Growing Adoption Of Sterile Preparations For Hormone Replacement Therapy Will Surge Demand For Sterile Compounded Formulations; States Fact.MR
18 Jul 2022
Increasing pharmaceutical spending and well-built healthcare infrastructure lead to the dominance of the country in this space.
“Surging demand for customized drug formulations with improved longevity and increased regulatory compliance are anticipated to drive market growth over the coming years,” says a Fact.MR analyst.
Fact.MR, a market research and competitive intelligence provider: The global sterile compounding pharmacies market was valued at US$ 4.2 Bn in 2020, and is set to exhibit a CAGR of around 7.2% over the forecast period (2021-2031).
Rising prevalence of chronic diseases is expected to drive demand for pain management, which is expected to boost market growth. Moreover, increasing demand for custom compounded formulations and increasing pharmaceutical spending are expected to have a positive impact on market growth.
Compounding is fundamental to the pharmacy profession and a standard means of providing prescribed medications prior to the production of formulations in bulk quantity by pharmaceutical manufacturers. A compounded preparation is the customization of drugs that are mainly consumed by patients allergic to one of the inactive ingredients.
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Key Takeaways from Market Study
By product, injectables hold around 65% value share in the market.
Based on therapeutic areas, hormone replacement therapy leads the global market with 29% share.
By end user, adults dominate demand with a value share of 46% in 2021, while on the other hand, demand from pediatrics is expected to increase at a higher CAGR of 8.1%.
The U.S. dominates the North American market with a value share of 76% in 2021.
According to a research published in Global Lancet, around 1.1 billion people suffered distance vision impairment or uncorrected presbyopia in 2020. This figure is expected to increase to 1.8 billion by 2050. Common causes of vision impairment such as cataract, glaucoma, age-related macular degeneration, diabetic retinopathy, and presbyopia occur more frequently in later life (>60 years).
Rising geriatric population and increasing longevity of customized formulations over commercially available products have surged demand for sterile compounded products. Additionally, several key players are focusing on inorganic growth strategies to innovate and develop effective products. Thus, product approvals and launches are expected to complement market growth.
For instance, in May 2020, Central Admixture Pharmacy Services, Inc. launched three new sterile compounded suspensions. One is a sedative: Midazolam 125 mg added to NS (1mg/mL), and the other two are vasodilators: Vasopressin 50 units added to 50 mL normal saline Norepinephrine 8 mg added to 250 mL normal saline, which are in in short supply for ICU patients.
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Growing innovations have resulted in it becoming easier to conduct sterile compounding for specialty drugs.
For instance, COMECER S.p.A. introduced an automated and patented device – Pharmoduct - used for the preparation of sterile formulations and personalized oncology drugs, including chemotherapy and biologicals.
Demand for drug compounding has increased due to limited stock of dosage forms with precise strength that are commercially available are unable to meet the unique needs of many patients.
Mostly, the growing ageing population demands customized formulations to improve longevity. With an ageing population accounting for increased numbers of ophthalmic disorders associated with individuals living longer, the need for continual development of existing and new ophthalmic drug formulations will continue to grow.
Who is Winning in this Space?
The global sterile compounding pharmacies market is set to expand due to rise in the geriatric population and growing demand for sterile compounded formulations over commercial products. Leading industry players are set to focus on research & development as well as strategic & geographic expansion in order to strengthen their presence in the market.
Some of the leading players in the market include, but are not limited to, Fagron, Fresenius Kabi AG, PharMEDium Services, LLC, Institutional Pharmacy Solutions, Cantrell Drug Company, Lorraine’s Pharmacy, and B. Braun Melsungen AG Company.
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Fact.MR brings a comprehensive research report on forecasted revenue growth at regional and country levels, and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2031.
The sterile compounding pharmacies market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader. The study provides compelling insights on the basis of product, therapeutic area, and end user, across five main regions of the world.
Fact.MR’s Domain Knowledge in Healthcare
Our healthcare consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the healthcare sector. Our expertise in recognizing the challenges and trends impacting the global healthcare industry provides indispensable insights and support - encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.
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