Region: Global | Published Date: October, 2022 | Pages: 157Global Platelet Rich Plasma Market
Region: Global | Published Date: October, 2022 | Pages: 157
Global compounding pharmacy market was valued at USD 10.1 billion in 2021, and it is expected to reach a value of USD 15.5 billion by 2028, at a CAGR of more than 5.2% over the forecast period (2021- 2028).
Over the years ahead, the Compounding Pharmacy Market is expected to be driven by the increasing rate of patent expirations, increased life expectancy, and the growing elderly population.
Compounding pharmacy’s major function is to create unique versions of medications that are either not widely accessible or are not produced by commercial pharmaceutical corporations for specific patients with their unique demands. A licensed physician creates these medications at compounding pharmacies after taking the patient's medical requirements into account.
Compound pharmacists can put medications into specially flavored liquids, topical creams, transdermal gels, suppositories, or other dosage forms tailored to specific patient needs.
In 2021, the market share of compounding pharmacies was 47% held by the adult population. Nutritional supplements are supplied by compounding pharmacies to help adult customers with their daily activities. Additionally, people are susceptible to a number of chronic disorders that can be early on prevented with compounding products. The rising prevalence of chronic disease brought on by a poor diet and sedentary lifestyle will increase demand for compounded medications and spur market expansion.
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Global compounding pharmacy market is segmented based on the Product, Therapeutic Area, and region. Based on the Product, the Global compounding pharmacy market is segmented as medications, Topical medications, Suppositories, Mouthwashes, and Others. Based On Therapeutic Area, the Global compounding pharmacy market is segmented as Hormone replacement therapies, Pain medications, Dermatological applications, and Others. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Analysis by Product
Based on the Product, Oral drugs, Topical medications, Suppositories, Mouthwashes, and Others are the different segments of the market. The market share expected to be dominated by topical treatments. The factors can be linked to the growing demand for dermatological applications as well as the expanding market for hormone replacement therapy.
Analysis by Therapeutic Area
Global compounding pharmacy market has been segmented on the basis of Therapeutic area as Hormone replacement therapies, Pain medications, Dermatological applications, and others. Due to their growing use in the treatment of various diseases, such as cancer, and in maintaining the hormonal levels during menopause, hormone replacement therapies are anticipated to exhibit the highest CAGR during the estimated period.
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North America compounding pharmacy market share is expanding at a consistent rate. High disposable income among the people in North America has driven the developments in the healthcare industry due to the affordability to invest in highly advanced medication that meets the targeted medical needs of the people.
The expanding healthcare infrastructure in the Asia Pacific is expected to drive the region's growth at a significant CAGR. The market for compounding pharmacies in the Asia Pacific area will also grow due to an increase in research and development activities aimed at enhancing various healthcare outcomes and obtaining more exact and accurate findings. The rise in the geriatric population and rates of chronic diseases would also put more pressure on the healthcare system and boost the market during the forecast period.
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The oral market is anticipated to increase at a CAGR of over 6% through 2028, driven by the rising popularity of oral pharmaceuticals including tablets and capsules. Additionally, the majority of disorders can only be effectively treated by taking pharmaceuticals orally, which increases the demand for oral medications.
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The Global compounding pharmacy market is highly fragmented, with a high level of competition. The prominent players operating in the market such as nature. B. Braun, Athenex Pharma Solutions, Fresenius Kabi, Clinigen Group PLC, Dougherty's Pharmacy, Inc., Lorraine’s Pharmacy, Nephron Pharmaceuticals Corporation To maintain market rivalry, these leading industry firms strategically implement several inorganic growth tactics like mergers and acquisitions.
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According to our Global compounding pharmacy market Analysis, Compounding pharmacies provide nutritional supplements to assist adult clients with their regular tasks. People can also develop a number of chronic diseases that compounded products can help to avoid early on. The need for compounded drugs will rise, resulting in market growth, as chronic diseases become more common due to poor diet and inactivity.
|Market size value in 2021||USD 10.1 billion|
|Market size value in 2028||USD 15.5 billion|
|Growth Rate||more than 5.2%|
|Forecast period||2021- 2028|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Compounding Pharmacy Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Compounding Pharmacy Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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