DUBLIN--(BUSINESS WIRE)--The "Compounding Pharmacies Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product (Oral Medications, Topical Medications, Suppositories, Others); Therapeutic Area (Pain Medications, Hormone Replacement Therapies, Dermatological Applications, Others) and Geography" report has been added to ResearchAndMarkets.com's offering.
The compounding pharmacies market was valued at US$ 9,442.8 million in 2020 and is projected to reach US$ 14,995.1 million by 2028; it is expected to grow at a CAGR of 6.1% from 2021 to 2028.
Drug shortage crisis across the world, benefits associated with compounded medications, and increasing adoption of customized medicine (Personalized medicine) are among the major factors fueling the market growth. Moreover, growing demand for compounding pharmacy during COVID-19 are expected to foster the market growth during the forecast period. However, product recalls and stringent regulatory requirements hinder the growth of the compounding pharmacies market.
The global compounding pharmacies market is segmented on the basis of product and therapeutic area. Based on product, the market is segmented into oral medications, topical medications, suppositories, and others. The oral medications segment held the largest share of the market in 2020. The growth can be attributed to factors such as it is easy to consume and they come in different forms like solid tablets, capsules, chewable tablets, or lozenges that are easy to be swallowed whole or sucked or as drinkable liquids such as syrups, drops or solutions. Further, the compounding pharmacies market for topical medications segment is expected to grow at the fastest CAGR during 2021-2028. Based on therapeutic area, the compounding pharmacies market is segmented into pain medications, hormone replacement therapies, dermatological applications, and others. The pain medications segment held the largest share of the market in 2020. Moreover, the same segment is estimated to register the highest CAGR in the market during the forecast period.
Reasons to Buy
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the compounding pharmacies market.
- Highlights key business priorities in order to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in the global compounding pharmacies market, thereby allowing players across the value chain to develop effective long-term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing and distribution.
Market Dynamics
Drivers
- Drug Shortage Crisis Across the World
- Benefits of Compounded Medications
- Increasing Adoption of Customized Medicine (Personalized Medicine)
Restraints
- Product Recalls and Stringent Regulatory Requirements
Opportunities
- Growing Demand for Compounding Pharmacy During COVID-19
Future Trends
- Growing Outsourcing Facilities for Manufacturing and Sales of Products
Companies Mentioned
- Fagron, Inc.
- Elixir Compounding Pharmacy
- Avella specialty pharmacy
- B. Braun Melsungen AG
- PharMEDium Healthcare Holdings, Inc.
- Fresenius Kabi AG
- Belle Sante Diagnostic & Therapeutic Institute Pvt. Ltd
- Triangle Compounding Pharmacy
- Vertisis Custom Pharmacy
- US Compounding Inc.
For more information about this report visit https://www.researchandmarkets.com/r/97nda7
