LONDON--(BUSINESS WIRE)--Technavio has published a new report on the global compounding pharmacy market that provides a detailed analysis of the most important trends, drivers, and challenges that are expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio market research analysts, the global compounding pharmacy market will grow at a CAGR of nearly 6% during the forecast period. The increase in healthcare and pharmaceutical spending is a major factor driving the market’s growth. Healthcare spending per capita increased by 7.25% between 2014 and 2016. This is a trend, which is expected to continue during the forecast period. People are spending more on healthcare. Thus, pharmaceutical spending, as a proportion of healthcare spending, is also gradually increasing. This indicated the increasing demand for medications. Pharmacy visits are increasing significantly because of the increasing prevalence of chronic diseases. Owing to the increase in the number of prescriptions, people with allergies to some ingredients, people who are sensitive and need mild doses, and people who need medicines in different forms such as liquids prefer compounded drugs. This is driving the growth of the global compounding pharmacy market.
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In this report, Technavio highlights the increasing prevalence of hormonal imbalance as one of the key emerging trends in the global compounding pharmacy market:
Increasing prevalence of hormonal imbalance
Hormonal imbalance is a genetic condition, which can be passed on from one generation to another. The prevalence of hormonal imbalance has been increasing significantly. This is because of the growth in geriatric population, unhealthy eating habits of people, consumption of medications, stress, and increasing prevalence of thyroid, diabetes, and tumors. Hormonal imbalance causes physical and mental issues. Hormonal imbalance can be caused by the lack or surplus of iodine levels in the body. It may also occur because of stress and unhealthy eating habits of people. When left untreated, the hormonal imbalance could also cause cancer. General medicines used to treat hormonal imbalance might not be effective because of the differences in the imbalance of hormones from one person to another.
“Hormone replacement therapy is a therapeutic area of pharmaceutical compounding. In hormonal therapy, the chemical composition of a person's hormones is tested, and the same hormones are produced for the specific person. Depending on each person's imbalance or deficiency of each type of hormone, identical hormones in the required quantity are administered in the form of pills, capsules, injections, suppositories, or creams,” says a senior analyst at Technavio for research on infectious and rare diseases.
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Global compounding pharmacy market segmentation
This market research report segments the global compounding pharmacy market into the following products (oral medications, topical medications, and parenteral medications) and key regions (the Americas, APAC, and EMEA).
The oral medications segment held the largest market share in 2017, by contributing to more than 36% of the market. The market share occupied by this product is anticipated to increase by more than 1% by 2022.
The Americas dominated the global compounding pharmacy market in 2017, accounting for a market share of over 63%. The market share of this region is expected to decrease by nearly 3% by 2022. APAC is expected to experience the fastest growth during the forecast period.
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