North America will Dominate the Sterile Compounding Pharmacies Market with 72% Market Share Through 2031
Fact.MR’s sterile compounding pharmacies market analysis predicts the market to attain a valuation of US$ 8.9 Bn by the end of the decade, which is 1.8X its current valuation. This survey forecasts the global sterile compounding pharmacies market to expand at a significant CAGR of around 7.2% through 2031, with the U.S. slated to account for over 70% market share.
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.
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Regionally, North America will continue to dominate the sterile compounding pharmacies market with the U.S. accounting for 72% market share through 2031. Growing awareness among people, adoption of automation in compounding procedures, strong presence of leading market players, and increasing spending on medicines are some of the factors boosting the market in the U.S.
“Minimizing risk in sterile compounding process is crucial for maintaining the quality of the product. As a result, sterile compounding pharmacies are shifting towards automation. Adoption of robotics and other latest technologies ensure safety while reducing human related mistakes in the entire process. This is expected to create growth opportunities for the market.” says the Fact.MR analyst.
Key Takeaways from Sterile Compounding Pharmacies Market Survey
- With increasing spending on medicine and highly advanced healthcare infrastructure, the U.S. is expected to account for around 77.2% share in 2021.
- Canada’s sterile compounding pharmacies market is poised to exhibit a CAGR of 8.9% between 2021 and 2031.
- Owing to the growing demand for sterile compounding formulations along with presence of leading players, the U.K. is set to account for around 34% share of the Europe market.
- Australia and New Zealand, collectively, accounted for around 54% market share of Asia Pacific in 2031.
- Based on product, ocular segment is projected to account for 15.5% market share during the forecast period.
- In terms of therapeutic area, hormone replacement therapy segment is poised to expand at 5% CAGR between 2021 and 2031.
Key Drivers
- Increasing preference for personalized medicines spurs the growth of sterile compounding pharmacies market.
- Rising geriatric population, high prevalence of diseases, and shortage of essential medicines are supporting the growth of the market.
- Adoption of robotic automation for increasing the efficiency and quality of drug compounding is reshaping the sterile compounding pharmacies market.
Key Restraints
- Shortage of skilled lab technicians and pharmacists is restraining the market growth.
- High cost associated with maintenance of sterile environment also limits the market growth.
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Competitive Landscape
The global sterile compounding pharmacies industry is marked by the presence of emerging as well as top sterile compounding pharmacy manufacturers. Rising adoption of inorganic growth strategies by key players operating in the market and increasing novel product approvals and launches are major factors that are expected to drive market growth.
Further, to strengthen their footprint across the globe, key players are focused on pursuing mergers and acquisitions as their key growth strategy.
- For instance, in May 2021, Slade Health, part of Icon Group entered into a long-term agreement with Auckland District Health Board (ADHB) to provide sterile compounding services to meet the growing needs of cancer patients. This agreement would build and operate a world-class, GMP (Medsafe) licensed sterile compounding facility delivering chemotherapy, antibiotics, analgesics, and nutritional infusions for public and private hospitals across New Zealand.
Key Companies Profiled:
- Fagron
- Fresenius Kabi AG
- PharMEDium Services, LLC
- Institutional Pharmacy Solutions
- Cantrell Drug Company
- Lorraine’s Pharmacy
- B. Braun Melsungen AG Company
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Key Segments as per Global Sterile Compounding Pharmacies Industry Research
- By Product
- Injectables
- Nasal
- Ocular
- Otic
- By Therapeutic Area
- Hormone Replacement Therapy
- Pain Management
- Dermatology
- Oncology
- Hematology
- Dental
- Others
- By End User
- Adults
- Pediatrics
- Geriatrics
- Veterinary
Key Questions Covered in the Sterile Compounding Pharmacies Market Report
- What is the projected value of the Sterile Compounding Pharmacies factors Industry in 2022?
- At what rate will the global Sterile Compounding Pharmacies factors market size grow until 2031?
- Which are the factors hampering the growth of Sterile Compounding Pharmacies factors?
- Which region is expected to lead in the global Sterile Compounding Pharmacies factors market By 2031?
- Which are the factors driving the Sterile Compounding Pharmacies factors Industry during the forecast period?
- What is the expected market value of the Sterile Compounding Pharmacies factors market during the forecast period?
Regional Analysis For Sterile Compounding Pharmacies Market:
- APAC (Japan, China, South Korea, Australia, India, and the rest of APAC; the rest of APAC is further segmented into Malaysia, Singapore, Indonesia, Thailand, New Zealand, Vietnam, and Sri Lanka)
- Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe; Rest of Europe is further segmented into Belgium, Denmark, Austria, Norway, Sweden, Netherlands, Poland, Czech Republic, Slovakia, Hungary, and Romania)
- North America (USA, Canada and Mexico)
- South America (Brazil, Chile, Argentina, Rest of South America)
- MEA (Saudi Arabia, United Arab Emirates, South Africa)
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