Increasing demand for customized drugs to foster North America compounding pharmacies market trends

North America compounding pharmacies market is anticipated to witness significant growth over the coming time period owing to increasing number of patients visiting physicians for treatment of chronic disorders. Popularity of compounded formulations coupled with convenience and advantages of using compounded drugs will expand the business growth.

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Increasing adoption of customized drugs in North America will stimulate market expansion over the coming years. Individuals who need specific medicines that are not available commercially depend on these customized drugs offered by compounding pharmacies, which in turn consolidates compounding pharmacies as an integral part of the medical sector. Personalized medicines are known to give better health-based results for geriatric citizens, infants, other patients as well as those who are allergic to specific ingredients used in commercial medicine. This would positively impacting the overall market growth as the ability of compounding pharmacies to develop complicated, custom medications witnesses more demand among patients.

Based on therapeutic area, the market is categorized into pain management, dermatology applications, hormone replacement, nutritional supplements, specialty drugs, and others. Among these, hormone replacement segment will witness nearly 6% CAGR over the forecast timeframe due to the rising demand for the anti-ageing solutions along with high quality dermatological products. In addition, the growing need among women to balance the levels of estrogen and progesterone during menopause coupled with disorders related to imbalanced hormones will drive the segmental growth.

With respect to application, the overall North America compounding pharmacies market is segmented into geriatric, adult, pediatric, and veterinary. Here, the veterinary segment is slated to showcase about 5% CAGR over the forthcoming time period. Veterinary compounded medicine provides a wide array of prescription options like customized delivery systems along with addition of flavors to drugs, thus fueling the overall industry growth. Escalating purchasing power of pet owners and surge in number of companion animals will increase the demand for compounding pharmacy products among the pet animals segment.

In terms of sterility, the market is classified into non-sterile and sterile. Among these, non-sterile segment is earmarked to witness a respectable CAGR of around 5% over the projected time period. Mounting demand for non-sterile medicine such as syrups, pills, and capsules will positively influence the industry growth. Increasing incidence of chronic pain will create demand for pain medicines, including topical pain relievers and pills produced by compounding pharmacies.

On the regional front, U.S. compounding pharmacies market is expected to record nearly 6% CAGR over the forecast time period. Increasing adoption of novel technologies makes the customized medication significantly more affordable to patients, which will prove to be beneficial for regional market growth. The elderly population in the region has grown at a rapid pace over the previous decade and is expected to continue this trend over the coming years. As per the Population Reference Bureau, the number of aged 65 age and above Americans is expected to be almost double from about 52 million in 2018 to about 95 million by 2060. The elderly population is prone to various chronic disorders and is projected to fuel the demand for several compounding pharmacies medications.

Key market players are frequently adopting several growth strategies to maintain a healthy and strong position in the overall compounding pharmacies business landscape. Citing an instance, in April 2020, Nephron reportedly announced the United States FDA approval for a novel production line. This would aid the firm cater to increasing demand for compounded medicine and surge their revenue.

Athenex, Triangle Compounding Pharmacies, Wedgewood Village Pharmacy, B. Braun Medical, Fagron, Fresenius Kabi, Nephron Pharmaceuticals, Rx3 Compounding Pharmacy, Mc Guff Company, Lorraine’s Pharmacy, Clinigen Group, Pencol Compounding Pharmacy, Institutional Pharmacy Solutions, Dougherty's Pharmacy among many others are some of the key players operating in the North America compounding pharmacies market.

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Table of content:

Chapter 6   North America Compounding Pharmacies Market, By Application

6.1    Key trends in North America compounding pharmacies, by application

6.2    Paediatric

6.2.1    Market estimates and forecast, by country, 2015 - 2026 (USD Million)

6.3    Adult

6.3.1    Market estimates and forecast, by country, 2015 - 2026 (USD Million)

6.4    Geriatric

6.4.1    Market estimates and forecast, by country, 2015 - 2026 (USD Million)

6.5    Veterinary

6.5.1    Market estimates and forecast, by country, 2015 - 2026 (USD Million)

Chapter 7   North America Compounding Pharmacies Market, By Compounding Type

7.1    Key trends in North America compounding pharmacies, by compounding type

7.2    Pharmaceutical Ingredient Alteration (PIA)

7.2.1    Market estimates and forecast, by country, 2015 - 2026 (USD Million)

7.3    Currently Unavailable Pharmaceutical Manufacturing (CUPM)

7.3.1    Market estimates and forecast, by country, 2015 - 2026 (USD Million)

7.4    Pharmaceutical Dosage Alteration (PDA)

7.4.1    Market estimates and forecast, by country, 2015 - 2026 (USD Million)

7.5    Others

7.5.1    Market estimates and forecast, by country, 2015 - 2026 (USD Million)

Chapter 8   North America Compounding Pharmacies Market, By Sterility

8.1    Key trends in North America compounding pharmacies, by sterility

8.2    Sterile

8.2.1    Market estimates and forecast, by country, 2015 - 2026 (USD Million)

8.3    Non-sterile

8.3.1    Market estimates and forecast, by country, 2015 - 2026 (USD Million)

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