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Sterile Compounding Pharmacies Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product and Route of Administration, and Geography
The sterile compounding pharmacies market is projected to reach US$ 6,198. 59 million by 2028 from US$ 3,968. 70 million in 2021; it is expected to grow at a CAGR of 6. 6% from 2021 to 2028. On-site sterile compounding has gained significant attention in the market and is one of the most impacting factors responsible for the market growth.
New York, June 23, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Sterile Compounding Pharmacies Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product and Route of Administration, and Geography" - https://www.reportlinker.com/p06232607/?utm_source=GNW
On-site compounding and sterilization can prove vital in case of an intravenous solution intended to be customized as per the patient’s requirement. Also, compounding and filtering a formulation into a sterile intravenous solution is successfully met through strong collaboration with the pharmaceutical sponsor and clinical site pharmacists, where sterility testing can be conducted efficiently. Today, sterile compounding pharmacists are focusing on the latest research activities, innovative techniques, and quality control rules for getting the best ingredients that meet patients’ needs. For example, the National Association of Boards of Pharmacy (NABP) announced receiving funding from the Food and Drug Administration (FDA) for developing a data-sharing system that improves oversight of sterile compounding pharmacies. This new system is predicted to assist in collecting, managing, and sharing information related to sterile compounding, especially in the US. Moreover, the project also aims to reduce the risk of injury, favoring patients from drug products that have been improperly compounded.
The global sterile compounding pharmacies market is bifurcated on the basis of product and route of administration.Based on product, the market is bifurcated into injectable drugs and infusions.
The injectable drugs segment would account for a larger market share during 2021–2028.Injectable drugs are among the most preferred sterile compounding products due to their faster mode of action.
Additionally, major players are adopting new strategies for staying forefront in the global market.For instance, in February 2021, Fresenius Kabi Canada announced the launch of "IDIACO", an adalimumab biosimilar in Canada.
The drug is instantly available for all the reference medicine’s indications in the field of rheumatology, gastroenterology, and dermatology. Moreover, in November 2020, Fagron, Inc. announced the launch of new platforms with multiple presentations available-IV Bags for the expansion of its product portfolio. The new platform launches with multiple presentations related to fentaNYL, HYDROmorphone, and Midazolam.
By route of administration, the sterile compounding pharmacies market is segmented into intravenous, intramuscular, and subcutaneous.The intravenous segment would dominate the market in the coming years.
The intravenous route of the administration has a 100% bioavailability, which drives the market growth for the intravenous segment.Additionally, through the intravenous route, drugs can be delivered uniformly.
Also, a large volume of infusion can be administered through the IV route. For instance, 20% mannitol is delivered in cases of cerebral edema by I.V. infusion. Such factors would support the growth of the sterile compounding pharmacies market for the intravenous segment during the forecast period.
The World Health Organization (WHO), Industrial Research Assistance Program, Good Manufacturing Practices, Organization for Economic Co-operation and Development (www.oecd.org), and Quality Care Pharmacy Program are among the primary and secondary sources referred to while preparing the report on the sterile compounding pharmacies market.
Read the full report: https://www.reportlinker.com/p06232607/?utm_source=GNW
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