The Business Research Company's Sterile Compounding Pharmacies Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033

LONDON, GREATER LONDON, UK, July 3, 2024 /EINPresswire.com/ -- The global sterile compounding pharmacies market is projected to grow from $4.99 billion in 2023 to $5.3 billion in 2024, at a CAGR of 6.4%. The market is anticipated to reach $6.7 billion by 2028, driven by the increasing demand for personalized medicine, advancements in precision medicine, and a focus on patient-centric care.

Increasing Demand for Personalized Medicine Drives Market Growth
The increasing demand for personalized medicine is a significant factor contributing to the growth of the sterile compounding pharmacies market. Personalized medicine, which tailors medical treatment to the individual characteristics of each patient, relies heavily on sterile compounding pharmacies to create customized medications. These pharmacies ensure medications are prepared in a sterile environment, eliminating non-essential and undesirable components, thus enhancing treatment outcomes and patient satisfaction. According to the Personalized Medicine Coalition, personalized medicines accounted for at least a quarter of new medication approvals in 2022, highlighting the growing trend and its impact on the market.

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Key Players and Market Trends
Major companies operating in the sterile compounding pharmacies market include B. Braun SE, PharMerica Corporation, Fagron Group BV, QuVa Pharma Inc., NewCo Pharma GmbH, Medisca, PharMEDium Healthcare Holdings Inc., Central Admixture Pharmacy Services (CAPS), and others. These companies are focusing on strategic acquisitions and collaborations to expand their market presence and gain a competitive edge. For instance, Sharp, a US-based pharmaceutical packaging company, acquired Berkshire Sterile Manufacturing (BSM) in October 2023, enhancing its capabilities in sterile injectable services.

Trends: Automation and Robotics Integration, Regulatory Compliance
The sterile compounding pharmacies market is witnessing trends such as the integration of automation and robotics to improve efficiency and accuracy in compounding processes. Additionally, there is a heightened focus on stringent regulatory compliance to ensure patient safety and product quality. The shift to outsourced compounding services and technological advances in aseptic techniques are also notable trends shaping the market.

Segments:
•Product: Injectables, Nasal, Ocular, Otic
•Therapeutic Area: Hormone Replacement Therapy, Pain Management, Dermatology, Oncology, Hematology, Dental, Other Therapeutic Areas
•Route of Administration: Intravenous, Intramuscular, Subcutaneous
•End-Users: Adults, Pediatrics, Geriatrics, Veterinary

Geographical Insights: North America Leading the Market
North America dominated the sterile compounding pharmacies market in 2023, driven by the presence of major market players and advanced healthcare infrastructure. Asia-Pacific is expected to be the fastest-growing region during the forecast period, attributed to the increasing healthcare needs, rising prevalence of chronic diseases, and advancements in healthcare technology.

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Sterile Compounding Pharmacies Global Market Report 2024 from TBRC covers the following information:
•Market size data for the forecast period: Historical and Future
•Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
•Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Sterile Compounding Pharmacies Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on sterile compounding pharmacies market size, sterile compounding pharmacies market drivers and trends, sterile compounding pharmacies market major players, competitors' revenues, market positioning, and market growth across geographies. The sterile compounding pharmacies market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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