Report : Asia-Pacific Compounding Pharmacies Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product (Oral Medications, Topical Medications, Suppositories, and Others) and Therapeutic Area (Pain Medications, Hormone Replacement Therapies, Dermatological Applications, and Others)
Pain Medications Segment to Dominate APAC Compounding Pharmacies Market during 2020–2028
According to a new market research study on “APAC Compounding Pharmacies Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Product and Therapeutic Area,” is expected to reach US$ 2,402.42 million by 2028 from US$ 1,576.04 million in 2021. The market is estimated to grow at a CAGR of 6.2% from 2021 to 2028. The report provides trends prevailing in the APAC compounding pharmacies market along with the drivers and restraints pertaining to the market growth. Benefits of compounded medications is the major factor driving the growth of the APAC compounding pharmacies market. However, product recalls and stringent regulatory requirements hinder the growth of APAC compounding pharmacies market.
Countries in Asia Pacific are facing challenges due to increasing incidences of COVID-19. As per the data of Worldometer, as of March 22, 2021, China reported a total of 90,049 COVID-19 cases, while in Japan it stood at 446,873 India recorded 11,385,339 cases, and Australia reported 29,126 confirmed cases. The widespread occurrence of COVID-19 and the shortage of drugs is fueling the need for compounded medication. Drug shortages can be mainly linked with production delays and supply chain issues and unavailability of raw materials. These trends have been largely observed during the ongoing COVID-19 pandemic. Compounding pharmacies could help play a crucial role in filling the demand-supply gap by producing medicines that are unavailable or experiencing shortage. Further, Drug manufacturers in China may have cut production by almost 40% early this year as the novel coronavirus spread there, according to a U.S.-based group that supplies the basic tools for testing the quality of many medicines. China is the backbone of the world’s drug supply. Any disruption in the country’s output could result in shortages of medications which will open wide opportunities for the compounding pharmacies market thereby impacting positively in the region. However, in India adoption of compounding pharmacies is very low which might hamper the growth during the pandemic
The market for compounding pharmacies market is segmented into product, therapeutic area, and country. Based on product, the market is segmented into oral medications, topical medications, suppositories, and others. In 2020, the oral medications segment held the largest share APAC compounding pharmacies market. Based on therapeutic area, the market is divided into pain medications, hormone replacement therapies, dermatological applications, and others. In 2020, the pain medications segment held the largest share APAC compounding pharmacies market. Similarly, based on country, the market is bifurcated into China, Japan, India, South Korea, Australia, Rest of Asia Pacific. China contributed a substantial share in 2020.
B.Braun Melsungen AG; Belle Santé Diagnostic & Therapeutic Institute Pvt. Ltd; Elixir Compounding Pharmacy; Fagron, Inc; Fresenius Kabi AG; are among the leading companies in the APAC 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, B. Braun Melsungen AG and Grifols form strategic partnership to enhance compounding pharmacy production output and services for hospitals. Grifols is a leading producer of plasma-derived medicines and has compounding centres in U.S.
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