Non-Sterile Compounding Pharmacy Market Global Size, Share, Research Methodology, Key Vendors Analysis, Covid19 Pandemic, Growth Factors, Emerging Trends and Forecast till 2023
Research Reports
Dec 29, 2020
Non-Sterile Compounding Pharmacy is defined as the preparation, mixing, assembling, altering, packaging, and labeling of medicines, the drug-delivery device under a licensed practitioner’s medication order, prescription, or initiative based on the patient/practitioner/ pharmacist/compounder relationship in the course of professional practice. Products or medications manufactured by a compounding pharmacy are customized according to the patient need.
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Acknowledging the kind of growth this market perceives especially in the US & Europe currently, Market Research Future (MRFR) in its recently published study report asserts that the US & Europe non-sterile compounding pharmacy market will register a 2.65 % CAGR during 2017 – 2023, accruing pervasively by 2023.
The increasing demand for anti-aging products that use custom compounded drugs is a key force acting as a tailwind for the market growth in the U.S. and Europe. Also, factors substantiating the market growth include increasing prevalence of chronic diseases such as diabetes and the rising demand for customized medicine for the increasing number of geriatric population.
Cancer cases are increasing rapidly especially in the developed regions such as North America and Europe, and the changing lifestyle is the driving force behind it. High economic growth is proving to be a blessing in disguise that is increasing the purchasing power of people, increasing access to the modern life and addictions such as alcoholism or tobacco are again some of the dominant risk factors developing cancer cells and tumors.
The non-sterile compounding pharmacy market is accruing vastly, providing effective outcomes in cancer treatment. Undoubtedly, technological advancements in medical science & biotechnology have improved the outlook for cancer treatments which escalates the market in the US & Europe, sufficiently controlling the spread of the diseases.
Additional factors driving the market growth include increasing high capita healthcare expenditures, growing population, exposures to harmful radiation, heredity reasons and genetic mutations (abnormal changes). Rising initiatives by the government are supporting the market growth, spreading the awareness.
On the flip side, the strict regulations governing the manufacturing of the compounded product, high prices along with the long approval time for the clinical trials are obstructing the market growth.
The US & Europe Non-Sterile Compounding Pharmacy Market – Segments
For the convenience of understanding, the report is segmented into five key dynamics;
By Types : Oral Medication (solid and liquid preparations), Topical Medication (ointments, creams, gels, pastes, and others.), and Otologic/Nasal Medication, among others.
By-Products : Oral Medication, Topical Medication, and Otologic/Nasal Medication among others.
By Applications : Pain Medication and Hormone Replacement Therapy among others.
By End-Users : Compounding Pharmacy and Hospitals among others.
By Regions : APAC, North America, Europe, and the Rest-of-the-World.
Sub-segment Pain management is projected to account for the largest as in 50.3% of the market share by applications in the U.S. and Europe non-sterile compounding pharmacy market.
Sub-segment Hospitals, by end-users, is estimated to reach USD 871.97 Mn by 2023.
US & Europe Non-Sterile Compounding Pharmacy Market – Geographical Analysis
The non-sterile compounding pharmacy in the American region tops over the European market owing to the rising demand for customized medicine, increasing prevalence of chronic diseases such as diabetes, and rising number of hospital-based compounding pharmacies. Furthermore, high healthcare expenditures coupled with the technological advances support the market growth in the region.
The U.S. backed by the increasing prevalence of types of cancer and thyroid fuelled by the consequences of the wrong lifestyle, accounts for the leading market in the region.
Whereas, the Europe non-sterile compounding pharmacy market is emerging as a lucrative market owing to the well-spread awareness about compounding pharmaceutical products for the treatment of chronic diseases such as Type 1 diabetes. Moreover, factors such as drug allergies and increasing number of prescriptions substantiate the market growth.
US & Europe Non-Sterile Compounding Pharmacy Market – Competitive Landscape
The non-sterile compounding pharmacy in the American region tops over the European market owing to the rising demand for customized medicine, increasing prevalence of chronic diseases such as diabetes, and rising number of hospital-based compounding pharmacies. Furthermore, high healthcare expenditures coupled with the technological advances support the market growth in the region.
The U.S. backed by the increasing prevalence of types of cancer and thyroid fuelled by the consequences of the wrong lifestyle, accounts for the leading market in the region.
Whereas, the Europe non-sterile compounding pharmacy market is emerging as a lucrative market owing to the well-spread awareness about compounding pharmaceutical products for the treatment of chronic diseases such as Type 1 diabetes. Moreover, factors such as drug allergies and increasing number of prescriptions substantiate the market growth.
US & Europe Non-Sterile Compounding Pharmacy Market – Competitive Landscape
The non-sterile compounding pharmacy market in the US and Europe appears to be steady and consolidated as long as eyes can see. The competition in the market is at the moderate level competitive due to the presence of numerous large & small players, having the international presence.
Market players offer a comprehensive, accredited compounding training for pharmacists, pharmacy technicians, and Compounders for which they develop a state-of-the-art education center. Key players try to minimize personnel / environmental exposure to hazardous drugs in the compounding pharmacy through workflow strategies.
Key Players:
Some of the leaders driving the US & Europe Non-Sterile Compounding Pharmacy Market are B.Braun Melsungen AG (Germany), Fagron (the Netherlands), True Nature Holding, INC (U.S), Fresenius Kabi AG (Germany), Pharmedium (U.S.), and Dougherty’s Pharmacy Inc. (U.S.).
Industry/ Innovation/Related News:
September 19, 2018 – RXQ Compounding, LLC (US), an FDA-approved manufacturer of sterile and non-sterile medication, provides these medications to hospitals across the United States in various sized vials and syringes, alongside announcing its expansion plans also announced receiving of $3.6 million investment in the company from Advantage Capital. The newly expanded facility will allow for increased production capacity in terms of the volume of current products, as well as the expansion into new product lines.
Browse Complete Report with Niche Segments and Top Industry Players at https://www.marketresearchfuture.com/reports/non-sterile-compounding-pharmacy-market-4669
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.
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