Compounding Pharmacies Market Trends in Europe | Growth, Size, Share, Opportunities, Industry Analysis to 2026 – KSU | #elderly | #seniors | #execrise
By 2026, the compounding pharmacies market forecast in Europe is slated to attain over $3.1 billion every year. The market, in terms of distribution channel, has been bifurcated into compounding pharmacies and hospitals.
As the demand for high quality drugs and supplements has been on the rise, the compounding pharmacies i has been thriving in Europe. One of the primary growth drivers of the industry has been the constant rise in geriatric population across the region. According to the World Health Organization (WHO), the number of individuals aged 85 and above will surpass 40 million across the European countries. The presence of a high density of aging population is likely to translate to a higher life expectancy, which will require advanced personalized medicine.
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Since the aging population has been concerned with staying healthy and appearing young, anti-aging products, services, and therapies have been gaining momentum, boosting the demand for compounding pharmacies in Europe. The rising popularity of testosterone therapies, superior quality dermatological products, bioidentical hormone replacement and human growth hormone therapies, and the like amongst the middle-aged and the elderly has been setting up the tone for remarkable progression of the Europe compounding pharmacies market trends.
Revenues from the hospital pharmacy segment is anticipated to register a high CAGR and represented nearly 52% of the industry share during 2019. The trending espousal of personalized medicine by hospital patients has been eliciting demand across the segment. The dramatic rise in the volume of hospitalized patients, especially in the light of the COVID-19 pandemic, has been responsible for the segmental expansion.
The market has been divided into veterinary, geriatric, adult, and pediatric categories in terms of application. The market share from the adult segment is projected to exhibit over 4.8% CAGR through 2026, owing to the increasing burden of chronic diseases including cancer and cardiac ailments amongst the middle aged and the adoption of unhealthy habits and sedentary lifestyle. The growing preference for flavored medicines has been influencing the growth of the compounding pharmacies market in Europe.
The industry, by product type, has been segmented into oral, ophthalmic, rectal, nasal, optic, and topical. The topical products segment is poised for high growth and accounted for over 15.5% industry share during 2019. Compounded topical medicines can penetrate the mucous membrane or the skin, allowing absorption into the bloodstream, thereby enhancing effectiveness.
With these medications not only being highly effective but also easy to apply, they are gaining widespread approval of the population. As the incidence of skin diseases escalates, the need for aesthetic treatments and medicines will intensify, favoring the advancement of the compounding pharmacies market.
Non-sterile and sterile compounding pharmacies are the two prime segments of the industry. The sterile compounding pharmacies segment is expected to surge at a CAGR of 5.5% through 2026, accelerated by the increasing frequency of chronic diseases and disorders including cardiac ailments and cancer that require sterile medications. The utilization of parenteral and ophthalmic medications in the treatment of numerous diseases has been spurring the segmental expansion across the Europe compounding pharmacies market trends.
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Nova Laboratories, B. Braun, Clinigen Group, Specialist Pharmacy, Fresenius Kabi, Baxter, Galenic Laboratories, and McKesson Corporation are some prominent industry players. They have been implementing inorganic as well as organic expansion strategies to reinforce their presence across the European compounding pharmacies market.
Table of Contents (ToC) of the report:
Chapter 3 Industry Insights
3.1 Industry segmentation
3.2 Industry outlook, 2015 – 2026
3.3 Major factor analysis
18.104.22.168 Rising geriatric population and improved life expectancy
22.214.171.124 Rising adoption of customized medicine
126.96.36.199 Shortage of drugs
188.8.131.52 Benefits of compounded medication
184.108.40.206 Growing drug failure rate
3.3.2 Restraints & challenges
220.127.116.11 High cost of equipment and maintenance of sterile environment
18.104.22.168 Volatile regulatory scenario
22.214.171.124 Consumer perception towards compounded drugs
3.4 Regulatory landscape
3.5 Reimbursement landscape
3.6 COVID-19 impact analysis
3.7 Porter’s analysis
3.8 Competitive review, 2019
3.9 PEST analysis
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