United Kingdom (UK) Compounding Pharmacies Market is set to reach USD 455 Mn by 2024
UK Compounding Pharmacies Market to witness phenomenal growth due to factors like rising geriatric population and chronic conditions.
India – April 30, 2019 /MarketersMedia/ —
Graphical Research presents an extensive report on UK Compounding Pharmacies Market that offers qualitative information about prevailing trends and a detailed analysis of the growth trajectory of this industry. It also includes a study of the historical data and detailed statistics that will help determine the future scope of the industry in terms of commercialization opportunities.
Growing disease burden coupled with increasing shortage of drugs such as cancer medicines and emergency drugs will augment the UK compounding pharmacies market growth over the forecast timeframe. Drug shortages leading to medication errors and increased chances of occurrence of adverse events resulting in inadequate patient care, patient complaints and high institutional costs will increase dependence on compounding pharmacies. Ability of compounding pharmacies to fill a critical gap by replicating drugs that are commercially produced but not available will upsurge compounding pharmacies industry growth over the analysis period.
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Furthermore, convenience and benefits offered by compounded drugs will positively impact business growth. Ability of compounding pharmacies to create dosages of medication that are commercially unavailable, create hypoallergenic versions of drugs for individuals allergic to a common preservative or additive, formulate liquid doses for patient with difficulty in swallowing pills will boost demand for compounded drugs.
Growing patient inclination towards personalized treatments will further spur the industry size. However, requirement of high cost equipment and changing regulatory specifications may hamper the UK compounding pharmacies market growth over the coming years.
Rectal product segment was valued over USD 25 million in 2017 and is estimated to witness substantial growth in the upcoming years. Use of rectal products as a substitute when oral route is not allowed will upsurge the segment growth. Low cost and minimal technical problems associated with rectal products will spur segment size during the forecast period.
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Hormone replacement segment accounted for more than 29% revenue share in 2017 and will witness substantial growth during the forthcoming years. Segment growth can be attributed to increasing adoption of personalized hormone replacement therapy to suit different individuals and hormone levels. Availability of compounded hormones in different dosage forms and strengths, including capsules, vaginal or topical creams, foams, and gels, suppositories and sublingual troches or drops will foster the segment growth.
Children segment held considerable revenue share in 2017 and is projected to show lucrative CAGR of 6.2% over the analysis timeline. Ability of compounding pharmacists and pediatricians to prepare and develop medications to avoid difficulty in swallowing tablets or capsules and meet child’s specific needs will surge the demand for compounded medication.
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Prominent players in UK compounding pharmacies market include Baxter International, PharMEDium, B. Braun Melsungen, Clinigen, ICU Medical, Fresenius Kabi, McKesson Corporation, Specialist Pharmacy, Nova Laboratories and Fagron. Industry players are taking several initiatives to acquire higher market share and strengthen their market position.
For instance, in November 2017, Clinigen acquired Quantum Pharmaceutical Limited. This acquisition enabled Clinigen to strengthen its presence in compounding pharmacies market, thereby enhancing company’s revenue growth.
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