Compounding Pharmacy Market to Grow at 6.2% CAGR by 2026
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Compounding pharmacies vary from traditional pharmacies in respect to drug composition. The key objective of compounding pharmacies is to develop drugs prescribed based on the specific requirements of the patients. From the last few years, compounding drug-making has improved significantly, enabling pharmacies to provide advanced compounding services. The compounded drug products are directly sold to the customers through prescriptions or by hospital pharmacies.
A rise in the number of distributed prescriptions globally results in the significant expansion of the compounding pharmacy industry. People across countries are suffering from several diseases which require unique formulations. Henceforth, compounding pharmacies are launching new formulations that are more effective in treating various diseases. Companies performing as compounding pharmacists are also providing customized drugs to patients who cannot get outcomes by taking commercially available drugs. Also, compounding pharmacies are efficiently manufacturing drugs in an uncontaminated environment.
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Furthermore, the sedentary and unhealthy lifestyle will create significant demand for compounding medication. Key benefits of compound medication and increasing rate of drug failure are factors creating opportunities for market growth.
The Compound Pharmacy Market research report titled “Compounding Pharmacy Market by Therapeutic Areas, Products, Compounding Types and Geography – Global Forecast up to 2026.”
Significant market players are Belle Santé Diagnostic & Therapeutic Institute Pvt. Ltd, PharMEDium Healthcare Holdings, Inc., Fresenius Kabi AG, Elixir Compounding Pharmacy, and Avella specialty pharmacy.
As North America is commanding the market, on the other hand, Asia Pacific is projected to register the highest growth rate in the forecast period. This growth can be ascribed to increasing pharmaceutical awareness among people, the rising geriatric population, and the extension of infrastructural facilities. The growth in the Asia Pacific is projected to be driven by India and China, among other regions.
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The report consists of 97 Tables and 67 charts depicting the in-depth market study and the impact analysis of COVID-19. View detailed TOC here.
Compounding Pharmacy Market based on Therapeutic Areas
- Hormone Replacement
- Pain Management
- Dermatology Applications
- Specialty Drugs
- Nutritional Supplements
Compounding Pharmacy Market based on Products
Compounding Pharmacy Market based on Compounding Types
- Pharmaceutical Ingredient Alteration,
- Currently Unavailable Pharmaceutical Manufacturing,
- Pharmaceutical Dosage Alteration,
Compounding Pharmacy Market based on Geography
- North America
- Asia Pacific
- Rest of the World