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Global Non-sterile Compounding Pharmacy Market Is Likely To Expand At A Cagr Of 2.65%
Non-Sterile Compounding Pharmacy Market Information: By-Product (Oral Medication, Topical Medication, Otologic/Nasal Medication), Application (Pain Medication, Hormone Replacement Therapy), End User (Compounding Pharmacy) – U.S. & Europe Forecast till 2027
The worldwide non-sterile compounding pharmacy market has been predicted to grow at a CAGR of 2.65% over the forecast period 2017-2023.
Nonsterile compounding is an age-old practice of making certain medicine doses for patients to swallow, drink, apply, or insert into the skin. Nonsterile compounding has been segregated as simple, moderate, and complex categories. The categorization is based on the difficulty level of the formation of a dosage, risks pertaining to a product and compounder, and the way the finished form to be stored and administered. Simple nonsterile compounding involves mixing medicines following the established formulas and producing liquid forms of drugs normally sold only as capsules or tablets. Veterinarians and pediatricians highly recommend these forms for animals and babies. In moderate nonsterile compounding ...
... the dosages are prepared encompassing potentially harmful preparations that involve special handling. Few pharmacies apply complex nonsterile compounding, which involves special equipment and advanced training to make products like transdermal patches and extended-release capsules.
Increasing demand for anti-aging products (especially in the USA and Europe), hereditary factors, genetic mutations (abnormal changes), exposure to harmful radiation, and growing elderly population have been playing major roles in driving the non-sterile compounding pharmacy market globally.
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Besides, favorable government initiatives, growing per capita income in developed nations (and in some developing nations), the rising prevalence of chronic ailments, and the increasing need for customized medication also drives the non-sterile compounding pharmacy market globally.
However, long approval time for clinical trials, expensive products, and stringent regulations administering the making of the compounded product can obstruct the market growth.
The Europe & U.S. non-sterile compounding pharmacy market has been segmented by application, end user, and product.
Based on application, the market has been segmented into hormone replacement therapy, pain medication, and others.
Based on end user, the market has been segmented into hospitals, compounding pharmacy and others.
Based on type, the market has been segmented into otologic/nasal medication, topical medication, oral medication, and others. The oral medication has been segmented into liquid and solid preparations. The topical medications include creams, ointments, pastes, gels, and others.
America holds the largest share in the non-sterile compounding pharmacy market owing to rising prevalence of chronic diseases such as diabetes. The growing demand for customized medicine and increased hospital-based compounding pharmacies, primarily drive the non-sterile compounding pharmacy market.
The Center for Diseases Control and Prevention (CDC) reported that in 2015, 30.3 million Americans, i.e. 9.4% of the population suffered from diabetes. Moreover, 1.25 million American adults and children were diagnosed with type 1 diabetes.
A 2014 Pew report stated that patient harm occurring from compounding errors caused 1,049 negative events and 89 deaths from 2001-2014. Infection of the sterile products was the most usual compounding error. Additionally, in 2016 adverse instances prevailed among 3 infants, making FDA to call for a voluntary recall of compounded morphine sulfate injectable drug product that was super potent by 2,460 percent.
Europe represents the second largest market for non-sterile compounding pharmacy market across the world. In Europe, rising awareness about compounding pharmaceutical products for the cure of chronic ailments such as drug allergies, growing number of prescriptions for the compounded medications, and diabetes drive the market growth. The European Academy of Allergy and Clinical Immunology (EAACI) reported that almost 2.6% hospitalization occurs due to harmful drug effects, while the incidence of drug allergy among the admitted patients is almost 10% in the Europe.
The global non-sterile compounding pharmacy market has been dominated by key players such as B.Braun Melsungen AG (Germany), Fagron (the Netherlands), TRUE NATURE HOLDING, INC (U.S), PHARMEDIUM (U.S.), Dougherty's Pharmacy Inc. (U.S.), and Fresenius Kabi AG (Germany).
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