Compound pharmacy is the industry sector that makes and sells medication on its own prepared by the pharmacist according to patient’s requirement prescribed by physician. Individual ingredients are blend together to acquire definite form and specific dosage strength to suffice the need of patient as theses compound medications are commercially not available. Compound medicines are combination of pharmaceutically active elements of two or more drugs in varied proportions.
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Market Growth Factors:
Constantly increasing demand for medication has led to shortage of drugs is driving the growth of compounding pharmacies market. Furthermore, high prevalence of diseases, growing geriatric population, raised awareness among people regarding personalized and customized medication, high demand of medications in formulation and alternate dosage will propel the emergence of this sector in coming time. However, lack of trained, skilled pharmacist will disrupt the growth of the compounding pharmacies market. In addition, risks related to compounded medication such as adulteration, hazardous combinations or contamination decreases the chances of market development.
The global compounding pharmacy market is segmented on the basis of product type, therapeutic area, distribution channel and region. Depending on product type the market is categorized into oral, Topical, Mouthwashes and Suppositories. Oral Segment is subdivided into capsules, tablets and liquid suspension. Oral segment dictated the global compounding pharmacy market owing to preference of oral route for consumption of medication. Topical type of medication further separated into lotions, ointments, creams and gels. Topical medication is anticipated to witness growth at significant rate owing to localized drug delivery and immediate action resulting into 100% bioavailability of drug to the body. In terms of therapeutic area, the market is analysed into hormone replacement therapies and pain management. Hormonal replacement therapy sector is expected to grow at rapid pace and factors attributing to the growth of the segment are their demand in treating disease such as cancer and ability maintain hormonal levels in menopause. On the basis of distribution channel, the market is divided into traditional stores and compounding pharmacies.
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The global compounding pharmacy market is divided into Europe, North America, Asia- Pacific and LAMEA.
• North America
o Rest of Europe
o South Korea
o Rest of Asia-Pacific
o South Africa
o Rest of the LAMEA
North America accounted for the largest share of the market primarily owing to growing awareness among population related to personalized medicine along with high number baby boomers, drug shortage reported by FDA and costly prescribed medicine. Countries such as India, China and Japan in Asia-Pacific are anticipated to record lucrative growth. The growth is attributed to presence of aged population coupled with highest life expectancy rate and advancement in technology with infrastructural facilities.
The prominent key players dominating the global compounding pharmacy market are
• Fresenius Kabi AG.
• Institutional Pharmacy Solutions
• B. Braun Melsungen AG Company
• PharMEDium Services LLC
• Cantrell Drug Company
• Triangle Compounding Pharmacies
• Lorraine’s Pharmacy.
Two most established companies in healthcare industry naming ARL biopharma and Lecto Medical have recently announced a partnership to run “Quality Savings Programme”. ARL biopharma providing analytical and microbiological testing services together with Lecto Med’s products will enable compounding medication to reach pharmacies in the United States at a reduced cost.
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