Compounding Pharmacies Market to reach $12bn by 2024

1. Compounding Pharmacies Market share to surpass $12bn by 2024: Global Market Insights Inc. Fuel Cell Market size worth $25.5bn by 2024

2. Key Insights from Compounding Pharmacies Market: • Global Market Insights, Inc. says Compounding Pharmacies Market size is forecast to exceed USD 12 billion by 2024. • Growing elderly population is a major driver for compounding pharmacies market growth. Special requirements of the elderly such as alternative dosage forms, flavor, lower doses will boost business growth over the forecast years. • Increased longevity coupled with the rising trend to look youthful should increase demand for anti-ageing medications such as hormone replacement therapy. • Rising drug failure rates in the recent times coupled with drug shortage issues is limiting the availability of commercially manufactured drugs. Compounding pharmacies should emerge as the best alternative to compensate the growing drug demand. • Dearth of skilled lab technicians and pharmacists for compounding drugs will impede industry growth. Issues pertaining to safety of compounded preparations and frequent changes in regulatory norms should adversely impact drug compounding.

3. Continued... • Topical formulations demand is estimated to witness rapid growth owing to the convenience of drug administration. • Rectal route is anticipated to exhibit lucrative growth due to its ease of administration and low cost; however, this may be offset by the associated social stigma. • Pediatric segment is forecast to grow at a robust rate during the forecast period. • Veterinary applications should witness rapid growth owing to increasing companion animal population and rising prevalence of animal disorders. • Pain management accounted for the largest share in the compounding pharmacies market, and is expected to follow a similar trend over the forecast timeline. • Increasing elderly population and rising number of individual and community pharmacies will boost Germany compounding pharmacies market growth.

4. Continued... • Singapore compounding pharmacies market is slated to grow at a robust rate, primarily due to the growing prevalence of allergies. Increasing medical tourism along with occurrence of drug shortages will further propel business growth. • Mexico compounding pharmacies market is anticipated to grow at a significant rate owing to presence of few compounding pharmacies and large unmet medical needs. Presence of diverse ethnic groups in this region will provide lucrative business opportunity for new industry entrants. • Compounding pharmacies market players include Fresenius Kabi, B. Braun Medical, Fagron, PharMEDium, Cantrell Drug Company, ITC Compounding Pharmacy, Village Compounding Pharmacy, and Wedgewood Village Pharmacy. Companies are consolidating their market position through adoption of strategies such as collaborations and acquisitions.

5. U.S. Compounding Pharmacies Market size, By Product, 2013-2024 (USD Billion)

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