Compounding Pharmacies Market size to grow at over 5% CAGR from 2016 to 2024: Global Market Insights Inc. Compounding Pharmacies Market size was over USD 6 billion in 2015 and is expected to grow at over 5% CAGR from 2016 to 2024. The growing geriatric population and their improved longevity is anticipated to increase demand for compounded medicine. As per UN estimates, the number of people above 60 years of age is projected to grow from 901 million in 2015 to 1.4 billion in 2030. It is expected to double its size and reach nearly 2.1 billion by 2050. Compounding allows dispensing of medication according to patient specifications in terms of route of administration, composition and dose of medication. The practice of dispensing tailored medicine is widely accepted in regions where availability of standardized drugs is a challenge. The increased acceptance trend of personalized medicine will fuel industry growth. Shortage of drug supply across various regions will boost the industry growth. Amongst others, U.S. alone is facing a shortage of over 300 drugs. For instance, more than one million women go through menopausal phase annually requiring human replacement therapy. Compounded drugs are sought for as an option, when need for critical drugs are not met through commercially available branded drugs.
Convenience of compounded drug administration provides a significant benefit, especially during alleviation of chronic pain associated with cancer where patient is unable to swallow the medication. It is estimated that about 116 million people in U.S. suffer from chronic pain associated with chronic diseases. The drugs are either administered as a transdermal or intravenous preparation. Convenient drug dispensing methods will enable distribution of small and unique doses thus improving the acceptance of compounded medicines. The potential restrain for industry growth should be the unavailability of skilled lab technicians and pharmacists. Furthermore, the pharmacies involved in preparation of injectable incur high cost for purchasing equipment and maintaining a sterile environment with minimal risk of contamination. Based on therapeutic area, compounding pharmacies dispense medication predominantly for pain management, hormone replacement and others. Special preparations for pain management enable delivery of correct dose to a patient without any adverse effects. Pain management dominates the compounding market size and is expected to continue its dominance during forecast period followed by hormone replacement therapy and others.
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