The Insight Partners Latest Research on “Sterile Compounding Pharmacies Market Forecast to 2028″ Includes COVID-19 Impact and Global Analysis By Product (Injectable Drugs and Infusions) and Route of Administration (Intravenous, Intramuscular and Subcutaneous) and Geography
“Sterile Compounding Pharmacies Market is estimated to grow from US$ 3,968.70 million in 2021 to US$ 6,198.59 million by 2028; it is estimated to grow at a CAGR of 6.6% 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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Sterile compounding pharmacies involve creating a medication in an environment free from viruses bacteria, or any other potentially infectious microorganisms. Such type of compounding practices is recommended for medications that will be administered either through an IV or an injection.
Leading Companies Analysis:
The sterile compounding pharmacies market is majorly comprised of top players involving Fagron, Inc., Triangle Compounding Pharmacy, B. Braun Melsungen AG, PharMedium Healthcare Holdings, Inc., Fresenious Kabi AG, Avella Specialty Pharmacy, Pencol Compounding Pharmacy, Pavilion Compounding Pharmacy, LLC., Pace Pharmacy, SandsRx.
The companies listed above are implementing various strategies that have resulted in the growth of the company and in turn, have brought about various changes in the worldwide market. Additionally, the companies have adopted several inorganic and organic strategies for accelerating their growth and improving their market position.
Below is the list of the growth strategies done by the players operating in the sterile compounding pharmacies market:
April-2018: Fagron, Inc. announced the acquisition of Humco, a developer of patented vehicles and branded pharmaceuticals. This strategic acquisition assists the company to increase its product portfolio by strengthening its market position in the US market
April-2019: Fresenius Kabi, announced the launching of compounded product “Glycopyrrolate Injection” USP in the United States. The newly launched product is the first ready-to-administer prefilled syringe available in the United States
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COVID-19 pandemic created a drug shortage worldwide creating a huge impact on different stakeholders particularly patient groups. To address such scarcity issue, the Alliance for Compounding Pharmacies recommended a bill in Congress that focuses on expanding the situations for which 503As can assist with the drug shortages. For records, (503A is a traditional compounding pharmacy that compounds in relation to patient-specific prescriptions and complies with USP guidelines). Additionally, for the management of such drastic drug shortages, the FDAs are set up now such that healthcare providers have to source drugs from commercial manufacturers. For records (503B pharmacies are the only compounding pharmacies that are able to provide office-use (or office-administered) medications. Outsourcing facilities are sometimes referred to as 503B pharmacies and are strictly monitored by the FDA that establishes a new level of patient care and safety).
The report segments the sterile compounding pharmacies market as follows:
Based on product, the sterile compounding pharmacies market is bifurcated into injectables and infusions.
Based on route of administration, the sterile compounding pharmacies market is segmented into intravenous, intramuscular, and subcutaneous. The intravenous segment held the largest share of the market in 2020 and is projected to continue its dominance during the forecast period. However, the intramuscular segment is estimated to register the highest CAGR in the market during the forecast period. The intramuscular (IM) route of drug delivery is the most common route for parenteral injection. Many antibiotics, preoperative sedatives, and narcotics are given through the intramuscular route. For instance, in February 2021, Biogen, announced that the US Food and Drug Administration (FDA) approved a new intramuscular (IM) injection for “Plegridy (peginterferon beta-1a) responsible for treating multiple sclerosis (MS).
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