An increase in the number of dispensed prescriptions globally is leading to the significant growth of the compounding pharmacies industry. People across regions are suffering from diseases that require specialized formulations. Hence, compounding pharmacies are working on introducing new formulations effective in treating various diseases. However, hiring specialized workforce consisting of pharmacist and lab technicians is one of the biggest challenges being faced by the compounding pharmacies.
The companies operating as compounding pharmacists are also supplying customized drugs to the patients who are not able to get results by consuming commercially available drugs. Also, compounding pharmacies are efficiently manufacturing drugs in a sterile environment. This, during the time of shortage, will boost the supply contracts of compounding pharmacies with healthcare providers. New regulations are also being introduced in the compounding pharmacies industry worldwide to deal with the problem of contaminated drugs and wrong formulations. Increasing number of patients visiting physicians to address chronic illness is resulting in the increasing consumption of prescribed medicines, thus, fueling the global compounding pharmacies market.
According to the report by Persistence Market Research, the global market for compounding pharmacies is anticipated to witness a significant growth throughout the forecast period 2017-2025. By the end of the forecast period, the global compounding pharmacies market is estimated to bring in US$ 13,366.5 Million revenue. Hospitals and other healthcare providers are encouraging patients to purchase compounded drugs.
Oral Medication to Witness Highest Sales in the Global Compounding Pharmacies Market
In the global market for compounding pharmacies, oral medication compared to the topical medication is likely to account for the highest sales during 2017-2025. In oral medication, capsules, mixtures, lozenges, tablets, and lollipops will witness substantial growth in the coming years. Increasing number of patients prefer medicines through the oral route, this is likely to drive the demand for oral compounded prescribed medication. However, the rise in drug failure rate during the drug discovery and formulation process is expected to hamper the market growth for oral medication. Companies are also hiring and providing training to the pharmacist to mix ingredients and create a perfect medication prescribed to the individual patient.
Moreover, oral medication is convenient, economical, the oral route is safe as it is non-invasive, and administration of oral routes require no special training. However, oral medication has increased risk of drug-food, and drug-drug interaction which can adversely affect the health of the patient.
Rise in the Hormone Replacement Therapy to Fuel the Demand for Compounded Drugs
Compounded hormone replacement therapy is gaining popularity in restoring and balancing hormones in the body. Compounding or creation of drugs meeting specialized needs of individual patients is on a rise. In the recent years, increasing number of people have shown a positive attitude towards hormone replacement therapy. This is driving the demand for compounded drugs in hormone replacement therapy. Research activities are also being conducted to discover the most effective delivery method of compounded drugs for patients undergoing hormone replacement therapy to avoid certain risks. Hormone replacement therapy is being prescribed to treat various conditions, especially in women including pre-menstrual syndrome, weight gain, irregular menstrual cycle, and other conditions. The biggest advantage of compounded hormone replacement therapy is that it can fit each individual’s hormone levels and body.
The report compiled by Persistence Market Research provides key insights on the global compounding pharmacies market for the period 2017 - 2025. The main objective of the report is to offer in-depth analysis on both quantitative and qualitative factors, along with the information on growth opportunities in the global market for compounding pharmacies. The report focuses on the compounded drugs including customized medicines provided by a pharmacist or a physician. These medicines are available in strengths that are not commercially available.
This report provides analysis on the global compounding pharmacies market based on the market value across products, therapeutic areas, application, and regions. This helps better understanding and identifying growth opportunities in the global compounding pharmacies market.
The report begins with an executive summary of the global market for compounding pharmacies. This section also covers the performance of the overall market in terms of revenue. This section also offers in-depth analysis of market drivers, latest trends, and challenges based on the demand and supply in the global market. The next few sections in the report provide analysis based on the key segments, sub-segments, regions and countries.
The forecast offered in the report on the global compounding pharmacies market assesses the revenue generated in the market at a global level. It also focuses on the market value of compounding pharmacies across key regions to offer the total market size. Forecast on the market is done by taking into account the total current market size. This data forms the basis for a forecast on how the global market for compounding pharmacies is likely to perform in the coming years.
The primary and secondary research was also done to arrive at various conclusions. Interviews were conducted with the experts in the market for compounding pharmacy. The opinions offered by respondents were included in the report after crosschecking with valid sources. The report also provides information on the regulations on compounding pharmacies in different countries. Data quantification has also been considered along with quality insights that were collected directly from suppliers, pharmacists, physicians, and market experts. Year-on-year growth along with the CAGR is also given in the report for global and regional market. The data provided helps in identifying the right growth opportunities.
All the key segments and sub-segments in the global market for compounding pharmacies are analyzed based on the basis point share. This helps in understanding the contribution of an individual segment towards the market growth. The key feature of this report in-depth analysis of the global compounding pharmacies market based on regions that are further divided on the basis of countries. The forecast in terms of incremental opportunity is also offered in the report. The incremental opportunity helps in understanding the level of opportunities in the market.
The market attractiveness analysis is also provided in the report to identify key opportunities in the market for growth. The last section in the report focuses on the key market players in the global market for compounding pharmacies. A dashboard view is provided on the market including product portfolio, business and financial overview, long-term and short-term strategies, and latest developments in the market. This information on the market help established as well as new entrants to identify opportunities and plan strategies accordingly.