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.
New York, NY -- (SBWIRE) -- 01/14/2016 -- Compounding pharmacies make medicines that cater to the specific needs of patients. Also known as pharmaceutical compounding, the medicine is concocted by compounding pharmacists by combining ingredients in exact dosages using specific tools. This method of making medicines is used in cases where the form of the medicine has to be changed, such as from solid to liquid, to eliminate unimportant elements from the medicine which the patient might be allergic to, or to extract a specific dosage of a certain pharmaceutical ingredient that is required for the treatment.
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The global compounding pharmacies market is segmented on the basis of type of product, application of the drug, therapeutic area, and geography. The types of products in the global compounding pharmacies market are topical medications, oral medications, mouthwashes, and suppositories. The drug applications are medications for adults, medications for children, medication for veterinary purposes, and medications for the geriatric population. The therapeutic areas covered by pharmaceutical compounding are hormone replacement therapy and pain medications. Geographically, this market is segmented into Latin America, North America, Europe, Asia Pacific, and the Middle East and Africa.
Unmet Medical Demand to Propel Global Compounding Pharmacies Market
The key growth driver for the global compounding pharmacies market is the paucity of medicines in the U.S. for a wide range of diseases. The huge unmet demand will be the factor responsible for the incredible growth of the global compounding pharmacies market.
The other major growth driver for the global compounding pharmacies market will be the high demand for anti-ageing products that use compounded drugs for achieving specific results for the skin. The popularity of compounded drugs will also be propelled by the increasing research and development in sub-therapeutic areas such as bio-identical hormone replacement therapy.
Compounded Drugs Market to Reach US$9.7 bn by 2021
Compounded drugs are also preferred by patients as they are easy to administer, especially while treating critical illnesses such as cancer, where swallowing becomes exceptionally painful. Usually, these drugs are administered as transdermal application, sterile application, or through ingestion. These drugs are gaining a strong foothold in the MEA region mainly due to the various applications they have with customizable specifications. These factors are collectively expected to help the global compounding pharmacies market reach US$9.7 bn by 2021 as compared to US$6.5 mn in 2014, in terms of revenue.
Asia Pacific to Lead Global Compounding Pharmacies Market
Geographically, Asia Pacific is expected to lead the global compounding pharmacies market, with the highest growth rate of all regional segments expected for the APAC market in the coming years. Analysts at Persistence Market Research predict that Asian countries such as Singapore will showcase an impressive double-digit growth rate. The factors supporting this growth are compliance to international manufacturing standards as stated by leading pharmacopeias and, importantly, regulatory harmonization in the region. The commonly used products in the global compounding pharmacies market are the ones for treating pain management.
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The important players in the global compounding pharmacies market are B. Braun Melsungen AG Company, PharMEDium Services, LLC, Fagron, Cantrell Drug Company, Institutional Pharmacy Solutions, Lorraine's Pharmacy, Fresenius Kabi AG, and Triangle Compounding Pharmacies.
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