Compounding Pharmacy Market Scope
With the increase in the number of dispensed prescriptions, Rising geriatric population coupled with favorable demographic trends such as improved life expectancy are driving the global market of compounding pharmacy. People around the world suffering from diseases there is a need for specialized formulations like compounding pharmacy. Compounding pharmacy deals with the introduction of new formulations effective in treating various diseases. The compounding pharmacy is the process of mixing, combining, or alteration of the ingredients to produce personalized medication for individual patients to treat various diseases. It is customized dosage forms and/or prescription medications to meet an individual patient’s needs. They are supplying such drugs for patients who do not improve by consuming commercially available drugs.
According to AMA, the Global Compounding Pharmacy market is expected to see growth rate of 7.6%
The market is fragmented by a large number of vendors who are involved in adopting the various strategies for compounding pharmacy market and to sustain in the competitive environment.The Players having a strong hold in the market are Fagron. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Compounding Pharmacy market throughout the predicted period.
AmerisourceBergen (United States), Rx3 Pharmacy (United States), Agbi’s Sterile Compounding Pharmacy LLC (U.K), B. Braun Medical Inc. (Germany), Cantrell Drug Company, Inc. (United States), Belle Sante Diagnostic & Therapeutic Institute Pvt. Ltd. (India), Village Sterile Compounding Pharmacy (United States), Imprimis Pharmaceuticals, Inc. (United States), Institutional Pharmacies Of Louisiana LLC (United States), Lorraine's Pharmacy (Canada), McGuff Sterile Compounding Pharmacy Services, Inc. (United States) and Panaceutics Inc., Pencol Compounding Pharmacy (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Fagron (Netherlands) and ITC Compounding Pharmacy (United States).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
Segmentation Overview
The study have segmented the market of Global Compounding Pharmacy market by Type (Oral (Capsules, Tablets, suspensions, lozenges, lollipops), Topical (Cream, gel, ointments, lotions), Mouthwashes, Suppositories, Injectables (Injections, infusions, concentrates, reconstitution, gels), Ophthalmic and By end users (Adult ,Pediatric, Geriatric,Veterinary)), by Application (Pain management, Therapeutic interventions and Hormone replacement therapy) and Region with country level break-up.
On the basis of geography, the market of Compounding Pharmacy has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Companies are hiring and training pharmacist to create medication involving a mixture of ingredients and suitable to be prescribed to the individual patient. and New regulations are being introduced in the compounding pharmacies industry globally to deal with the problem of contaminated drugs and wrong formulations
Market Trend
- Compounding pharmacy stores which are approved by state regulatory bodies are predictable to record vigorous growth in the forecast period.
- Increase prevalence of hormonal imbalance
Market Drivers
- Increasing number of patients visiting physicians for treatment of chronic illness resulting in rising consumption of prescribed drugs.
- Increased number of patients who prefer oral route drug consumption leading to demand of oral compounded prescribed medications.
- Increase in hormone replacement therapy and positive response from community.
- Increase in healthcare and pharmaceutical expenditure by the community.
Opportunities
- Physiological changes in adult people
- Rising adoption of compound medicines for chronic disease
- Increasing demand of anti ageing product
Restraints
- Increase in drug failure during the process of drug discovery and drug formulation.
- Adulterated drugs being sold in the market
- Lack of efficient regulation in place
Challenges
- Hiring specialized laboratory technicians and pharmacists
- Non-availability of Insurance
- High cost equipment for compounding
Key Target Audience
Distributors, Suppliers, Traders, Wholesalers, Compounding pharmacies Manufacturers and Stakeholders