Global Compounding Pharmacies Market to reach XX Million by 2025 (Emerging Alternative Choice for Personalized Medicine)
According to a new report published by Reports Monitor titled, “Compounding Pharmacies Market by Product, by Therapeutic Area, and by Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2017–2025,” the compounding pharmacies market was valued at XX million in 2016, and is projected to reach at XX million by 2025, growing at a CAGR of XX% from 2017 to 2025. North America accounted for largest portion of the compounding pharmacies market, and is expected to be largest revenue contributor throughout the forecast period.
Compounding pharmacies makes the use of art and science for preparing specialized medicine made in accordance to individual person. When Patients are suggested with specific dosage form & strength by practitioner, pharmacist creates amalgamation of distinctive ingredients that satisfy the need of the patient as these drugs are commercially not available. Although the compounding drugs are not FDA approved, showing that FDA does not evaluate the safety and efficacy of the drugs, the skilled pharmacist are authorized to design the personalized medicine to accomplish patients specific need including strength, effective dosage form, flavours and elimination of components to which patient is sensitive or allergic.
Ascending cost of branded prescription medicine, scarcity of prescribed equivalents and poor accessibility to drugs are the key forces driving the global compounding pharmacies market. In addition, increased prevalence of various disorders, rising aged population affected with different diseases, need for personalized medicine, awareness among people associated with customized drugs and high demand for medication in alternate dosage and formulation will boost the market in coming years. Nevertheless risk and complication of compounded medicine such as fatal combination, contamination and adulteration as well as dearth of trained professionals in the field reduces the chances of market growth.
Key Findings and Scope:
• The oral segment followed by topical is expected to grow at a CAGR of XX% during the forecast period.
• Therapeutic application wise hormone replacement therapy segment expands the one third share of the market.
• In North America is estimated to grow at a highest CAGR of XX%, in terms of value.
• Emerging markets, for example, China and India, are anticipate to witness the high increment in demand for compounding pharmacies owing increased awareness.
Major Companies profiled in the report include: Fagron, Fresenius Kabi AG., Institutional Pharmacy Solutions, B. Braun Melsungen AG Company, PharMEDium Services LLC, Cantrell Drug Company, Triangle Compounding Pharmacies, and Lorraine’s Pharmacy.
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