Market Research Report
Compounding Pharmacies Market Size By Product, By Application, By Therapeutic Area, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2017 - 2024
|Published by||Global Market Insights Inc.||Product code||555464|
|Published||Content info||192 Pages
Delivery time: 1-2 business days
|Compounding Pharmacies Market Size By Product, By Application, By Therapeutic Area, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2017 - 2024|
|Published: May 26, 2017||Content info: 192 Pages||
Compounding Pharmacies Market to exceed USD 12 billion by 2024 as per a new research report.
Soaring geriatric population base, growing demand for personalized medicine and rising drug failure incidences should fuel business growth over the forecast timeframe. Rising awareness about personalized medications and opportuneness of compounded drugs will positively impact compounding pharmacies market growth over the forecast timeframe.
Increasing prevalence of cancer will rise demand as cancer patient is unable to swallow medication due to the chronic pain. Rise in demand for alternative flavor, dosage forms and lower doses along with growing demand for hormone replacement therapy will favor compounding pharmacies market growth. Increase in number of pet animals and demand for specialized drugs designed for pets should positively impact business growth.
Lack of skilled pharmacists and lab technicians, concerns related with regulatory approval and safety of compounded medicines can hinder growth of compounding pharmacies market over the forecast period.
Ophthalmic segment will witness significant growth during the forecast period due to rising incidences of macular degeneration, glaucoma, cataract and corneal scarring. Availability of combination therapies in ophthalmology will stimulate demand for compounding ophthalmic medicines.
Pediatric compounding pharmacies market will grow at lucrative rate during the forecast years owing to inability of commercial drugs to provide effective treatment for problems such as respiratory disorders, pain, skin disorders, diaper rash, fever blisters/cold sores observed in children. Some children are allergic to specific drug ingredient, compounded pharmacies allow preparation of medicine excluding allergic ingredient.
Pain management segment will witness significant growth due to provision of precise dosage to patient deprived of any adverse effects. Growing demand for anti-aging solutions will drive hormone replacement therapy market over the forecast timeframe.
U.S. should grow at a lucrative growth rate over the forecast period. Increasing incidences of drug adverse reactions, shortage of commercial drugs and rising prevalence of cancer will drive U.S. compounding pharmacies market. U.S. government initiatives such as Precision Medicine Initiative to support growth of precision medicine in the country will favor expansion.
Germany accounted for largest regional revenue share due to rising elderly population in the country and increasing number of pharmacies in the country. Pharmaceutical compounding is considered as part of pharmacist's activity in Germany. China compounding pharmacies market will witness robust growth over forecast period due to large patient pool. Increasing elderly population along with rising incidences of cancer will act as major driver for China market. Growing awareness about individualized therapy offered by compounded medicines will fuel growth.
Few notable industry players include B. Braun Medical, Cantrell Drug Company, Fresenius Kabi, Fagron, PharMEDium, ITC Compounding Pharmacy, Wedgewood Village Pharmacy, and Village Compounding Pharmacy. Merger and acquisitions, strategic collaborations are key strategies followed by market players for enhancing their position in the market.
B.8.1.4 Strategic Outlook