According to The Insight Partners’ Latest Study on “Compounding Pharmacies Market Forecast to 2028″ Includes 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
“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. The report highlights the key factors driving the market growth and prominent players with their developments in the market.
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Compounding pharmacies or compound pharmacy role is to mix ingredients as per patients’ needs and manufacture drugs that are not commercially available. Pharmacy compounding has been present since the beginning of time. It is essential in cases such as limited dosage strengths and dosage forms, drug allergies to certain ingredients, pediatrics, chemotherapy and veterinary medicine. Further, compounded medicines enhance pharmacist contribution to developing and implementing patient therapeutic plans and provide customized medications of high pharmaceutical quality.
Additionally, as per law, compounding drugs does not include making copies of commercially available drug products. Compounding pharmacists can make flavored drugs in different dosage forms, such as liquids, topical creams, suppositories, transdermal gels, or other dosage forms suitable for patient’s unique needs
Market leaders operating in the market have undertaken various organic growth strategies in the compounding pharmacies market. The compounding pharmacies market majorly consists of the players Fagron, Inc., Elixir Compounding Pharmacy, Avella specialty pharmacy, B. Braun Melsungen AG, PharMEDium Healthcare Holdings, Inc., Fresenius Kabi AG, Belle Santé Diagnostic & Therapeutic Institute Pvt. Ltd, Triangle Compounding Pharmacy, Vertisis Custom Pharmacy and US Compounding Inc. The companies have been implementing various strategies that have helped the growth of the company and in turn have brought about various changes in the market. The companies have utilized organic strategies such as launches, expansion, and product approvals. Moreover, the companies have utilized inorganic strategies including mergers & acquisitions, partnership, and collaborations.
Below is the list of the growth strategies done by the players operating in the compounding pharmacies market:
Dec-2020: Triangle Compounding Pharmacy has launched compounded hand sanitizer to fight with the COVID-19 pandemic. Triangle Compounding Pharmacy is the first to provide pharmaceutical-grade hand sanitizer in U.S
Apr-2019: Fresenius Kabi has launched compounded product, Glycopyrrolate Injection, USP in the United States. Glycopyrrolate Injection, USP in the Simplest prefilled syringe is the first ready-to-administer prefilled syringe available in the United States.
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Although the healthcare sector had witnessed SARS, H1N1, and other outbreaks in the last few years, the severity of the COVID-19 has intensified due to its mode of transmission. North America has been witnessing a growing number of COVID-19 cases since its outbreak. The outbreak led to a chaotic situation in the medical industry across North American countries, leading to dramatic rise in the demand for diagnostic and therapeutic devices. The compounding pharmacy market has experienced significant growth opportunities during the pandemic. As per the McGuireWoods updates, several state and federal developments have hit pharmacy practice. Additionally, as per the US Food & Drug Administration (FDA), hospitals face crucial drug shortages used in the treatment of COVID-19. The drugs included in the FDA drug shortage list are etomidate injection, azithromycin tablets, dexmedetomidine injection, propofol injectable emulsion, midazolam injection, and cisatracurium besylate injection. Therefore, to address this situation, FDA has loosened restrictions to allow outsourcing facilities and compounding pharmacies to compound FDA-approved drugs. On April 16, FDA issued its “Temporary Policy for Compounding of Certain Drugs for Hospitalized Patients by Outsourcing Facilities During the COVID-19 Public Health Emergency.” This guidance outlines FDA’s temporary policy allowing outsourcing facilities to compound certain critical drugs used in the treatment of hospitalized COVID-19 patients.
Segments – By Therapeutic Area:
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 and the same segment is estimated to register the highest CAGR in the market during the forecast period.
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