Global Compounding Pharmacies Market to Witness Exponential Growth During 2019-2024

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.

Based on the regional overview, the market is divided into North America, Europe, Asia Pacific and rest of the world. Speaking of product type, global compounding pharmacies industry is categorized into injectables, ophthalmic, oral, topical, and others. With regards to the therapeutic area, the industry is classified into pain management, hormone replacement, dermatology, and others. Among them, hormone replacement therapy and pain management segments are poised to gain substantial traction over the forecast period. Based on end-user scope, the industry is segmented into pediatric, adult, geriatric, and veterinary, wherein the adult segment is reckoned to grow modestly during 2019-2024. Fagron, Dougherty’s Pharmacy, ITC Compounding Pharmacy, Fresenius Kabi, Absolute Pharmacy, PharMEDium, McGuff Compounding Pharmacy Services Inc., Clinigen Group, and Harrow Health Inc. are the leading players in global compounding pharmacies market.
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