Increasing Geriatric Population To Boost Compounding Pharmacies Market Growth

Compounding Pharmacies Market
Compounding Pharmacies Market

Compounding Pharmacies Market by Therapeutic Area (Pain Management, Hormone Replacement, Dermal Disorders, Nutritional Supplements, Other Therapeutic Areas), Route of Administration (Oral, Topical, Parenteral, Other Routes of Administration), End User (Humans, Veterinary) and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa) Size, Share, Outlook, and Opportunity Analysis, 2023-2030

The global Compounding Pharmacies Market is estimated to be valued at reach US$ 10,127.9 million in 2022 and is expected to exhibit a CAGR of 5.7 % over the forecast period, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

A compounding pharmacy is other kind of pharmacy that can profit several people. Compounding pharmacies provide extra facilities that other pharmaceuticals may not be capable. These pharmaceuticals mix and combine elements to make personalized medicines. A compounding pharmacist makes personalized dose forms and prescription medicines to fulfil a single patient's or physician's requirement.

Competitive Landscape:

Key players involved in the growth of the global Compounding Pharmacies Market are Nephron Pharmaceuticals Corporation, ITC Compounding Pharmacy, Mcguff compounding pharmacy services,B. Braun, Athenex Pharma Solutions, Fresenius Kabi, Lorraine's Pharmacy, Institutional Pharmacy Solutions, Clinigen Group PLC, Rx3 Compounding Pharmacy, Dougherty's Pharmacy, Inc., Pencol Compounding Pharmacy, and Valor Compounding Pharmacy.

Market Key Drivers:

Rising geriatric population and rising awareness of compound pharmaceuticals is expected to augment the growth of global Compounding Pharmacies for Market. For instance as per WHO, by 2030, 1 in 6 people across the globe will be aged 60 years or above.

Rising accidental injuries, chronic pain and diseases is projected to propel the growth of global Compounding Pharmacies for Market. For instance, as per Health Economists in September 2021, chronic pain costs around US$ 635 billion annually to the U.S.

Covid-19 Impact Analysis:

The Covid-19 outbreak has adversely affected the growth of global Compounding Pharmacies Market as several people with chronic diseases faced problems getting their drugs due to closed medical offices and imposed official lockdown in various countries. The disruption in supply chain has impede the market growth.

Key Takeaways:

The global Compounding Pharmacies for Market is anticipated to exhibit a CAGR of 5.7 % during the forecast period due to rising approvals and quick launches. For instance, the U.S FDA offers guidelines for retaining the quality of drugs.

Among regions, North America, Europe, and Asia Pacific are expected to witness robust growth in the global Compounding Pharmacies Market due to rising adoption of compounding pharmaceuticals, lack of several drugs, increasing approvals and launches. For instance, as per the IACP in October 2021, there are around 56,000 compounding pharmacies functioning in the U.S.

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