Compounding Pharmcies Market forecast to grow at 5% CAGR from 2017 to 2024: Global Market Insights Inc. The medical industry report “Compounding Pharmacies Market Size By Product (Oral, Topical, Rectal, Parenteral, Inhaler, Ophthalmic), By Application (Paediatric, Adult, Geriatric, Veterinary), By Therapeutic Area (Hormone Replacement, Pain Management), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, Italy, France, Spain, Russia, Poland, Greece, Ukraine, Sweden, Norway, Belgium, Czech Republic, Finland, China, India, Japan, Singapore, Australia, Brazil, Mexico, Saudi Arabia, UAE, South Africa, Qatar, Kuwait), Application Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024�, by Global Market Insights, Inc. says Compounding Pharmacies Market size is forecast to exceed USD 12 billion by 2024. Growing elderly population is a major driver for compounding pharmacies market growth. Special requirements of the elderly such as alternative dosage forms, flavor, lower doses will boost business growth over the forecast years.
Increased longevity coupled with the rising trend to look youthful should increase demand for anti-ageing medications such as hormone replacement therapy. Growing public awareness regarding personalized medicines and convenience of using compounded drugs will further augment compounding pharmacies market growth. Rising drug failure rates in the recent times coupled with drug shortage issues is limiting the availability of commercially manufactured drugs. Compounding pharmacies should emerge as the best alternative to compensate the growing drug demand. Dearth of skilled lab technicians and pharmacists for compounding drugs will impede industry growth. Issues pertaining to safety of compounded preparations and frequent changes in regulatory norms should adversely impact drug compounding. Requirement for expensive compounding equipment and cost intensive process of maintaining sterile environment for some of the formulations may discourage new industry entrants. Topical formulations demand is estimated to witness rapid growth owing to the convenience of drug administration. Difficulties in swallowing oral formulations such as tablets and pills along with the advantage of topical formulations to bypass GI tract and provide the medication should fuel industry growth. Rectal route is 1|Page