July 23, 2020
According to the research report titled ‘Global Compounding Pharmacies Market: Analysis By Product Type, By Therapeutic Area, End User , By Region, By Country (2019 Edition): Opportunities and Forecast (2014-2024) - By Region By Country (US, Canada, UK, Germany, China, Japan, India, Brazil, Mexico)’, available with Market Study Report LLC, global compounding pharmacies market size was accounted for USD 9,689.56 million in the year 2018 and is expected to accrue notable revenues over 2019-2024.
Growing preference for personalized medicines, rising geriatric population and increase in per capita expenditure on healthcare are driving the growth of global compounding pharmacies market. Also, surging population with large proportion of individuals suffering from diseases such as hormonal imbalances, cancers, cardiovascular disorders, and more are bolstering the demand for customized pharmaceutical products as they high efficacy as per individual’s health conditions.
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Majority of mass-produced drugs are developed as being suitable for all circumstances, hence requirements of several patients are not met. Consequently, the patient opts for services provided by the compounding pharmacies for obtaining personalized medicines which have fewer side effects as compared to generic medications.