Market Study Report adds Global Compounding Pharmacies market report that gives meticulous investigation of current scenario of the market size, share, demand, growth, trends, companies active in the industry and forecasts for the coming years.
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Rising prevalence of chronic and non-communicable diseases worldwide will drive compounding pharmacy market growth over the forecast timeframe. Growing elderly population suffering from chronic diseases such as diabetes, asthma and other cardiac disorders coupled with increasing life expectancy across the world will propel the industry growth. Furthermore, increasing aesthetic concerns will fuel the demand for anti-ageing products such as testosterone therapy for men, bioidentical hormone replacement therapy for women and other high quality dermatological products that are produced in compounding pharmacies.
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Dearth of cancer drugs or other essential drugs in developed region such as Europe and North America will augment the demand for compounding pharmacies over the forthcoming years. Limited supply of raw materials, production delay by manufacturers and discontinuation of commercialized drug has led to drug shortage. Ability of compounding pharmacies to fill a gap by replicating commercial drugs in case of shortage will fuel the demand for compounded medicines thereby propelling industry growth. Compounding Pharmacies market will reach USD 12.5 billion by 2024; as per a new research report.
However, the continuous changing regulatory norms and standards will impede the market growth to some extent. Furthermore, high cost of equipment, sterility maintenance and lack of skilled lab technicians and pharmacists will hamper the growth of compounding pharmacies market.
Hormone replacement segment will grow at a faster rate during the forecast period due to increasing demand for various anti-ageing products as well hormone replacement theories among adults. Increasing focus of people on excellent quality dermatological products that are compounded as per the patients needs and requirements will further escalate hormone replacement segment growth.
U.S. compounding pharmacies market dominated the industry owing to the presence of geriatric patient pool, developed healthcare facilities and technological advancements. U.S. pharmaceutical industry has witnessed several incidences of drug shortage over the past few years. Increasing drug shortage will certainly boost demand for compounded medications.
Some of the notable industry players are Fagron, B. Braun, Fresenius Kabi, Cantrell Drug Company, McGuff, PharMEDium, Institutional Pharmacy Solutions, Triangle Compounding Pharmacies, Village Compounding Pharmacy, Pencol Compounding Pharmacy and Wedgewood Village Pharmacy. Major industry players are emphasizing on enhancing and strengthening the product portfolio. They are further focusing on partnerships and collaborations to enhance their existing systems.
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Table of Content:
Chapter 1. Methodology
1.1. Methodology
1.1.1. Initial data exploration
1.1.2. Statistical model and forecast
1.1.3. Industry insights and validation
1.1.4. Market definition and forecast parameters
1.2. Data sources
1.2.1. Secondary
1.2.2. Primary
Chapter 2. Executive Summary
2.1. Precision medicine industry 360 degree synopsis, 2013 – 2024
2.1.1. Business trends
2.1.2. Product trends
2.1.3. Application trends
2.1.4. Therapeutic are trends
2.1.5. Regional trends
Chapter 3. Precision Medicine Industry Insights
3.1. Industry segmentation
3.2. Industry size and forecast, 2013 – 2024
3.3. Industry ecosystem analysis
3.3.1. Vendor matrix
3.3.2. Distribution channel analysis
3.4. Industry impact forces
3.4.1. Growth drivers
3.4.1.1. Increasing geriatric population & longevity globally
3.4.1.2. Growing acceptance of personalized medicines worldwide in U.S. and Europe
3.4.1.3. Increasing drug shortage in North America and Europe
3.4.1.4. Convenience of using compounded drugs
3.4.1.5. Growing drug failure rate
3.4.2. Industry pitfalls & challenges
3.4.2.1. Lack of skilled lab technicians and pharmacists in developed countries
3.4.2.2. High costs of equipment and maintenance of sterile environment
3.4.2.3. Changing regulatory specifications
3.4.2.4. Consumers perception towards compounded drugs
3.5. Growth potential analysis
3.5.1. By product
3.5.2. By application
3.5.3. By therapeutic area
3.6. Regulatory landscape
3.6.1. U.S
3.6.2. Europe
3.6.3. Australia
3.7. Reimbursement landscape
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Source URL: https://marketersmedia.com/at-5-cagr-compounding-pharmacies-market-will-reach-125-billion-usd-by-2024/476843
Source: MarketersMedia
Release ID: 476843
