As per Fact.MR, market research and competitive intelligence provider, the global sterile compounding pharmacies market was valued at US$ 4.2 Bn in 2020, and is set to exhibit a CAGR of around 7.2% over the forecast period (2021-2031). Compounding is fundamental to the pharmacy profession and a standard means of providing prescribed medications prior to the production of formulations in bulk quantity by pharmaceutical manufacturers. A compounded preparation is the customization of drugs that are mainly consumed by patients allergic to one of the inactive ingredients. Demand for drug compounding has increased due to limited stock of dosage forms with precise strength that are commercially available are unable to meet the unique needs of many patients.
Mostly, the growing ageing population demands customized formulations to improve longevity. With an ageing population accounting for increased numbers of ophthalmic disorders associated with individuals living longer, the need for continual development of existing and new ophthalmic drug formulations will continue to grow.
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Key Segments as per Global Sterile Compounding Pharmacies Industry Research
By Therapeutic Area
- Hormone Replacement Therapy
- Pain Management
By End User
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The global sterile compounding pharmacies industry is marked by the presence of emerging as well as top sterile compounding pharmacy manufacturers. Rising adoption of inorganic growth strategies by key players operating in the market and increasing novel product approvals and launches are major factors that are expected to drive market growth.
Further, to strengthen their footprint across the globe, key players are focused on pursuing mergers and acquisitions as their key growth strategy.
- For instance, in May 2021, Slade Health, part of Icon Group entered into a long-term agreement with Auckland District Health Board (ADHB) to provide sterile compounding services to meet the growing needs of cancer patients. This agreement would build and operate a world-class, GMP (Medsafe) licensed sterile compounding facility delivering chemotherapy, antibiotics, analgesics, and nutritional infusions for public and private hospitals across New Zealand.
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Fact.MR brings a comprehensive research report on forecasted revenue growth at regional and country levels, and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2031.
The sterile compounding pharmacies market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader. The study provides compelling insights on the basis of product, therapeutic area, and end user, across five main regions of the world.
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