Compounding Pharmacies: A niche Medicare market serving the patients with need: Ken Research
Posted on 11 October 2017 by KenResearch Healthcare,
Compounding pharmacies are a blessing for certain patients. They prepare drugs for patients with specific needs, drugs that cannot be produced by commercial manufacturers. For example, an infant or a young child may be in need of a small dose of a drug, which is manufactured for adults, or a person might be allergic to one of the ingredients in the commercial version and might need a different version of the same drug. Such special needs of patients are taken care of by Compounding Pharmacies.
According to the market research report "Global Compounding Pharmacy Market by Manufacturers, Countries, Type and Application, Forecast to 2022", the increasing elderly population and higher proportion of individuals reaching the advanced age of 50+ has resulted in increased demand of medicines. Nevertheless, due to the variation in population taste, allergies and requirement, demand for personalized medicines is increasing. In addition, shortage in supply of commercial drugs and quality issues are further simulating the demand of such personalised drugs. The market is segmented by manufactures, geographic region, type and application. Major manufactures in this segment are Fagron, CAPS, Cantrell Drug, Advanced Pharmacy, Olympia Pharmacy, and few others. By region, this market can be segmented into North America (USA, Canada), Europe (Germany, France, and Russia), Asia-Pacific (China, Japan, Korea, and India), South America, Middle East and Africa. In terms of type, this market can be segmented into Pharmaceutical Ingredient Alteration and Pharmaceutical Application Alteration. In terms of application, the market can be segmented into consumers aged under 18, consumers aged 19 to 44, consumers aged 44 to 64 and consumers aged 65 and above. Oral medications dominate the compounding pharmaceuticals market, while in age group, adult segment leads the market. Although lack of availability of skilled staff for compounding process and high cost of equipments for preparing such medicines is impeding the growth to some extent, but due to large demand, the market is expected to grown in near future.
Compounding Pharmaceuticals are growing rapidly because of high demand. Due to heavy investment in R&D and other technological advancements, the industry is expanding rapidly. Adoption of new technology will make these medicines more affordable and will further boost the growth in the market.
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