Compounding Pharmacies Market share to see growth of 5% 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 will hold a valuation of more than USD 12 billion by 2024, with an estimated CAGR of 5% over 2017-2024. In an era of consequential transformation in the healthcare delivery, compounding pharmacies market is charting a profitable growth curve. Although a major chunk of pharmacists are involved in drug manufacturing, yet with the advancement of technology compounding has become an integral of pharmacy practice. The expanding geriatric population base along with increasing customized medication requirements subject to alternative doses, flavor, formulations are stimulating the market dynamics. In addition to this, the recent trend toward personalized diagnostic approach is expected to complement the business landscape in the years ahead. With the increasing drug shortage issues and drug failure rates in recent times, compounding pharmacies are anticipated to be the best alternative to address the growing drug demand.
The remarkable expansion of compounding pharmacies market is quite evident from its diversified product landscape which includes oral, rectal, inhaler, ophthalmic, topical, and parenteral. Oral medications procured the largest portion of the market share in 2015, and the trend is likely to continue in the years ahead. Growing individual preference toward consuming medicines in the form of tablets, capsules have significantly propelled the market demand from this domain. Other than oral route, parenteral medications will also witness lucrative growth over 20172024, subject to the benefits associated with its compounding preparations. These intramuscular injections result in quick action to the body due to its localized drug application method. 1|Page