Global Compounding Pharmacies Market: Overview
Personalized medications have gained traction in recent years. This popularity is the key factor that is driving the growth of global compounding pharmacies. Currently, the trend for “made from scratch” is one of the factors responsible for the growth of the market. This trend is elevating the visibility of compounding pharmacies across the globe. The fact that medications are made from blending ingredients as per their strength and dosage makes them optimal for addressing issues of precise drug usage. Moreover, developing user specific drug to cater to patients’ need is another factor that is boosting the growth of global compounding pharmacies market in the forecast period of 2018 to 2028.
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Shedding light upon crucial facets like notable developments, key drivers, and market opportunities a report by TMR Research provides in-depth analysis of global compounding pharmacies market for 2018 to 2028.
Global Compounding Pharmacies Market: Notable Developments & Competitive Analysis
Collaborations and Acquisitions are two tools that companies in global compounding pharmacies market are adopting to stand out in tough competition of the market. These strategies allow the players to accumulate necessary resources that can help the businesses to have a sustainable future in the global compounding pharmacies market. Additionally these strategies allow the two companies to leverage the technology present with one of the organizations that can help them increase the production medicines.
- In 2016, PharMEDium and Kit Check announced that they are joining hands. This collaboration is aimed to develop RFID tags that can be used in PharMEDium’s prefilled syringes. As a result of this partnership, PharMEDium demonstrates its expertise in pharmaceutical outsourcing in global compounding pharmacies market.
Some of the prominent players of global compounding pharmacies market are:
- Fresenius Kabi
- Advanced Pharma
- PharMEDium Services
- Cantrell Drug
- Wedgewood Pharmacy
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Global Compounding Pharmacies Market: Key Drivers
Compounded Pain Management Drugs A Major Driving Factor
Pain management is gaining major traction these days. The growing popularity of pain management therapy is the major factor that is boosting the growth of the compounding pharmacies in the forecast period of 2018 to 2028. The drugs are FDA-approved yet come under State Pharmacies Board’s supervision. For instance, a guideline for chronic pain stated by Medical Treatment Utilization Schedule does not support the use of compounds like Gabapentin and Baclofen for pain management. However, compounding pharmacies use these compounds to improve strength of the drug.
Hormone Replacement Therapeutics Drive Major Revenue
Oral medicines are driving maximum revenue for global compounding pharmacies market. These medicines account or more than 38.4% of total revenue in the forecast period of 2018 to 2028. The medicines are majorly used in hormones replacement therapies. This is because of the development of the drugs that can stimulate the production of hormones without injecting them externally. Moreover, relatively easy manufacturing of these drugs is another factor that elevates the positions of hormonal therapeutic drugs in global compound pharmacies market during the forecast period of 2018 to 2028.
Shortage of Prescription Plays a Crucial Role
The medical sector is witnessing a major shortfall for prescription drugs in recent years. This scarcity is the major factor that is fueling the growth of global compounding pharmacies market. According to FDA only 154 drugs are currently available to treat chronic pain across the globe. Compounding pharmacies can bridge this gap between demands and supply generating major revenue for the global compounding market in 2018 to 2028.
Global Compounding Pharmacies Market: Regional Analysis
The global compounding pharmacies market is expected to witness maximum potential in North America. The dominance of the region is attributed to the technological developments to boost the production of drugs and presence of various prominent players of the market.
The global Compounding Pharmacies Market is segmented on the basis of:
- Pharmacy Type
- 503A Pharmacy
- 503B Pharmacy
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