New York:, Feb. 25, 2016 (GLOBE NEWSWIRE) -- Persistence Market Research Report: Compounding pharmacies accounted for market revenue worth US$ 6,500 Mn in 2014 and the revenue is expected to increase to US$ 9,751 Mn by 2021.Globally, compounding pharmacies are estimated to account for market value of US$ 6,786 Mn by the end of 2015.
The prime driver for the compounding pharmacies market is medicinal drought. Currently, there’s a shortage of over 300 drugs for various diseases in the U.S. When the need for critical drugs are not met through commercially available branded equivalents, compounded drugs are sought after. Furthermore, increasing demand for anti-ageing products that use custom compounded drugs is a prevalent trend across the globe. Innovative sub-therapeutic areas such as bio-identical hormone replacement therapy are also contributing to growing popularity of compounded drugs.
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Ease of administering compounded drugs is especially noted in critical illnesses such as cancer, where a patient is unable to swallow a pain-reducing drug. The drug is either administered as a lollipop, transdermal application, or sterile preparation.
Various applications have their own specifications, which can be altered as per custom requirements, and as such these medicines are gaining popularity over traditional medication in regions such as MEA. The increasing need to conform to regulatory specifications is, however, becoming a necessity for compounding pharmacies all over the world.
Globally, Asia Pacific is expected to emerge as the market portraying the healthiest growth rates throughout the forecast period. Certain markets in Asia Pacific such as Singapore are estimated to witness double-digit growth rates. Growing regulatory harmonization, adherence of local manufacturing to international standards stated in the leading pharmacopeias are expected to lead to standardization of the market in the region. Pain management products dominate the region in terms of product popularity. However, cost issues and lack of reimbursement options are expected to slightly hamper the growth of the market.
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Europe is the second-most lucrative destination for compounding pharmacies. Obtaining of manufacturing authorizations before actually preparing a compounded formulation is expected to become the norm in the region over the next few years. The Europe market is expected to expand at a stable CAGR over the forecast period. Major companies based in Europe are looking to expand their base outside Europe to better cater to growing global demand.
The North America compounding pharmacy market is by far the largest and is expected to experience stable growth in terms of market value. However, regulatory overhauls are anticipated to lead to market consolidation in the region. Compounded drugs are formulations, which are not approved by the FDA. Moreover, the FDA has also started tracking manufacturing process of compounded drugs, following a case of drug contamination that led to over 50 drug-related deaths and left over 700 people sickened due to spread of fungal meningitis in over 14 states in the U.S. in 2012.
Globally, Asia Pacific market is expected to expand at the highest CAGR, followed by Latin America and Europe. The Middle East & Africa accounts for a nominal share of the overall compound pharmacies market but is expected to evolve over time with the expansion of infrastructural facilities and skill base of pharmacists.
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Key market participants covered in the report include B. Braun Melsungen AG Company, Fagron, PharMEDium Services, LLC, Institutional Pharmacy Solutions, Cantrell Drug Company, Triangle Compounding Pharmacies, Lorraine’s Pharmacy, and Fresenius Kabi AG.
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Source:Persistence Market Research