The Global Compounding Pharmacy Market size is expected to gain momentum backed by the growing demand for customized drugs and the rising geriatric population globally. This information is published by Fortune Business Insights in its upcoming report, titled, “Compounding Pharmacy Market Size, Share & Industry Analysis, By Application (Pain Management, Dermatology, Hormone Replacement Therapy, Oncology), By Service (Ingredient Alteration, Application or Delivery Alteration, Pharmaceutical Dosage Alteration, Filling Supply Shortages), By Route of Administration (Oral, Topical, Parenteral, Rectal), By Usage (Pediatrics, Geriatrics, Adults, Veterinary) and Regional Forecast, 2020-2027.”
The negative effect of the global pandemic, COVID-19, has been felt across several economies facing unprecedented loss. Owing to the lockdown announced by the government agencies, several industries have been at a standstill with limited operational activities. However, a collective effort from the government and the industries is likely to bring the economy back on track and aid in the resumption of industrial activities.
Compounding pharmacy is a term that refers to the consumption of custom medicines sourced from the base medicines prescribed for the patient. The adoption of base drugs that are combined and prepared to fit the patient’s preference is gaining prominence due to the unavailability of drugs vital for the well-being of health.
What does the Report Include?
The global market for compounding pharmacy report includes qualitative and quantitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to announce partnerships, introduce new products, and collaborate to further contribute to the growth of the market between 2020 and 2027. Moreover, the research analyst has adopted several research methodologies such as PORTER’s Five Point analysis to extract information about the current trends and industry developments that will drive the market growth during the forecast period.
Growing Demand for Customized Drugs to Promote Growth
The growing demand for hard-to-find or discontinued drugs is likely to drive the adoption of compounding pharmacies that ensures the patients receive similar benefits of the prescribed drugs. Therefore, the high adoption of customized drugs is expected to boost market growth. Moreover, the rising geriatric population is expected to bode well for the global compounding pharmacy market growth in the forthcoming years.
Availability of Advanced Healthcare Facilities in North America to Aid Growth
Among all the regions, North America is expected to remain dominant and hold the highest position in the global compounding pharmacy market during the forecast period. This is attributable to the availability of advanced healthcare facilities that propel the demand for compounding pharmacy in the region between 2020 and 2027.
On the other hand, Europe is expected to hold the second position in the market in the forthcoming years. This is ascribable to factors such as the growing awareness regarding compounding drugs that are boosting the adoption of compounding pharmacy in the region.
Product Launches by Prominent Companies to Amplify Their Market Positions
The global compounding pharmacy market is consolidated by the presence of major companies focusing on strengthening their positions to gain a competitive edge over their rivals. They are doing so by introducing innovative compounding pharmacy drugs to cater to the growing demand across the globe. Other key players are adopting strategies such as merger and acquisition, collaboration, and partnership to maintain their presence that will boost the market growth in the forthcoming years.
- December 2020 – Wedgewood Connect, a subsidiary of Wedgewood Pharmacy, announced the production of sterile medications. The products offered are based on five formulations of Tacrolimus Ophthalmic Solution and Cyclosporine Ophthalmic Solution. The company is spread across 22,000-square-foot of area and is an FDA-registered Outsourcing Facility in San Jose, California.
List of the Companies Operating in the Global Market for Compounding Pharmacy:
- Fresenius Kabi AG
- Braun Medical Inc.
- Fagron, LLC
- PharMEDium Services
- WEDGEWOOD PHARMACY
- Lee Silsby Compounding Pharmacy, INC.
- DOUGHERTY’S HOLDINGS
- ACPHARM Queensland
- Village Compounding Pharmacy
- Other Prominent Players
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
At Fortune Business Insights™, we aim at highlighting the most lucrative growth opportunities for our clients. We, therefore, offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.
Fortune Business Insights™ Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune – 411045, Maharashtra, India.
US :+1 424 253 0390
UK : +44 2071 939123
APAC : +91 744 740 1245
Email: [email protected]
About the Author
Name: Shridhar Patil
Shridhar Patil is part of a talented team of content writers working at Fortune Business Insights™, one of the promising market research firms in the industry. With quality experience in developing content, he is actively involved in writing articles, press releases, and blogs for the company. He is highly motivated and works towards seeking knowledge from every possible source, with a penchant for updating himself to valuable information around him.https://glendivegazette.com/