The global peripheral compounding market size is expected to develop at a robust compound annual growth rate (CAGR) of 9.1% over the course of ten years, from US$ 1.7 billion in 2023 to over US$ 4.0 billion by 2033. This indicates that the market is poised for a significant transition.
The Parenteral Compounding market plays a pivotal role in providing safe and personalized medications to patients who require parenteral administration. This sector is driven by a confluence of factors, including regulatory compliance, patient-centric care, and collaborative efforts within the industry, all with the primary objective of ensuring the delivery of customized and secure pharmaceuticals.
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Key Market Drivers:
- Personalized Medicine: The rising demand for personalized medicine is a significant driver of the Parenteral Compounding market. It enables the preparation of customized dosage forms, strengths, and combinations of medications, catering to the unique needs of individual patients.
- Veterinary Care: The veterinary sector often requires customized prescriptions for animals of various species and sizes. Parenteral Compounding facilitates the creation of veterinary drugs in appropriate dosage forms and strengths, ensuring optimal care for animal patients.
- Clinical Research: In the realm of clinical research, experimental drugs that are not commercially available are frequently needed. Parenteral Compounding facilities adhere to stringent quality control standards, enabling the preparation of experimental medications in compliance with regulatory guidelines and ethical standards.
- Quality Control: The growing emphasis on quality control and patient safety is a driving force behind the demand for specialized parenteral compounding services, further ensuring the efficacy and safety of administered medications.
The Parenteral Compounding market serves a broad spectrum of healthcare settings, including hospitals, clinics, long-term care facilities, and home healthcare. It encompasses compounding pharmacies, outsourcing facilities, and healthcare professionals specializing in sterile compounding. This market’s evolution is poised to redefine patient care, providing tailored pharmaceutical solutions to meet the unique needs of each individual.
As the industry continues to advance, stakeholders across healthcare will benefit from enhanced patient care, precision medicine, and the assurance of safe and effective medications.
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Key Players:
- Avella Specialty Pharmacy
- McKesson Corporation
- Victoria Compounding Pharmacy
- Vertisis Custom Pharmacy
- Smith Caldwell Drug Store
- Sixth Avenue Medical Pharmacy
- Cantrell Drug Company
- Clinigen Group
- Dougherty’s Pharmacy
- Fagron N.V.
- Fresenius Kabi
- Institutional Pharmacy Solutions
- Lorraine’s Pharmacy
- Millers Pharmacy
- Nephron Pharmaceuticals
- Wells Pharmacy Network
- RXQ Compounding Pharmacy
- AmerisourceBergen Corporation
- B. Braun Melsungen AG Company
- Pentec Health
Key Developments:
- In Dec. 2022, the APEX Compounding System, a macro and micro compounder from B. Braun Medical Inc. (B. Braun), a pioneer in smart infusion treatment and safe, effective pharmaceutical solutions, was launched.
- In Jan. 2022, Cyclic Olefin Copolymer syringe was introduced by Nephron Pharmaceuticals Corporation as part of their 503B Outsourcing Facility Operation. 8.4% sodium bicarbonate injection in a COC syringe will soon be available from the company. This tactic will allow the business to expand its product line for the compounding pharmacy sector.
Segmentation Analysis of the Parenteral Compounding Market
By Therapeutic Area:
- Pain Management
- Hormone Replacement Therapy
- Others
By Application:
- Adults
- Pediatric
- Geriatric
- Veterinary
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- The Middle East & Africa
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Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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