October 29, 2019
According to the latest study titled ‘Global Compounding Pharmacies Market: Analysis By Product Type (Oral, Topical, Ophthalmic, Injectables, Others), By Therapeutic Area (Hormone Replacement, Pain Management, Dermatology, Others), End User (Adult, Pediatric, Geriatric, Veterinary), By Region, By Country (2019 Edition): Opportunities and Forecast (2014-2024) - By Region (North America, Europe, APAC, ROW), By Country (US, Canada, UK, Germany, China, Japan, India, Brazil, Mexico)’ available with Market Study Report LLC, the global compounding pharmacies market is estimated to grow substantially by the year 2024.
The compounding of medicines is a method of combining, mixing, or altering the ingredients to generate a personalized medication for individual patients. Increasing geriatric population, coupled with surging prevalence of diseases such as cardiovascular disorders, hormonal imbalance, and cancer is the major driver for compounding pharmacies market growth. As the disposable incomes are increasing, consumers are spending actively towards healthcare, which is leading to rising inclination for personalized drugs, thereby augmenting the market growth.
As per the report, compounding pharmacies market was worth US $9689.56 million in 2018 and is presumed to witness accelerated growth over the forecast period. The study encompasses details about segmental shares and expansion strategies adopted by manufacturers, alongside the drivers, trends, and restraints impacting the market growth.
Based on product type, compounding pharmacies market is segmented into oral, injectables, topical, ophthalmic, and others. While considering the therapeutic area, the industry is categorised as pain management, dermatology, hormone replacement, and others.
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Speaking about the end user spectrum, the market is bifurcated into pediatric, adult, veterinary, and geriatric. Whereas, in term of geographical landscape, the global compounding pharmacies market is fragmented into North America, Europe, Asia Pacific, and rest of world.
Some of the vendors that operate in compounding pharmacies market are PharMEDium, Fagron, ITC Compounding Pharmacy, Dougherty’s Pharmacy, Clinigen Group, Fresenius Kabi, McGuff Compounding Pharmacy Services, Inc., Harrow Health, Inc., and Absolute Pharmacy.
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