Global compounding pharmacies industry is segmented by different product type, application type as well as therapeutic area. Then again, product type is further sub-segmented as Oral Medication, Topical Medication, Suppositories and Mouthwashes. Among all of these markets, medication segment rules, with more than 40% of the market share and revenue of USD xxx million in previous year. This high market value of oral medication is attributable to the growing demand for the drug, particularly for pain management. Besides, the liquid oral dosage formulas are mostly preferred as they come with convenience as well as ease of administration. Also, elderly people often desire liquid form in place of commercially available other forms of dosage. Oral medication segments further trailed by Topical medication with the desirability index of around 2.2%.
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Also, North America shares the largest regional potential compounding pharmacies market, accounting for xx% since past years and is expected to mount at a CAGR of approximately xx% over the forecast period. Furthermore, rising expenditure in healthcare in emerging economies including India as well as China is anticipated to fuel the revenue growth of compounding pharmacies.
Key trend driving the growth of the compounding pharmacies market is development in healthcare as well as pharmaceutical spending’s. Moreover, compounded drugs come in to action when the requirement for life-threatening drugs are not met through commercially branded equivalents available in the market. Moreover, another trend prevailing in the compounding pharmacies market all across the globe is continuously intensifying demand for anti-ageing products and these products are actually made using compounded drugs. Additionally, inventive sub-therapeutic zones for instance bio-identical hormone replacement therapy is also propelling the increasing popularity of compounded pharmacies. However, compounding pharmacies all over the world are requisite to follow the regulatory specifications by the respective governments.
By application type, the compounding pharmacies market has been further been divided segmented to medication for adults, veterinary, children and geriatric among which medication for adult segment is predictable of gaining maximum market share over the forecast period.
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Then, by therapeutic area, compounding pharmacies market is sub-segmented to pain management & hormone replacement therapy. The therapeutic area of the market segment is led by the hormone replacement therapy sub-segment that is expected to advance highest share in terms of value over the forecast period.
Drugs produced by druggists for the personalized needs of an individual patient by altering, mixing or combining the active therapeutic ingredients of drugs are known as compounding pharmacies. In addition, compounded drugs can be prepared only after the instruction from physicians, as it includes mixing of two or more types of drug components in different proportions.
One of the biggest challenge has been faced by the compounding pharmacies industry across the globe is the safety or effectiveness approval of compounded drugs from the regulatory bodies, which is the most difficult part of the process. Moreover, many of the medical insurance do not cover these compounded medications under their benefits.
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