The Compounding pharmacies market was estimated to be worth US$ 8.9 billion in 2020 and is anticipated to grow by almost 2.4 times, representing a CAGR of 8.3% during the projected period (2021-2031). According to Persistence Market Research’s forecasts, oral pharmaceuticals will account for a sizeable 43.5% of the compounding pharmacies market by product in 2021. From 2016 to 2020, compounding pharmacies’ sales grew at a CAGR of about 4.4%. Demand for compounded medications is anticipated to increase over the next few years as a result of rising global medicinal droughts, rising prices for branded prescription equivalents, and limited access to medications.
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A number of important specialty pharmacies are concentrating on bolstering their positions through partnerships with regional manufacturers and the pursuit of acquisitions to increase their sales. Additionally, businesses are focusing on North America, Asia Pacific, and Europe through partnerships in the market and the use of R&D.
According to Persistence Market Research, the global market will grow at a CAGR of 8.3% from 2017 to 2031. This growth is due to factors such as the exponentially increasing shortage of prescription drugs, rising demand for hormone replacement therapy (HRT) drugs, surge in demand for topical products, and rising acceptance of pain management therapies, all of which will be beneficial for specialty pharmacies worldwide.
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Companies
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- Fagron
- Fresenius Kabi AG
- PharMEDium Services, LLC,
- Institutional Pharmacy Solutions
- Cantrell Drug Company
- Lorraine’s Pharmacy
- Braun Melsungen AG Company.
Category-wise Insights : (Compounding Pharmacies Market)
Why is Demand for Oral Medication Rising Rapidly?
In terms of product, oral medication will hold high share of 43.5% in 2021, expanding at 9.6% CAGR during the forecast period, indicating high demand due to large number of patients preferring medicines through the oral route as it is convenient and economical.
Which Application of Compounding Pharmacies is Most Popular?
By application, medication for adults will hold a high share of 53.3% in 2021, expanding at 9.5% CAGR during the forecast period, indicating rising demand due to number of health-related cases and growing demand for nutritional supplements and topical dermatological remedies and personalized medicine.
Which Therapeutic Area Accounts for Highest Market Share in Compounding Pharmacies?
In terms of therapeutic area, hormone replacement therapy accounts for 63.5% of the market share in 2021, indicating high demand due to the availability of APIs in varying dosages and increasing popularity for hormone replacement therapy.
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Key Market Segments Covered in Compounding Pharmacies Market Research
By Product
Oral Medication Capsule
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- Tablets
- Mixtures
- Lollipops
- Lozenges
Topical Medication
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- Gels
- Ointments
- Cream
- Lotions
Mouthwashes
Suppositories
Application
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- Medication For Adults
- Medication for Veterinary
- Medication for Children
- Medication for Geriatric
Therapeutic Area
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- Pain Management
- Hormone Replacement Therapy
Region
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- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa (MEA)
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