The compounding pharmacies market is slated to exhibit a stable CAGR owing to cost factors and increase in product substitutions. In 2015, the global compounding pharmacies market was valued at US$ 6.79 Bn and is projected to account for US$ 7.09 Bn by the end of 2016, reflecting a Y-o-Y growth rate of 4.5%. By 2021,
Increasing medicinal droughts of prescription medicine across the world, rising costs of branded prescription equivalents, and inadequate accessibility to drugs is expected to enhance the growth of compounded drugs during the forecast period. Also, the growing popularity of hormone replacement therapies and pain management therapies is fueling the growth of the compounding pharmacies market. Unlike branded prescription drugs, compounded medicines are available in combined formulations and in alternate dosage forms such as lozenges and lollipops, usually administered to patients with swallowing difficulties. This is another key driver augmenting market growth.
The major distribution channels for compounded drugs are typically independent store formats and traditional compounding pharmacies. The trend of blockbuster drugs going off-patent in 2016 is expected to promote compounded repackaging of branded equivalents. The global compounding pharmacies market is also witnessing a rapid surge in the production of menopausal hormone replacement therapies and cosmetic dermatological applications. There is also an increasing occurrence of inspections and regulatory supervision of manufacturing facilities, especially in US and Europe to ensure better patient safety. A few other notable trends include a rise in demand for geriatric drugs and an increasing adoption of topical applications used in scar treatment medication, mark reduction, and age-defying solutions. These trends have been observed in the US, Australia, and Europe markets.
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The revenue for the compounding pharmacies market is expected to register a CAGR of 6% over 2015 – 2021. In terms of revenue share, North America is expected to dominate the market during the forecast period, followed by Asia Pacific and the European region respectively. The North America compounding pharmacies market is by far the largest and is expected to experience stable growth in terms of market value. The market in this region is estimated to hold 63.9% share by the end of 2015 and exhibit strong Y-o-Y growth rates ranging between 2.9% and 6.5% over the forecast period.
Asia Pacific, followed by Europe are the two other main regional markets expected to exhibit stable Y-o-Y growth rates ranging between 5.0% and 10.4% respectively over the forecast period. Certain markets in Asia Pacific such as Singapore are likely to witness double-digit growth rates. The Europe market is expected to expand at a stable CAGR over the forecast period. Major companies based in Europe are looking to expand their base outside Europe to better cater to the growing global demand. The compounding pharmacies market in Latin America is expected to exhibit a Y-o-Y growth rate of 3.7% over 2014 – 2015 to reach 8.3% over 2020 – 2021. The Middle East & Africa market accounts for a nominal share of the overall compound pharmacies market but is expected to evolve over time with the expansion of infrastructural facilities and skill base of pharmacists.
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Key market players covered in the report include B. Braun Melsungen AG Company, Fagron, PharMEDium Services LLC, Institutional Pharmacy Solutions, Cantrell Drug Company, Triangle Compounding Pharmacies, Lorraine’s Pharmacy, and Fresenius Kabi AG.
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