Compounding Pharmacies Market:
WiseGuyReports.com adds “Global Compounding Pharmacies Market: Opportunities and Forecast (2014-2024)” reports to its database.
Executive Summary
Compounding pharmacies focus on the modification of a drug by either combining or mixing different ingredients to meet the needs of an individual patient. The process is called compounding. This is done due to the unavailability of the particular drug, intolerance to the commercially available drugs, unavailability of the exact compositions required, or the drug specifically required may be discontinued. The drug can be formulated for both human and animal patients depending on the requirement. The flavor of the drugs can be altered to make it more palatable for children.
People who are allergic to certain inactive ingredients found in their medication can customize their medication to exclude that ingredient by taking the help of compounding pharmacies. The quantity of the dosage is one of the most common factors that are customized because of the large number of children who consume them. For unwanted side effects that can affect the patient to be avoided drugs are compounded as well. The compounding of drugs has to be performed by a registered medical practitioner or compounding pharmacies to avoid any mishaps or problems that may occur.
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The report published on the global compounding pharmacies market provides an in-depth review of the various factors that can affect the growth of the market. Cutting edge market intelligence is provided as well that helps stakeholders and other important individuals in the company to make key decisions regarding investment evaluation. The potential of the compounding pharmacies market has been extensively analyzed along with statistics and information on the attractiveness of the market and the shares. It is a key market guide to individuals and organizations who are interested in the market.
Market Segmentation
The global compounding pharmacies market can be split into different market segments based on the different product types available, the therapeutic area it is utilized in, and the different end-users that use the compounded products.
Market split based on the product type:
- Oral: The medicine is consumed through the mouth.
- Topical: The medicine is applied to the skin.
- Ophthalmic: The medicine is applied to the eye.
- Injectables: The medicine is injected into different parts of the body.
- Others
Market split based on the therapeutic area:
- Hormone Replacement
- Pain Management
- Dermatology
- Others
Market split based on the end-user:
- Adult
- Pediatric
- Geriatric
- Veterinary
Regional Analysis
The global compounding pharmacies market was valued at close to 9689.56US$ in the year 2018 and is currently influenced by various factors. Some of the factors that have propelled the growth of the compounding pharmacies industry are the rising trend to get personalized medicines, the increase in the expenditure on healthcare and the increasing number of senior individuals. The report has divided the globe into different key regions to ease with the data collection that includes Asia-Pacific, Europe, North America, and Europe among other countries. The data has been forecast from the year 2019 to the year 2024 while the data from the year 2013 to 2108 is included in the report.
Industry News
Two compounding pharmacies have voluntarily recalled sterile products that also include ophthalmics after FDA concerns. The concerns regarding potential cross-contamination, environmental controls and lack of validation for product-specific processes. The two labs are RXQ Compounding, which was distributed from their Weeki Wachee location and Premier Pharmacy Labs from its Athens, Ohio location.
Continuous…
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