March 13, 2020
According to the research report titled ‘United Kingdom (UK) Compounding Pharmacies Market Statistics By Product, Therapeutic Area, Application, Industry Report, Growth Analysis & Forecast, 2018 – 2024’ available on MarketStudyReport.com, the United Kingdom compounding pharmacies market is expected to surpass USD 455 million by 2024.
As per the report, increased prevalence of diseases along with growing scarcity of drugs like emergency drugs and cancer medicines are some of the major factors driving the compounding pharmacies market growth in UK.
Scarcity of drugs have increased the frequency of adverse events which in turn has resulted in high institutional costs, patient complaints, and inadequate patient care. This factor along with the ability of compounding pharmacies to replicate drugs which are commercially unavailable is facilitating the market expansion.
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These pharmacies can produce hypoallergenic versions of drugs for patients which are allergic to additives, preservatives, or even create liquid doses for individuals that have trouble swallowing. However, high equipment and maintenance cost of compounding pharmacies and changing regulatory scenario may hinder the overall market growth. Additionally, lack of skilled professionals may also inhibit the expansion of UK compounding pharmacies industry.
Based on the product landscape, the rectal segment was worth USD 25 million in the year 2017 and is expected to register consistent growth during the forecast period. Factors such as minimal technical issues and low cost of the product along with rising adoption of rectal products as an alternative to oral doses are fueling the segmental growth.
The report cites that hormone replacement segment held 29% revenue share in the year 2017 and is projected to expand continuously during the estimated timeframe. Increasing utilization of personalized hormone replacement therapy coupled with availability of compounded drugs in various forms of dosage and strengths are facilitating the business scenario in the region.
The report states that children segment is predicted to grow with a CAGR of 6.2% through the forecast time period. Compounding pharmacists and pediatricians can develop medications for children in order to avoid difficulty in consuming capsules or tablets as well as to meet the needs of the child, thereby favoring the market outlook.
The prominent companies operating in the UK compounding pharmacies market are Specialist Pharmacy, PharMEDium, Nova Laboratories, McKesson Corp., ICU Medical, Fresenius Kabi, Fagron, Clinigen Group, B. Braun Melsungen and Baxter International.
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