SELBYVILLE, Del., June 10, 2020 /PRNewswire/ -- Global Market Insights, Inc. has recently added a new report on the compounding pharmacies market which estimates the market valuation for compounding pharmacies will cross USD 14 billion by 2026. The rising demand for compounding pharmacies due to drug shortages and preference for personalized medicines will accelerate the overall business progression.
Compounded pharmacies offer several benefits compared to commercial drugs that will have a positive impact on market expansion. Compounded medication can be formulated to custom dosage levels and in hypoallergenic form. Furthermore, compounding pharmacies can combine drugs into a single pill, reducing the dosage frequency. Additionally, access to high-quality and pure ingredients enables pharmacists to produce medication at a lower cost. Removal of designer dyes and preservatives can further lower the cost. Ability of compounding pharmacies to formulate hard-to-find medication at low cost will boost the market expansion.
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Dermatology applications segment accounted for over 18% market share in 2019. Dermatology compounded medications can be used in individuals having allergies to commercial drugs. Similarly, compounded medications can be prepared without certain ingredients, preservatives and additives based upon a patient's needs, propelling the segment progression. Moreover, dermatology compounding products are available in a variety of formulations, such as sprays, solutions, gels, foams, ointments and others, to treat skin disorders including psoriasis, eczema and acne, among others. Thus, a wide range of compounding formulations available for dermatology applications will propel the segment growth.
The topical segment accounts for around USD 1.5 billion in 2019. Compounded topical medications are applied onto the skin or mucous membrane, allowing the medicine to be absorbed into the bloodstream through the skin. Topical dosage form of commercial drugs is often required for people having difficulty in swallowing. Increasing cases of skin diseases along with the surging need for aesthetic medicines will further augment the market growth.
The veterinary segment will witness around 18% market share in 2019. Veterinary compounding medication provides a wide range of options including the addition of flavors to the drug and customized delivery systems to make it more palatable. Moreover, a surge in the number of companion animals, along with a change in purchasing patterns of pet owners to increase animal compliance, will enhance the veterinary application segment.
Pharmaceutical ingredient alteration (PIA) will account for over 35% market share in 2019. Increasing demand for hypoallergenic drugs among individuals susceptible to allergies will propel the segmental growth. Furthermore, multiple drugs can be compounded into single dosages to increase its convenience.
Browse key industry insights spread across 348 pages with 479 market data tables & 20 figures & charts from the report "Compounding Pharmacies Market Share & Forecast, 2020 – 2026" in detail along with the table of contents:
Non-sterile segment accounted for around 5.5% CAGR during 2020 to 2026. Rising demand for non-sterile medications such as syrups, capsules and pills will foster the segment growth. Non-sterile compounding medicines do not require stringent regulatory policies for manufacturing as compared to sterile compounding. Also, sterile compounding is a long process and has significant risk of contamination, leading to a high preference for non-sterile manufacturing.
The compounding pharmacies segment held around 35% market share in 2019. Compounding pharmacies produce a wide variety of compounded medications such as sublingual medications, suppositories, oral medications, injectable medications and topical medications. These pharmacies manufacture compounded medications with high-quality equipment and trained professionals that favors the segmental growth.
Some major findings of the compounding pharmacies market report include:
- Compounding pharmacies make drugs available as per doctor's prescription based on patients' needs that can't be met by commercially available medicines.
- Surging number of patients visiting healthcare professionals due to chronic illness, increases the consumption of personalized medicines.
- Rising geriatric population base with improved life expectancy will foster the compounding pharmacies industry growth.
- Shortage of drugs such as cancer medicines as well as emergency drugs will favor the demand for compounding pharmacies across the globe.
- Increasing advantages of compounded drugs over commercial medicines for effective patient care and management will foster the market growth.
U.S. compounding pharmacies market captured around 5.5% CAGR and is projected to witness substantial growth during the analysis period. Companies operating in the U.S. are focusing on implementation of advanced technology for large-scale manufacturing. Moreover, several compounding pharmacies are upgrading their technology to fully automate compounding systems to accelerate their productivity and efficacy. Furthermore, shortages of drugs reported by the U.S. FDA will enhance the overall market growth.
Some of the prominent business players operating in the compounding pharmacies industry include B. Braun Medical, Fagron, Frensius Kabi, Rx3 Compounding Pharmacy, Institutional Pharmacy Solutions, Clinigen Group, Pencol Compounding Pharmacy, Athenex Pharma Solutions, Lorraine's Pharmacy, Triangle Compounding Pharmacies, Dougherty's Pharmacy, Nephron Pharmaceuticals Corporation, McGuff Company and Wedgewood Village Pharmacy. Key market players are adopting several organic as well as inorganic growth strategies such as acquisitions, collaborations and new product launches. For instance, in November 2017, Clinigen announced the acquisition of Quantum Pharmaceutical Limited. This acquisition allowed Clinigen to strengthen its presence in the compounding pharmacies market.
Browse complete report table of contents @ https://www.gminsights.com/toc/detail/compounding-pharmacies-market
Partial chapters of report table of contents (TOC):
Chapter 3. Compounding Pharmacies Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2015 - 2026
3.3. Industry ecosystem analysis
3.3.1. Distribution channel analysis
3.4. Industry impact forces
3.4.1. Growth drivers
18.104.22.168. Rising geriatric population and improved life expectancy across the globe
22.214.171.124. Rising adoption of customized medicine in the developed regions
126.96.36.199. Shortage of drugs across the globe
188.8.131.52. Benefits of compounded medication
184.108.40.206. Growing drug failure rate
3.4.2. Industry pitfalls and challenges
220.127.116.11. Lack of skilled lab technicians and pharmacists in developed economies
18.104.22.168. High cost of equipment and maintenance of sterile environment
22.214.171.124. Volatile regulatory scenario
126.96.36.199. Consumer perception towards compounded drugs
3.5. Growth potential analysis
3.5.1. By therapeutic area
3.5.2. By product
3.5.3. By application
3.5.4. By compounding type
3.5.5. By sterility
3.5.6. By distribution channel
3.6. Regulatory landscape
3.7. Reimbursement landscape
3.8. Cost analysis of compounded medications
3.9. Compounding pharmacies count, by region 2019
3.9.1. North America
3.9.3. Asia Pacific
3.9.4. Latin America
3.9.5. Middle East and Africa
3.10. Innovative compounding technologies
3.10.1. Web-based quality management system
3.10.2. Digital tools
3.11. Porter's analysis
3.12. PESTEL Analysis
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Compounding Pharmacies Market Size to Exceed USD 14 Billion by 2026
Compounding Pharmacies Market size is set to reach USD 14 billion by 2026, according to a new research report by Global Market Insights, Inc.
SOURCE Global Market Insights Inc.