Compounding Pharmacies Market to hit USD 18.2 Billion by 2030, says Global Market Insights Inc.

Compounding Pharmacies industry is anticipated to register 5.5% CAGR between 2022 and 2030 due to growing popularity of personalized medication across the globe.

SELBYVILLE, Del., Sept. 6, 2022 /PRNewswire/ -- The compounding pharmacies market value is expected to reach USD 18.2 billion by 2030, according to a new research report by Global Market Insights Inc.

The rising geriatric population and improved life expectancy across the globe will drive the industry trends. Illnesses such as dysphagia, along with the mounting prevalence of chronic pain in elderly citizens, will accelerate the demand for compounding pharmacies. The shortage of pharmacists and skilled lab technicians in developed economies may emerge as a major restraining factor. A positive outlook toward compounded medications may encourage technicians to upskill their abilities.

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High patient footfall drives product deployment in hospital pharmacies

Compounding pharmacies market from hospital pharmacy segment will exhibit a CAGR of 5.8% through the analysis timeframe due to frequent hospital visits of patients for their ailments. As prescription dosages are easily available in hospital pharmacies, increased demand for custom medications will drive the segment expansion.

Sterile segment to benefit from rising demand for personalized drugs

Sterile segment surpassed USD 3.3 billion in 2021 and will record significant growth up to 2030. There is a high risk of infection during injection administration through IV or direct dosage into the eyes. In sterile compounding, medication is made in an environment free from contaminating agents such as viruses and bacteria, which will augment the demand for sterile compounding through the assessment period.

Browse key industry insights spread across 530 pages with 939 market data tables & 24 figures & charts from the report, "Compounding Pharmacies Market Analysis, By Therapeutic Area,Products,Compounding Type, Regional Outlook, Covid-19 Impact Analysis, Industry Analysis Report, Price Trends, Growth Potential, Competitive Market Share & Forecast, 2022 – 2030" in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/compounding-pharmacies-market

Disease prone lifestyle to push adult application segment demand

Adult application segment held over 46% business share in 2021. Compounding products can prevent chronic diseases at early stages in adult patients, which has impelled product uptake among this population. Compounding pharmacies also offer nutritional supplements that aid adult consumers in their day-to-day activities. These factors will propel the demand for compounded medicinal drugs among adults.

Asia Pacific to emerge as a prominent regional ground

Asia Pacific compounding pharmacies market accounted for more than 17% of the overall industry revenue in 2021. The growing geriatric population in countries such as Japan, and China will bolster the demand for compounding pharmacies. In addition, soaring awareness regarding compounded medications in the region and other factors viz., developing healthcare services and rising healthcare expenditure will help in the growth of the APAC compounding pharmacies business.

Product portfolio expansion to remain a key growth strategy

The competitive landscape of the compounding pharmacies market consists of Fagron, B. Braun, Nephron Pharmaceuticals Corporation, Fresenius Kabi, Athenex Pharma Solutions (Athenex Inc.), Dougherty's Pharmacy, Inc., Clinigen Group PLC, Pencol Compounding Pharmacy, Lorraine's Pharmacy, McGuff Company Inc. (McGuff Compounding Pharmacy Services), Institutional Pharmacy Solutions, Rx3 Compounding Pharmacy, Wedgewood Village Pharmacy, Inc., and Triangle Compounding Pharmacies. These firms primarily focus on increasing the efficiency of their products and enter mergers and collaborative agreements to elevate their market standing in the long run.

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About Global Market Insights

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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Global Market Insights Inc.
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SOURCE Global Market Insights Inc.