Sales Scenario of Sterile Compounding Pharmacies Market To Remain Positive Through 2022 – 2031 : FactMR

As per the newly released data by Fact.MR, the global sterile compounding pharmacies market reached US$ 5.07 Bn in 2020 and is projected to surpass US$ 8.9 Bn by the end of 2031. With rising demand for custom compounded formulations and increasing pharmaceutical spending, the overall market is slated to expand at 7.2% CAGR between 2021 and 2031. Compounding pharmacies use a doctor’s prescription to create customized medication. These customized medications offer therapeutic alternatives for patients with unique medical needs that cannot be met by the U.S. Food and Drug Administration (FDA) approved drugs.

Factors such as high risk of infection through drugs administered using injection through an IV or directly into the eyes are increasing the demand for sterile compounding. It involves creating a medication in an environment free from contaminating agents such as viruses and bacteria. These drugs need to be carefully prepared in a separate sterile room to minimize the risk of contamination. Hence, adoption of sterile compounding is expected to surge over the forecast period. Shortage of various types of drugs due to quality and manufacturing issues will boost the demand for sterile compounding pharmacies.

Furthermore, manufacturers are integrating latest technologies such as automation, in the compounding procedures to minimize human involvement. This will aid the production of high quality compounding products with greater efficiency.

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According to Fact.MR, injectable are among highly preferred sterile compounding products due to their faster mode of action. Meanwhile, sales of ocular compounded ophthalmic medications are projected to account for the second largest share of 15.5% by 2031 in this market. This is attributable to the increasing prevalence of ophthalmic disorders across the world.

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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More Insights on the Sterile Compounding Pharmacies Sales Outlook

Fact.MR provides an unbiased analysis of sterile compounding pharmacies market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global demand for sterile compounding pharmacies with a detailed segmentation on the basis of:

Product

• Injectables
• Nasal
• Ocular
• Otic

Therapeutic Area

• Hormone Replacement Therapy
• Pain Management
• Dermatology
• Oncology
• Hematology
• Dental
• Others

End User

• Adults
• Pediatrics
• Geriatrics
• Veterinary

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Key Questions Covered in the Sterile Compounding Pharmacies Market Outlook Report

• The report offers insight into sterile compounding pharmacies demand outlook for 2021-2031
• The market study also highlights projected sales growth for sterile compounding pharmacies market between 2021 and 2031
• Sterile compounding pharmacies market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
• Sterile compounding pharmacies market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others

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