U.S. and Europe Non-sterile Compounding Pharmacy Market – Overview
The Non-Sterile Compounding Pharmacy Market report projects the industry to reach USD 7,637.2 Million by 2030 at 5.7% CAGR during the forecast period 2022-2030.
The pharmaceutical industry is experiencing a dramatic change. Pipeline challenges, pricing pressures, and emerging global markets are redesigning the way these companies operate. Compounding pharmacy is the method of preparing personalized/customized medications for patients. The two major types of compounding pharmacy are sterile and non-sterile pharmacy. Non-sterile drug compounding is the practice of preparing specific medication doses for patients to drink, swallow, insert or apply to the skin. It is the most common type of drug compounding done by pharmacists and pharmacy technicians. Non-sterile dosages are prepared according to legal and professional standards which requires adhering to strict rules for ensuring and maintaining active pharmaceutical ingredient’s purity and potency, ensuring the accuracy of mixing, providing proper packaging, storage, and labelling, and keeping all work surfaces and equipment as clean as possible.
At the same time, the industry endures to wrestle with new challenges redesigning the profession of compounding pharmacy. In a non-sterile compounding pharmacy market where fewer percentage of educated and experienced pharmacists must meet the needs of an ever-growing population, new technologies arise to increase production levels and awaken a technology workforce. Non-sterile compounding pharmacists face many challenges today like productivity, profitability, staying competitive, new technologies, and offshore competition.
U.S. and Europe Non-sterile Compounding Pharmacy Market -Regional Analysis
The U.S. and Europe compounding pharmacy market is expected to steady but positive growth the U.S. and European countries owing to a rise in the demand for the compounding medications, increasing prevalence of chronic diseases and demand for automated instruments for the compounding non-sterile products. Furthermore, key market players are engaged in mergers and acquisitions boost the market growth. However, the strict regulatory framework, and poor reimbursement policies restrain the growth of the market.
Rising demand for customized medicine, increasing prevalence of chronic diseases, and growing awareness about compounding pharmaceutical products for the treatment of chronic diseases such as diabetes, asthma, and other accelerate the growth of the market in the U.S. Furthermore, increasing number of compounding pharmacies also boost the market growth. Popularity of non-sterile compounding products is found to be increasing due to increased security regarding product safety regulations from the U.S. FDA and U.S. Demand for compounded medications including non-sterile products is expected to get maximum application in hormone replacement therapy & pain management owing to an increase in the demand for customized medicines in these therapeutic areas.
Additionally, key market players are engaged in number of strategies such as mergers & acquisitions. For instance, Fresenius Kabi AG, a company based in Germany, acquired U.S. generic drugs manufacturer Akorn, Inc. for business expansion in the U.S. Akorn Inc. manufacturers branded and generic ophthalmic, injectable and non-injectable drugs with facilities in the U.S.
U.S. and Europe Non-sterile Compounding Pharmacy Market – Competitive Analysis
Fagron (the Netherlands), B.Braun Melsungen AG (Germany), Fresenius Kabi AG (Germany), TRUE NATURE HOLDING, INC (U.S), Dougherty’s Pharmacy Inc. (U.S.), and PHARMEDIUM (U.S.).are some of the prominent players at the forefront of competition in the sector and are profiled in MRFR’ U.S. and Europe Non-sterile compounding pharmacy Market research analysis.
A vast majority of key players are engaged in mergers and acquisitions for the expansion of product portfolio, thus maintaining their position in the market. Fresenius Kabi AG acquired the U.S. generic drugs manufacturer Akorn, Inc. Furthermore, most of these market players currently focus on the manufacturing of oral medications such as tablets and capsules and topical medications such as creams and ointments.
There are numerous players operating in the compounding pharmacy market all over the globe. Many organizations especially in the U.S., and Europe have their own manufacturing units. While some organizations outsource their facility of manufacturing to other organizations. B. Braun Melsungen AG, Fagron, and Fresenius Kabi AG account for total 43% of the U.S. and European market. Other players in the market are TRUE NATURE HOLDING, Dougherty’s Pharmacy, Inc, PHARMEDIUM, U.S. Compounding Services, Absolute Pharmacy, Empower Pharmacy, Rockaway Pharmacy Inc, United Pharmacy, LLC. KRS Global Biotechnology and Ameridose hold 57% of the market share.
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
Contact Us:
Market Research Future (Part of Wantstats Research and Media Private Limited)
99 Hudson Street, 5Th Floor
New York, NY 10013
United States of America
+1 628 258 0071 (US)
+44 2035 002 764 (UK)
Email: sales@marketresearchfuture.com
Website: https://www.marketresearchfuture.com
