New York, NY -- (SBWire) -- 02/25/2016 --The global compounding pharmacies market is exhibiting a CAGR of 6.0% between 2015 and 2021. The market is expected to reach a value of US$9.75 bn by 2021, according to a research report released by Persistence Market Research, titled "Global Market Study on Compounding Pharmacies: Regulatory Harmonization and Innovative Therapeutic Areas to Boost Demand for Compounded Drugs". The report provides evidence on the key drivers and restraints affecting the global compounding pharmacies market and how they direct the market towards an overall benchmark.
According to the report, the global compounding pharmacies market is primarily driven by the mass shortage of drugs that are not made commercially available. It is stated in the report that the compounding pharmacies market in the U.S. flourishes due to the scarcity of over 300 drugs in the market. The absence of these drugs in the commercial markets has created a shift towards compounding pharmacies, as they are able to provide the accurate drug needed by a customer.
The global compounding pharmacies market is also being driven by the growing inclination of consumers towards the use of customized non-critical products and cosmetics, such as anti-ageing products. Advancements in the medical field allow for a greater level of understanding towards an individual patient's needs, which sometimes cannot be fulfilled by commercial products and drugs. The report explains that this could be because of the absence of a much-needed compound in a drug or an allergic reaction caused by a certain compound in a drug.
The report also explains how sub-therapeutic fields and the innovations that happen in them can boost the global compounding pharmacies market, such as bio-identical hormone replacement therapy.
The key restraint, as explained in the report, is the limitation on regulatory governance on the global compounding pharmacies market by official bodies. The report states the example of the U.S. compounding pharmacies market, where the FDA cannot directly approve or verify a compounded drug a pharmacy sells. This can only be done by the state, while the FDA can regulate the active ingredients used in the drug.
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The geographical segmentation of the global compounding pharmacies market reveals North America to be the largest market. The North America compounding pharmacies market, however, is subject to a regulatory overhaul after major drug-related issues, such as the meningitis outbreak of 2012, which was caused due to tainted drugs sold by a compounding pharmacy.
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Asia Pacific, according to the report, is expected to be the fastest growing region in the global compounding pharmacies market. On the other hand, the MEA region is expected to show a slower growth rate within the report's forecast period. It can be expected to grow faster after expansion projects are undertaken to increase infrastructural capacities and the number of applicants required for installing a certified compounding pharmacy.
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Increasing Need for Customized Drugs Could Propel Global Compounding Pharmacies Market to US $9.75 Bn by 2021
Ease of administering compounded drugs is especially noted in critical illnesses such as cancer, where a patient is unable to swallow a pain-reducing drug. The drug is either administered as a lollipop, transdermal application, or sterile preparation.