The US & Europe Non-Sterile Compounding Pharmacy Market – Overview
Acknowledging the kind of growth this market perceives especially in the US & Europe currently, Market Research Future (MRFR) in its recently published study report asserts that the US & Europe non-sterile compounding pharmacy market will register a 5.7 % CAGR during 2022 – 2030, accruing pervasively to reach USD 7,637.2 Million by 2030.
Non-Sterile Compounding Pharmacy is defined as the preparation, mixing, assembling, altering, packaging, and labeling of medicines, the drug-delivery device under a licensed practitioner's medication order, prescription, or initiative based on the patient/practitioner/ pharmacist/compounder relationship in the course of professional practice. Products or medications manufactured by a compounding pharmacy are customized according to the patient need.
The increasing demand for anti-aging products that use custom compounded drugs is a key force acting as a tailwind for the market growth in the U.S. and Europe. Also, factors substantiating the market growth include increasing prevalence of chronic diseases such as diabetes and the rising demand for customized medicine for the increasing number of geriatric populations.
Cancer cases are increasing rapidly especially in the developed regions such as North America and Europe, and the changing lifestyle is the driving force behind it. High economic growth is proving to be a blessing in disguise that is increasing the purchasing power of people, increasing access to the modern life and addictions such as alcoholism or tobacco are again some of the dominant risk factors developing cancer cells and tumors.
The non-sterile compounding pharmacy market is accruing vastly, providing effective outcomes in cancer treatment. Undoubtedly, technological advancements in medical science & biotechnology have improved the outlook for cancer treatments which escalates the market in the US & Europe, sufficiently controlling the spread of the diseases.
Additional factors driving the market growth include increasing high capita healthcare expenditures, growing population, exposures to harmful radiation, heredity reasons and genetic mutations (abnormal changes). Rising initiatives by the government are supporting the market growth, spreading the awareness.
On the flip side, the strict regulations governing the manufacturing of the compounded product, high prices along with the long approval time for the clinical trials are obstructing the market growth.
The US & Europe Non-Sterile Compounding Pharmacy Market – Segments
For the convenience of understanding, the report is segmented into five key dynamics.
By Types : Oral Medication (solid and liquid preparations), Topical Medication (ointments, creams, gels, pastes, and others.), and Otologic/Nasal Medication, among others.
By-Products : Oral Medication, Topical Medication, and Otologic/Nasal Medication among others.
By Applications : Pain Medication and Hormone Replacement Therapy among others.
By End-Users : Compounding Pharmacy and Hospitals among others.
By Regions : APAC, North America, Europe, and the Rest-of-the-World.
Sub-segment Pain management is projected to account for the largest of the market share by applications in the U.S. and Europe non-sterile compounding pharmacy market.
US & Europe Non-Sterile Compounding Pharmacy Market – Geographical Analysis
The non-sterile compounding pharmacy in the American region tops over the European market owing to the rising demand for customized medicine, increasing prevalence of chronic diseases such as diabetes, and rising number of hospital-based compounding pharmacies. Furthermore, high healthcare expenditures coupled with the technological advances support the market growth in the region.
The U.S. backed by the increasing prevalence of types of cancer and thyroid fuelled by the consequences of the wrong lifestyle, accounts for the leading market in the region.
Whereas the Europe non-sterile compounding pharmacy market is emerging as a lucrative market owing to the well-spread awareness about compounding pharmaceutical products for the treatment of chronic diseases such as Type 1 diabetes. Moreover, factors such as drug allergies and increasing number of prescriptions substantiate the market growth.
US & Europe Non-Sterile Compounding Pharmacy Market – Competitive Landscape
The non-sterile compounding pharmacy in the American region tops over the European market owing to the rising demand for customized medicine, increasing prevalence of chronic diseases such as diabetes, and rising number of hospital-based compounding pharmacies. Furthermore, high healthcare expenditures coupled with the technological advances support the market growth in the region.
The U.S. backed by the increasing prevalence of types of cancer and thyroid fuelled by the consequences of the wrong lifestyle, accounts for the leading market in the region.
Whereas the Europe non-sterile compounding pharmacy market is emerging as a lucrative market owing to the well-spread awareness about compounding pharmaceutical products for the treatment of chronic diseases such as Type 1 diabetes. Moreover, factors such as drug allergies and increasing number of prescriptions substantiate the market growth.
US & Europe Non-Sterile Compounding Pharmacy Market – Competitive Landscape
The non-sterile compounding pharmacy market in the US and Europe appears to be steady and consolidated as long as eyes can see. The competition in the market is at the moderate level competitive due to the presence of numerous large & small players, having the international presence.
Market players offer a comprehensive, accredited compounding training for pharmacists, pharmacy technicians, and Compounders for which they develop a state-of-the-art education center. Key players try to minimize personnel / environmental exposure to hazardous drugs in the compounding pharmacy through workflow strategies.
Key Players:
Some of the leading US & Europe Non-Sterile Compounding Pharmacy Market players are B.Braun Melsungen AG (Germany), Fagron (the Netherlands), True Nature Holding, INC (U.S), Fresenius Kabi AG (Germany), Pharmedium (U.S.), and Dougherty's Pharmacy Inc. (U.S.).
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