As per Fact.MR, market research and competitive intelligence provider, the global Sales of sterile compounding pharmacies was valued at US$ 4.2 Bn in 2020, and is set to exhibit a CAGR of around 7.2% over the forecast period (2021-2031).
Compounding is fundamental to the pharmacy profession and a standard means of providing prescribed medications prior to the production of formulations in bulk quantity by pharmaceutical manufacturers. A compounded preparation is the customization of drugs that are mainly consumed by patients allergic to one of the inactive ingredients. Demand for drug compounding has increased due to limited stock of dosage forms with precise strength that are commercially available are unable to meet the unique needs of many patients.
Mostly, the growing ageing population demands customized formulations to improve longevity. With an ageing population accounting for increased numbers of ophthalmic disorders associated with individuals living longer, the need for continual development of existing and new ophthalmic drug formulations will continue to grow.
According to a research published in Global Lancet, around 1.1 billion people suffered distance vision impairment or uncorrected presbyopia in 2020. This figure is expected to increase to 1.8 billion by 2050. Common causes of vision impairment such as cataract, glaucoma, age-related macular degeneration, diabetic retinopathy, and presbyopia occur more frequently in later life (>60 years).
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“Surging demand for customized drug formulations with improved longevity and increased regulatory compliance are anticipated to drive market growth over the coming years,” says a Fact.MR analyst.
The global sterile compounding pharmacies market is set to expand due to rise in the geriatric population and growing demand for sterile compounded formulations over commercial products. Leading industry players are set to focus on research & development as well as strategic & geographic expansion in order to strengthen their presence in the market.
Some of the leading players in the market include, but are not limited to, Fagron, Fresenius Kabi AG, PharMEDium Services, LLC, Institutional Pharmacy Solutions, Cantrell Drug Company, Lorraine’s Pharmacy, and B. Braun Melsungen AG Company.
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Fact.MR brings a comprehensive research report on forecasted revenue growth at regional and country levels, and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2031.
The sterile compounding pharmacies market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader. The study provides compelling insights on the basis of product, therapeutic area, and end user, across five main regions of the world.
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