Compounding Pharmacies Market size was over USD 6 billion in 2015 and is expected to grow at over 5% CAGR from 2016 to 2024.
The growing geriatric population and their improved longevity is anticipated to increase demand for compounded medicine. As per UN estimates, the number of people above 60 years of age is projected to grow from 901 million in 2015 to 1.4 billion in 2030. It is expected to double its size and reach nearly 2.1 billion by 2050.
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U.S. dominates the region with revenue of over $5.6 billion in 2015. It is expected to have a stable growth due to increasing geriatric population, higher life expectancy and increasing per capita income of the citizens. Regulating the compounding pharmacies, FDA needs manufacturing facilities to comply with good manufacturing practices and takes disciplinary action against any reports of drug contamination in the country.
Europe is the second largest market for compounded pharmacies. Improved healthcare infrastructure and rise in number of skilled pharmacists is expected to have a positive impact on industry growth.
Asia-Pacific is anticipated to witness a double digit growth with countries such as Singapore and Australia driving the market growth. Strong economic growth and improved R& D activities will drive the regional market growth. Products used for pain management are expected to stimulate market growth whereas, lack of reimbursement policies will hindrance regional industry growth.
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Some of the major players in compounding pharmacies include Fagron, PharMEDium Services, B. Braun Melsungen AG Company, Institutional Pharmacy Solutions, Triangle Compounding Pharmacies, Cantrell Drug Company, Fresenius Kabi AG and Lorraine’s Pharmacy.
This latest Compounding Pharmacies Market research report offers in-depth analysis, key industry insights, market sizing & forecast on a granular level for key products, applications across a number of regional markets. The report also analyzes the Compounding Pharmacies Industry from business strategy perspective, describing in detail growth drivers, pitfalls &challenges for participants, accompanied by a detailed competitive benchmarking including company market share analysis and detailed business profiles.
Browse key industry insights spread across market data tables, figures & charts from the report, “Compounding Pharmacies Market Size, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024” in detail along with the table of contents:
Key Insights in this Report
- Compounding Pharmacies Market size & forecast by product & application
- Growth drivers, pitfalls & industry challenges
- Key Compounding Pharmacies Market growth opportunities & emerging business models
- Competitive benchmarking with market share analysis and company profiles
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