Global Compounding Pharmacy Market 2018-2022
About Compounding Pharmacy
In compounding pharmacies, pharmacists prepare medicines by mixing ingredients in the dosage required for each person. Compounding pharmacies are required when the type of medicine required is not available in general pharmacies, the available medicines are not suitable for a person, or the medicine is required in an alternate form.Technavio’s analysts forecast the global compounding pharmacy market will earn a revenue of about USD 12 billion by 2022.Covered in this report The report covers the present scenario and the growth prospects of the global compounding pharmacy market for 2018-2022. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Compounding Pharmacy Market 2018-2022
Technavio recognizes the following companies as the key players in the global compounding pharmacy market: Fagron, B. Braun Melsungen, Fresenius, Wedgewood Pharmacy, Dougherty's Pharmacy, and Village Compounding Pharmacy.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is increasing prevalence of hormonal imbalance. Factors such as growing geriatric population, unhealthy eating habits of people, consumption of medications, stress, and increasing prevalence of thyroid, diabetes, and tumors, are driving the rising incidences of hormonal imbalance. This also results in physical and mental issues.”
According to the report, one driver in the market is increase in healthcare and pharmaceutical spending. Proportionally, pharmaceutical spending is also increasing due to the increasing demand for medications. The growing incidences of chronic diseases are encouraging the consumers to visit compounding pharmacies.
Further, the report states that one challenge in the market is non-availability of insurance. Health insurance plans do not cover compounded drugs. Hence, people must spend out-of-pocket to purchase compounded medications. This is a challenge for people from low-income groups. Fagron B. Braun Melsungen Fresenius Wedgewood Pharmacy Dougherty's Pharmacy Village Compounding Pharmacy Other prominent vendors