North America Sterile Compounding Pharmacies Market Key Players Analysis, Opportunities and Growth Forecast to 2028
The Sterile Compounding Pharmacies Market in North America is expected to grow from US$ 1,997.45 million in 2021 to US$ 3,218.93 million by 2028; it is estimated to grow at a CAGR of 7.1% from 2021 to 2028.
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Personalized medicine has gained significant attention due... moreNorth America Sterile Compounding Pharmacies Market Key Players Analysis, Opportunities and Growth Forecast to 2028
The Sterile Compounding Pharmacies Market in North America is expected to grow from US$ 1,997.45 million in 2021 to US$ 3,218.93 million by 2028; it is estimated to grow at a CAGR of 7.1% from 2021 to 2028.
Get Full Report: https://www.businessmarketinsights.com/reports/north-america-sterile-compounding-pharmacies-market
Personalized medicine has gained significant attention due to its specific drug delivery and dosing capabilities. According to the report published by Personalized Medicine Coalition, personalized medicines accounted for more than a quarter of all new therapeutics approved since 2015. For instance, the Food and Drug Administration (FDA) Center for Drug Evaluation and Research (CDER) approved 53 new molecular entities (NMEs) in 2020. Among the 49 therapeutics NMES, 19 (almost 39%) are personalized medicines.
North America Sterile Compounding Pharmacies Market Segmentation
North America Sterile Compounding Pharmacies Market – By Product
Injectable Drugs
Infusions
North America Sterile Compounding Pharmacies Market – By Route of Administration
Intravenous
Intramuscular
Subcutaneous
North America Sterile Compounding Pharmacies Market– By Country
US
Canada
Mexico
North America Sterile Compounding Pharmacies Market-Companies Mentioned
Avella Specialty Pharmacy
B. Braun Melsungen AG
Fagron, Inc.
Fresenius Kabi AG
Pace Pharmacy
Pavilion Compounding Pharmacy, LLC.
Pencol Compounding Pharmacy
PharMEDium Healthcare Holdings, Inc.
SandsRx
Triangle Compounding Pharmacy
North America Sterile Compounding Pharmacies: Navigating a Personalized Medicine Boom
The rise of personalized medicine is significantly impacting the North American sterile compounding pharmacy market. Notably, a surge in personalized medicine approvals, reaching a peak since 2018, underscores the growing demand for customized treatments. Sterile compounding pharmacies are uniquely positioned to address this need, offering tailored formulations that traditional pharmaceuticals cannot provide. This includes customized dosages, administration routes, and allergen-free options, catering to patients with specific medical requirements. The increasing demand for precision therapies is creating significant revenue opportunities for these pharmacies, driving strategic investments in innovation and growth.
COVID-19 Impact and Adaptation:
The COVID-19 pandemic presented substantial challenges, disrupting supply chains, increasing PPE demand, and impacting operational integrity. Hospitals and compounding pharmacies faced equipment shortages and operational adjustments, guided by updated USP guidelines. Supply chain disruptions and limited service provider availability, as highlighted by the Canadian government, further complicated operations.
Strategic Insights for Market Success:
To capitalize on the growing market, stakeholders must leverage data-driven strategic insights. This includes:
Identifying Untapped Segments: Pinpointing niche patient populations and specialized formulations to differentiate from competitors.
Developing Unique Value Propositions: Offering specialized services, such as advanced compounding techniques or patient-centric care models.
Anticipating Market Shifts: Utilizing data analytics to predict trends and adapt to evolving regulations and technological advancements.
Inorganic Growth Strategies: Focusing on mergers, acquisitions, and partnerships to accelerate innovation and expand market reach.
Operational Resilience: Building robust supply chains and implementing flexible operational procedures to mitigate future disruptions.
Key Takeaways:
The North American sterile compounding pharmacy market is experiencing significant growth driven by the rise of personalized medicine. Strategic adaptation to pandemic-related challenges and proactive implementation of data-driven insights are crucial for long-term success. Investors, manufacturers, and other stakeholders must focus on innovation, operational efficiency, and anticipating market shifts to capitalize on this dynamic sector.
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Author’s Bio:
Suryakant Gadekar
Senior Market Research Expert at Business Market Insights
