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Compounding is the science of making drugs prescribed by doctors for specific patients with needs that can’t be met by commercially available drugs. The medications are manufactured based on the doctor’s prescription, and the individual ingredients are mixed together as per the suggested dosage form and strength. State boards of pharmacy ensure that these pharmacies follow state regulations for pharmacy practice and the FDA regulates the integrity of the drugs and the active pharmaceutical ingredient from which they are made. The advantage of compounding drugs such as customization according to patient’s needs leading to growing preference, growing number of product launches by the key players in compounding drugs, growing research activities in compounding drugs, and lack of timely availability of standard drugs are some of the factors that are expected to augment the market growth during the forecast period. For instance, In October 2017, Imprimis Pharmaceuticals launched a compounded cyclosporine- based formulation for the treatment of eye disease.
The advantage of compounding drugs such as customization according to patient’s needs, a growing number of product launches by the key players in compounding drugs, and lack of timely availability of standard drugs are some of the factors that are driving the market growth during the upcoming years
Key Market Driver -
Growing preference of compounding drugs, lack of timely availability of standard drugs
Key Market Restraint -
High costs associated with compounding pharmacy, lack of efficient regulations
However, the lack of efficient regulations leading to the formation of adulterated drugs, and high costs associated with compounding pharmacy is likely to hamper the growth of the compounding pharmacy market.
By application, the market can be segmented into pain management, dermatology, hormone replacement therapy, oncology urology, and others. By service, the market can be segmented into ingredient alteration, application or delivery alteration, pharmaceutical dosage alteration, filling supply shortages, and animal specialized manufacturing. By route of administration, the market can be segmented into oral, topical, parenteral, rectal, and others. By usage, the market can be segmented into pediatrics, geriatrics, adults, and veterinary.
Geographically, the compounding pharmacy market can be segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The major companies in the global compounding pharmacy market report includes Fresenius Kabi AG, B. Braun Medical Inc., Fagron, LLC, PharMEDium Services, WEDGEWOOD PHARMACY, Lee Silsby Compounding Pharmacy, INC., DOUGHERTY'S HOLDINGS, ACPHARM Queensland, Village Compounding Pharmacy, and other prominent players.
The global compounding pharmacy market is expected to be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is anticipated to lead the global compounding pharmacy market due to an increasing preference for compounding drugs among people in the U.S. Also, the availability of advanced healthcare facilities and research and development in compounding pharmacy are responsible factors for its dominance. Europe is likely to have second-largest market share during the forecast period owing to the growing pharmaceutical awareness among people about compounding drugs. Asia Pacific and Latin America are expected to register fast market growth during the forecast period due to the increasing preference for compounding drugs, and awareness about the compounding pharmacy among the people. On the other hand, the Middle East and Africa is projected to have a lucrative growth in compounding pharmacy market in the near future.
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