The Custom-Compounded Therapy Market is expected to grow step-wise in the next 10 years. Video-calling has penetrated the healthcare vertical, resulting in effective long-distance monitoring. Virtual doctor visits are followed by superlative telemedicine, which results in cost-effectiveness as well as various options to choose from (regarding medical practitioners). This would be how the healthcare vertical go in the upcoming period.
According to the latest research by Persistence Market Research, the custom-compounded therapy market is set to witness a growth of 5% CAGR during 2021-2031. Custom-compounded therapy, often known as precision therapy, takes into account individual variances in lifestyle and genetic diversity.
It has the potential to improve patient health outcomes, who may be allergic to specific components in commercial therapy.
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Some of the leading manufacturers and suppliers of the custom-compounded therapy market include
- Fagron
- Specialist Pharmacy
- Nova Laboratories
- Athenex Pharma Solutions
- ImprimisRx
- Fresenius Kabi
- Baxter
- B. Braun
- Galenic Laboratories
- Pencol Compounding Pharmacy
- McKesson Corporation
- Clinigen Group.
Growing demand for HRT drugs, upsurge in the demand for topical products, rising prelavance of chronic diseases such as cancer, convenience and benefits offered by custom compounded therapy as many individual are allergic to conventional hormone therapy is expected to grow substantially in the coming years, which will certainly create a robust demand for custom compounding therapy market.
The rising demand for personalized medicine is a key factor that has fueled the demand throughout the globe. Furthermore, key players are focusing on strengthening their position by collaborating with local hospitals to enhance their distribution networks is fueling market demand even more.
The market for custom-compounded therapy is most prominently driven by countries like U.S. and Canada. The increased popularity of HRTs is fueling the expansion of the custom compound therapy market for compounded HRT therapies in the U.S. and Canada, due to the wide availability of APIs in various dosages.
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The custom compound therapeutic market in the U.S. and Canada is more significant. Progesterone, estradiol, estrogen, and testosterone are the most popular active pharmaceutical compounds in the HRT market right now.
Moreover, the demand for customized compound therapies has increased in the recent year as people have become more conscious about important health functions such as sexual health, osteoporosis, depression, breast and bone health etc.
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Rising geriatric population base along with longer life expectancy, increasing usage of testosterone therapy and high-quality dermatological products, and surging need to look youthful has raised the demand for customized compound therapies and products including human growth hormone and bio identical hormone replacement therapy.
Europe accounts for the existence of numerous medical centers, robust healthcare infrastructure, reimbursement systems and high patient awareness and physician education, and growing healthcare spending to dominate the global market for customized compound therapies.
The Asia Pacific is expected to witness the highest growth during the forecast period. Rising number of chronic pain associated with cancer, increasing usage of testosterone therapy and rising demand for usage of custom-compounded products, favorable regulatory environment and the technological advancements meeting patient needs is boosting the growth of the custom-compounded therapy in the Asia Pacific.
Leading custom-compounded therapy manufacturers are currently using technologically advanced production techniques to improve production efficacy and product offers. The present growth prospects of custom-compounded therapy is majorly driven by profitable strategies including partnerships, mergers, collaboration, new product launches in order to consolidate their industry position and geographic presence.
Key Segments
By Application
- Hormone Replacement
- Pain Management
- Dermatology Applications
- Specialty Drugs
- Nutritional Supplements
By Sterility
- Sterile
- Non-sterile
By Distribution Channel
- Hospital Pharmacy
- Compounding Pharmacy
By Region
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa
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