Over a ten-year period, the parenteral compounding market is anticipated to grow at a robust 9.1% annual rate, from US$ 1.7 billion in 2023 to over US$ 4.0 billion by 2033. This suggests that a big change in the market is about to happen.
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.
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.
Key Segmentation:
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
