Compounding pharmacies are refer to pharmacy for the preparation of custom formulation of medication to meet the requirement according to individual patients. Compounding pharmacy serves a critical role in the modern healthcare. These pharmacies prepare the medication according to practitioner’s prescription where the individual ingredient are mixed together in the precise dosage required for the patient. This method allow the compounding pharmacist to work with patient and the prescriber to customize the medication according to patient’s disease treatment or needs. The market is expected to witness the growth at a specific rate during the forecast period.
COMPOUNDING PHARMACIES MARKET REPORT OUTLOOK
The market is driven by rising awareness regarding the benefits of compounded medication. In addition, rising geriatric population and improved life expectancy across the globe is further propelling the growth of the market. The potential of personalized medicine based on the patient’s unique genetic makeup has led to rising adoption of customized medicine in the developed regions
COVID 19 IMPACT ON COMPOUNDING PHARMACIES MARKET REPORT
The exclusive COVID 19 impact analysis report by Axiom MRC provides a 3600 analysis of micro and macro-economic factors on the compounding pharmacies market. In addition, complete analysis of changes on the compounding pharmacies market expenditure, economic and international policies on supply and demand side. The report also studies the impact of pandemic on global economies, international trade, business investments, GDP and marketing strategies of key players present in the market.
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COMPOUNDING PHARMACIES MARKET SEGMENTAL OVERVIEW
The compounding pharmacies market is segmented based on by product, therapeutic area, application, distribution channel and geography.
COMPOUNDING PHARMACIES MARKET BY PRODUCT
The compounding pharmacies are available in different types including oral medication, topical medication, mouthwashes, and suppositories. Oral medication is bifurcated to capsule, tablets, mixtures, lollipops and lozenges, further topical medication includes gels, ointments, cream and lotions. Oral medication is anticipated to dominate in the compounding pharmacies market during the forecast period. The oral route acts as effective way for the different disease treatment.
COMPOUNDING PHARMACIES MARKET BY THERAPEUTIC AREA
The compounding pharmacies market is accessible for different therapeutic are including pain management, hormone replacement therapy, dermatological application. Hormone replacement therapy is projected to lead in the global compounding pharmacies market. The growth is attributed to creation and customization of drugs to meet the specialized need of the individual patients. Besides, these therapy has major role for balancing the hormone and restoring them in the body.
COMPOUNDING PHARMACIES MARKET BY APPLICATION
The compounding pharmacies market finds application in medication for adults, medication for veterinary, medication for children, medication for geriatrics. Medication for adults has gain the major for compounding pharmacies market owing to changing lifestyle and increasing burden of different chronic disease has led the demand for the compounding pharmacies market. In addition these pharmacies provides supplements to the adults consumers for daily activities which is expected to further drive the growth of the market.
COMPOUNDING PHARMACIES MARKET BY DISTRIBUTION CHANNEL
The compounding pharmacies market has major distribution channel like hospital pharmacy, compounding pharmacy. Hospital pharmacy is anticipated to dominate in the global compounding pharmacies market. The presence of the hospital pharmacy in hospital provides a benefits for the storing, compounding and dispensing medicines advising the patients and other healthcare profession on the safe, effective use of drugs. The growing demand for the hospital pharmacy is ultimately fueling the growth of global compounding pharmacies market
COMPOUNDING PHARMACIES MARKET BY GEOGRAPHY
Geographically the global compounding pharmacies market is studied for the following region North America, Europe, Asia-Pacific and Rest of the world (RoW). North America is anticipated to lead in the global compounding pharmacies market owing to shortage of different drug products in the market. Besides rising demand from the geriatric population for compounding pharmacies is further boosting the growth of the compounding pharmacies market. Also, advanced healthcare facilities provides an added advantage for the compounding pharmacies market growth in the market. Asia Pacific is projected to witness the growth at the highest rate during the forecast period owing to increasing awareness for pharmaceutical and innovation in therapies and product formulation. Also, presence of key countries like China followed by India is further propelling the growth of the market.
COMPOUNDING PHARMACIES MARKET KEY PLAYER
The key players in compounding pharmacies market are Braun Melsungen AG Company, Athenex Pharma Solutions (Athenex Inc.), Clinigen Group PLC, Dougherty's Pharmacy, Inc., Fagron, Lorraine’s Pharmacy, Institutional Pharmacy Solutions, McGuff Compounding Pharmacy Services, Nephron Pharmaceuticals Corporation, Rx3 Compounding Pharmacy, Wedgewood Village Pharmacy, Inc. , Fresenius Kabi, PharMEDium Services, Cantrell Drug Company, ITC Compounding Pharmacy, Wedgewood Village Pharmacy, Pencol Compounding Pharmacy, Village Compounding Pharmacies and Triangle Compounding Pharmacies among others.
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