Non-Sterile Compounding Pharmacy Market Global Competition, Size, Business Outlook, Dynamics and Forecast
Market Research Future (MRFR) has published a research report about the global non-sterile compounding pharmacy market that predicts growth for this market at a 2.65% CAGR (Compound Annual Growth Rate) between 2017 and 2023.
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The key factors driving the global non-sterile compounding pharmacy market growth include the growing demand for anti-aging products (especially in Europe and the USA), exposure to harmful radiation, hereditary reasons & genetic mutations (abnormal changes), and increasing geriatric population. Other major factors aiding the market growth include government initiatives favorable to the market, rising per capita income in developed countries (and in some developing countries), the increasing prevalence of chronic diseases, and the rising need for customized medicine. However, high prices, long approval time for clinical trials, and strict regulations governing the manufacturing of the compounded product can hinder the market growth.
The Global Non-Sterile Compounding Pharmacy Market has been segmented on the basis of application, end user, product, and lastly, region. The application-based segmentation segments this market into hormone replacement therapy and pain medication. Based on the end users, the market has been segmented into compounding pharmacies, hospitals, and others. By product, the market has been segmented into otologic/nasal medication, oral medication, topical medication, and others.
The regional segmentation of the Global Non-Sterile Compounding Pharmacy Market segments the market into North America and Europe.
North America is the biggest regional market because of the presence of the USA, which is large enough to be the largest regional market in the world. The USA is equipped with most advanced medical facilities, high level of research and development (R&D), the increasing prevalence of chronic diseases, rising demand for customized medicine, the presence of key market players, a rising number of hospital-based compounding pharmacies, and a sizable portion of the population suffering from chronic ailments.
Europe is the second largest regional market due to the high density of population, and the availability of advanced medical facilities in most of the European countries. Due to technological advancement, Western Europe is a bigger market than Eastern Europe. In this region, the strongest economies that can become the perfect markets are France, Germany, Italy, the Netherlands, Spain, and the UK, followed by the remaining countries of Western Europe and Eastern Europe. Europe is also the base of many key players in the global non-sterile compounding pharmacy market.
The key players in the global non-sterile compounding pharmacy market include B.Braun Melsungen AG (Germany), Dougherty's Pharmacy Inc. (USA), Fagron (the Netherlands), Fresenius Kabi AG (Germany), Pharmedium (USA), and True Nature Holding INC (USA).
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