5% CAGR Compounding Pharmacies Market burst to cross USD 12.5 billion by 2024

Sellbyville, DE -- (SBWire) -- 11/27/2018 --Global Compounding Pharmacies Market is set to exceed USD 12.5 billion by 2024; according to a new research report by Global Market Insights.
Increasing geriatric population across the globe coupled with rising prevalence of cardiovascular disease, diabetes, hypertension and respiratory disorders will serve to be a high impact rendering factor for compounding pharmacies market. According to United Nations, the geriatric population accounted for 962 million in 2017 and is expected to double by 2050. Compounded medicines are increasingly being used in geriatric population as they are often intolerant to the commercially available dosage form and need suitable alternatives.

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Oral product segment dominated the market in 2017 and is forecasted to witness rapid growth over the forecast timeframe. High demand for oral liquid medications owing to associated ease of administration will boost the segment growth. Increasing preference for other oral solid dosage forms such as capsules and granules will further support the segment growth.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
- B. Braun Medical
- Cantrell Drug Company, Inc.
- Fagron
- ITC Compounding Pharmacy
- McGuff Company, Inc.
- PharmMD
- Triangle Compounding Pharmacy
- Village Compounding Pharmacy

Adult application segment accounted for the largest market share and is poised to grow at a robust growth rate over the coming years due to increasing demand of compounded drugs for treatment of cardiovascular disease that are highly prevalent among the adults. High demand for hormonal replacement therapy from adult age group will further escalate the segment growth to some extent.

Hormone replacement segment will grow at a robust growth rate of 7% owing to the increasing demand for anti-ageing solutions. Heightened demand for bioidentical hormone replacement therapy for women, testosterone therapy for men and other high quality dermatological products that are primarily formulated in compounding pharmacies will further augment the segment growth.

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U.S. dominated the global market in 2017 and will witness robust growth over the forecast period. Several government initiatives to increase adoption of compounded medicine will fuel industry growth in U.S. Growing shortage of prescription drugs and rising prices of FDA approved drugs will escalate demand for compounded medication."

Compounding Pharmacies Market by Product
o Oral
o Topical
o Rectal
o Parenteral
o Inhaler
o Ophthalmic

Compounding Pharmacies Market by Application
o Pediatric
o Adult
o Geriatric
o Veterinary