Compounding Pharmacies Market

Posted by jacki on August 6th, 2019

As stated by a research report published by Azoth Analytics in July 2019, the Compounding Pharmacies Marketwas valued at USD 9689.56 million in the year 2018.In line with overall economic growth, per capita expenditure on healthcare of the common individual has been on the rise. For instance, in the United States, health care spending grew 3.9 percent in 2017, reaching USD 3.5 trillion or USD 10,739 per person.  As a share of the nation's Gross Domestic Product, health spending accounted for 17.9 percent. This growth in healthcare spending in concurrence with growing incidence of chronic ailments along with rising trend of personalised medicines have been boosting the market of global compounding pharmacies market. Nonetheless, the growth in this market is restrained by the lack of skilled lab technicians and pharmacists in addition to the increasing complexities of compliance along with the high cost of equipment.

The Azoth Analytics research report titled Compounding Pharmacies Markethas analysed and segmented the compounding pharmacies market by value (USD Million). The report has analysed the Compounding Pharmacies Market By Product Type (Oral, Topical, Ophthalmic, Injectables and Others), By Therapeutic Area (Hormone Replacement, Pain Management, Dermatology and Others) and By End User (Adult, Pediatric, Geriatric and Veterinary). The Global Compounding Pharmacies Market has been analysed By Region (North America, Europe, Asia Pacific, ROW) and By Country (United States, Canada, United Kingdom, Germany, China, Japan, India, Brazil and Mexico) for the historical period of 2014-2018 and the forecast period of 2019-2024.

Supported by key factors such as the availability of highly advanced medical infrastructure and remarkably elevated healthcare spending levels, North America is expected to maintain its dominant position in the market. Moreover, the North America and Europe market has a vast number of key players operating in this sector including Fagron, Clinigen Group, McGuff Compounding Pharmacy Services, Inc., among others. This in turn has made the entire landscape highly competitive. In contrast, swiftly emerging economies in the Asia Pacific regionincluding China and India are shaping out to be the most lucrative market for compounded pharmaceutical products.Due to the presence ofmassive population base with brisklygrowing urbanisation and intensifyingubiquity of variousincorrigibleinfirmities, the demand of custom-made medications in Asia Pacific region is projected to advance at a healthy pace during the forecast period.The regional market is also expected to benefit from the ongoing government initiatives towards improving the access to quality healthcare in developing as well as under-developed economies.