Compounding pharmacies are one of the growing trends in the health industry owing to the rise in aging population and increasing prevalence of chronic diseases. Compounding pharmacies play an important role in the testing and development of drugs. Compounding pharmacists are currently involved in testing and development of new drug formulations to ensure the safety of the drug for patients. Pharmaceutical companies and physicians are focusing on compounding pharmacies to introduce new drugs in the market and also to recreate commercially available drugs with new formulations.
Increasing number of patients with special pharmaceutical needs are driving the growth of the global compounding pharmacies market. Compounding pharmacies are also focusing on sterile composition. This calls for in-depth knowledge on medication in order to select the most suitable components while preparing the medicines. Women’s health, dermatology, pediatrics, and sports medicine are adopting sterile compounding to offer the perfect combination of medications. However, owing to the cases of contaminated prescriptions is emerging as a challenge in the compounding pharmacies. The regulatory bodies are also focusing on introducing stringent regulation on the compounding pharmacies. Meanwhile, lack of skilled professionals is resulting in the increased risk of producing improper compounded medicines.
As per the study by Persistence Market Research (PMR), the global compounding pharmacies market is expected to see a strong growth during 2017-2025. By the end of 2025, the global market for compounding pharmacies is estimated to exceed US$ 13,300 Million in terms of revenue.
Oral Medication to be Highly Preferred in the Global Compounding Pharmacies Market
On the basis of product type, oral medication including tablets, capsules, lollipops, mixtures, and lozenges are likely to witness the highest growth during 2017-2025. Oral medication is projected to surpass US$ 6,300 Million revenue by 2025 end.
Based on the application, compounding pharmacy products are expected to find large application in medication for adults, followed by medication for children. By 2025 end, medication for adults is estimated to bring in close to US$ 7,600 Million revenue.
By therapeutic area, compounding pharmacy products are likely to be largely used in hormone replacement therapy. Towards 2025 end, hormone replacement therapy is projected to reach nearly US$ 9,400 Million in terms of value.
North America to Account for the Highest Share in the Global Compounding Pharmacies Market
During the forecast period 2017-2025, North America is expected to lead the global market for compounding pharmacies. By the end of 2025, North America is estimated to exceed US$ 8,900 Million revenue. The Food and Drug Administration (FDA) is increasing regulations on the compounding pharmacies. Moreover, healthcare providers are also increasingly buying compounded medicines from FDA registered facilities. As per the data by Pharmaceutical Research and Manufacturers of America (PhRMA), around 3.6 billion prescriptions are distributed in the U.S. every year. Moreover, increasing number of people in North America are also suffering from allergies, this is also driving the demand for compounded pharmaceuticals. However, the high cost of generating drugs, lack of awareness, and failure of companies to comply with FDA standards are some of the challenges in the compounding pharmacies market in North America.
Key Players Active in the Global Market for Compounding Pharmacies
Some of the key market players operating in the global compounding pharmacies market are Fagron, Institutional Pharmacy Solutions, Fresenius Kabi AG, Cantrell Drug Company, B. Braun Melsungen AG Company, and Lorraine’s Pharmacy.
For more insights on the global compounding pharmacies market, write in to Persistence Market Research analysts at email@example.com