Compounding is the science of combining and developing drugs that are unique to the needs of the patients. These medications are made depending on the recommendation of the doctor in which the individual constituents are mixed in accordance with the prescribed dose.
Many technical advances and cutting-edge strategies have allowed pharmacies to respond to the needs of clinicians and boost the growth of the global Compounding Chemotherapy Market Share. Furthermore, the increasing opioid scarcity s is expected to increase demand globally for compounding chemotherapy.
Key Players Locking Horns:
Launch of innovative services as well as solutions by renowned firms has intensified the competition level in the world market. Majority of the companies concentrate on fostering their portfolio of healthcare fraud detection solutions, while also taking up strategies such as acquisitions, mergers and partnerships, to capture a higher share in the global market.
MRFR has identified a number of vendors that are active in the compounding chemotherapy industry, including
Pfizer Inc., Baxter, Grifols SA, Comecer S.P.A., Added Pharma, Equashield, Arxium, Dedalus Group, B. Braun Melsungen AG, Omnicell, Icon group, The Metrix Company, Loccioni, Sterline S.R.L., Millers Pharmacy
Future Market Growth Factors:
Frequent technical innovations along with adoption of cutting-edge measures have broadened pharmacies’ ability to respond to the clinicians’ requirements, which has facilitated the growth of the compounding chemotherapy market. Also, the challenges emerging in the form of opioid scarcity worldwide will also foster the demand for compounding chemotherapy in the ensuing years.
Several benefits, including easy-to-use drugs, enabling alternative dosages to access expired medications, and rendering the medicine allergen safe are also likely to bolster the demand for compounding chemotherapy during the review timeframe. Hospitals and various healthcare services providers are increasingly allowing patients to buy medications and drugs that are compounded. Fuelled by these promising advancements, the compounding chemotherapy market is bound to experience robust growth in subsequent years.
Other growth rendering factors include rising cases of cancer, mushrooming aging populace prone to diseases and the patent expiry of prominent medications. Regulatory support combined with rising knowledge about various cancer types and the latest treatment lines also elevate the market position.
Dearth of practiced pharmacists and lab technicians is the major restraints of Chemotherapy Compounding
Developments Post COVID-19 Outbreak of Compounding Chemotherapy Market
With the rising need to curb the spread of the COVID-19 pandemic, healthcare industry is attempting to focus on other fields as well, including cancer treatment. However, the demand for compounding chemotherapy has seen a fall since the novel coronavirus outbreak and the increased focus on bringing down the number of SARS-CoV-2 cases worldwide.
However, rapid surge in several cancer types such as lymphoma, lung cancer, breast cancer, myeloma, ovarian cancer, leukemia, sarcoma, and others that require chemotherapy, will ensure market’s steady growth in the coming years. With the growing cancer prevalence, considerable expenditure on oncology medicine and research activities and availability of health insurance should also help the compounding chemotherapy market stay resilient throughout the conjectured period.
Compounding chemotherapy industry has been considered for dose, compounding type, delivery method, sterility, technology, compounder type, and application.
Compounding chemotherapy market, dose-wise, caters to chemotherapeutic as well as non-chemotherapeutics. Chemotherapeutics obtained the leading position in 2019 and is anticipated to witness significant growth in the following years, backed by the soaring burden of cancer, rising spending on medicine and surge in health benefits.
The various compounding types studied in the MRFR report are currently unavailable pharmaceutical manufacturing (CUPM), pharmaceutical dosage alteration (PDA) and pharmaceutical ingredient alteration (PIA). The PDA segment should perform relatively better than its counterparts in the given period.
The compounding chemotherapy market, in terms of delivery method, can be narrowed down into volumetric automated compounding device (volume-based) and gravimetric automated compounding device (weight-based). In 2019, the lead was secured by the gravimetric automated compounding device (weight-based) segment.
Depending on sterility, the global market has been split based on sterile and non-sterile. The sterile segment, with the biggest share of 56.0%, attained the top spot in 2019. Chemotherapy that is based on sterile substances is used as injections and infusions.
Compounding chemotherapy industry has been regionally divided into Europe, the Americas, MEA or Middle East & Africa as well as APAC or Asia Pacific.
The American market can be considered for two regions, namely North America and Latin America, while the North America market is further segmented into Canada as well as the US. The American market has secured the lead and is soaring at a tremendous pace thanks to the rising cases of cancer, escalating healthcare costs, and the urgent need for advanced chemotherapy. The broad focus on creating modern healthcare practices and improving cancer-based treatment benefits the American industry. The expanding elderly population that is prone to different types of cancer also drive the market value. The Population Reference Bureau reveals that the geriatric populace in the United States is anticipated to touch 24% of the global population by the year 2060. These numbers ensure that the demand for compounding chemotherapy remains steady in the coming years.
During the analysis period, the European market is likely to take the second lead, in terms of revenue, on account of the surge in government-backed research activities to find a breakthrough for cancer, which is rising at an alarming pace in the region. The high healthcare costs, presence of reputed companies as well as well-developed healthcare facilities also add to the market size in the region.
The APAC market for compounding chemotherapy is split into India, China, South Korea, Japan, and Australia. Asia Pacific has strong growth potential since the government across various countries are lending support to the healthcare industry for vigorous research and development activities, especially in China and India. Moreover, the rapid growth in cancer cases, massive demand for effective therapies, burgeoning aging population and mounting public awareness regarding cancer and the latest treatment options also enhance the market size in the region.
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