Report : North America Sterile Compounding Pharmacies Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product (Injectable Drugs and Infusions) and Route of Administration (Intravenous, Intramuscular, and Subcutaneous)
Injectable Drugs Segment to Dominate North America Sterile Compounding Pharmacies Market during 2019–2028
According to a new market research study on “North America Sterile Compounding Pharmacies Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Product and Route of Administration,” is expected to reach US$ 3,218.93 million by 2028 from US$ 1,997.45 million in 2021. The market is estimated to grow at a CAGR of 7.1% from 2021 to 2028. Rising uptake of personalized medicines is the major factor driving the growth of the North America sterile compounding pharmacies market. However, product recalls and stringent regulatory requirements may hinder the growth of North America sterile compounding pharmacies market. The report provides trends prevailing in the North America sterile compounding pharmacies market along with the drivers and restraints pertaining to the market growth.
Both community and hospital compounding units were heavily involved in managing the COVID-19 pandemic. The increased demand for personal protective equipment (PPE) and other supplies has left many hospitals struggling to maintain the integrity and safety of their sterile compounding operations. Also, during the pandemic situation, United States Pharmacopeia (USP) published a new guidance document addressing operational concerns regarding sterile compounding during the COVID-19 crisis. Hospitals are taking seriously the need to adjust their approaches to sterile compounding due to COVID-19 related equipment shortages. The degree of adjustment needed varies widely from day to day and institution to institution. Apart from that, as per the report released by the Government of Canada, the pandemic has created a number of challenges for businesses. For example, disruptions in supply chain and distribution chains and the limited availability of contract service providers affect the ability to perform tasks such as external calibration and specialized equipment maintenance. Thus, the aforementioned factors have highly impacted the sterile compounding pharmacies market.
The North America sterile compounding pharmacies market is segmented into product, route of administration, and country. The North America sterile compounding pharmacies market, based on product, has been segmented into injectable drugs and infusions. In 2021, the injectable drugs segment held the largest share North America sterile compounding pharmacies market. The North America sterile compounding pharmacies market, based on route of administration is segmented into subcutaneous, intravenous, and intramuscular. The intravenous segment accounts for largest market share in the 2021. Similarly, based on country, the market is segmented into US, Canada, and Mexico. The US contributed a substantial share in 2021.
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; and Triangle Compounding Pharmacy are among the leading companies in the North America Sterile Compounding Pharmacies Market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, Triangle Compounding Pharmacy has launched compounded hand sanitizer to fight with the COVID-19 pandemic. Triangle Compounding Pharmacy is the first to provide pharmaceutical-grade hand sanitizer in U.S.
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