practices.
- In March 2018, Wedgewood Pharmacy signed a partnership agreement with Vetsource, the only veterinary industry-endorsed home-delivery pharmacy provider, to add commonly prescribed compounded medicine to the platform. Through this partnership, most of the Wedgewood’s formulations available to pet owners and veterinarians with prescription orders through the Vetsource platform. Vetsource provides innovative pharmacy and business services to more than 8,000 customers across the country.
- In May 2017, Spectrum Pharmacy Products, a global manufacturer and distributor of pharmaceutical compounding supplies, chemicals, and equipment opened a new Spectrum Pharmacy Institute in New Jersey to train pharmacists in the field of compounding.
- In September 2016, Empower Pharmacy opened a new compounding facility at USD 4.7 million to meet higher standards of safety and quality in an industry. The facility is registered with the U.S. FDA and provides sterile customized prescriptions to physicians and patients in the U.S.
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