Compounding Pharmacy Market | 2021 Global Industry Analysis By Covid-19 Impact On Healthcare Sector, Business With Forecast To 2026

(The Express Wire via Comtex)

The global ”compounding pharmacy” market size is expected to gain momentum backed by the growing demand for customized drugs and the rising geriatric population globally. This information is published by Fortune Business Insights in its upcoming report, titled, “Compounding Pharmacy Market Size, Share and Industry Analysis, By Application (Pain Management, Dermatology, Hormone Replacement Therapy, Oncology), By Service (Ingredient Alteration, Application or Delivery Alteration, Pharmaceutical Dosage Alteration, Filling Supply Shortages), By Route of Administration (Oral, Topical, Parenteral, Rectal), By Usage (Pediatrics, Geriatrics, Adults, Veterinary) and Regional Forecast, 2020-2027.”

The negative effect of the global pandemic, COVID-19, has been felt across several economies facing unprecedented loss. Owing to the lockdown announced by the government agencies, several industries have been at a standstill with limited operational activities. However, a collective effort from the government and the industries is likely to bring the economy back on track and aid in the resumption of industrial activities.

Compounding pharmacy is a term that refers to the consumption of custom medicines sourced from the base medicines prescribed for the patient. The adoption of base drugs that are combined and prepared to fit the patient's preference is gaining prominence due to the unavailability of drugs vital for the well-being of health.

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DRIVING FACTORS

Growing Demand for Customized Drugs to Promote Growth

The growing demand for hard-to-find or discontinued drugs is likely to drive the adoption of compounding pharmacies that ensures the patients receive similar benefits of the prescribed drugs. Therefore, the high adoption of customized drugs is expected to boost market growth. Moreover, the rising geriatric population is expected to bode well for the global compounding pharmacy market growth in the forthcoming years.

REGIONAL INSIGHTS

Availability of Advanced Healthcare Facilities in North America to Aid Growth

Among all the regions, North America is expected to remain dominant and hold the highest position in the global compounding pharmacy market during the forecast period. This is attributable to the availability of advanced healthcare facilities that propel the demand for compounding pharmacy in the region between 2020 and 2027.

On the other hand, Europe is expected to hold the second position in the market in the forthcoming years. This is ascribable to factors such as the growing awareness regarding compounding drugs that are boosting the adoption of compounding pharmacy in the region.

An Overview of the Impact of COVID-19 on this Market:

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.

To get the short-term and long-term impact of COVID-19 on this Market.

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What does the Report Include?

The global market for compounding pharmacy report includes qualitative and quantitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to announce partnerships, introduce new products, and collaborate to further contribute to the growth of the market between 2020 and 2027. Moreover, the research analyst has adopted several research methodologies such as PORTER’s Five Point analysis to extract information about the current trends and industry developments that will drive the market growth during the forecast period.

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COMPETITIVE LANDSCAPE

Product Launches by Prominent Companies to Amplify Their Market Positions

The global compounding pharmacy market is consolidated by the presence of major companies focusing on strengthening their positions to gain a competitive edge over their rivals. They are doing so by introducing innovative compounding pharmacy drugs to cater to the growing demand across the globe. Other key players are adopting strategies such as merger and acquisition, collaboration, and partnership to maintain their presence that will boost the market growth in the forthcoming years.

Industry Development:

  • December 2020 Wedgewood Connect, a subsidiary of Wedgewood Pharmacy, announced the production of sterile medications. The products offered are based on five formulations of Tacrolimus Ophthalmic Solution and Cyclosporine Ophthalmic Solution. The company is spread across 22,000-square-foot of area and is an FDA-registered Outsourcing Facility in San Jose, California.

List of the Companies Operating in the Global Market for Compounding Pharmacy:

  • Fresenius Kabi AG
  • Braun Medical Inc.
  • Fagron, LLC
  • PharMEDium Services
  • WEDGEWOOD PHARMACY
  • Lee Silsby Compounding Pharmacy, INC.
  • DOUGHERTY'S HOLDINGS
  • ACPHARM Queensland
  • Village Compounding Pharmacy
  • Other Prominent Players

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What are the key segments in the market?

By Application

  • Pain Management
  • Dermatology
  • Hormone Replacement Therapy
  • Oncology
  • Urology
  • Others

By Service

  • Ingredient Alteration
  • Application or Delivery Alteration
  • Pharmaceutical Dosage Alteration
  • Filling Supply Shortages
  • Animal Specialized Manufacturing

By Route Of Administration

  • Oral
  • Topical
  • Parenteral
  • Rectal
  • Others

By Usage

  • Pediatrics
  • Geriatrics
  • Adults
  • Veterinary

By Geography

  • North America (USA, Canada)
  • Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
  • Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
  • Latin America (Brazil, Mexico, Rest of Latin America)
  • Middle East and Africa (South Africa, GCC and Rest of Middle East and Africa)

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