The sterile compounding pharmacies market is expected to reach US$6,198. 59 million in 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 received a lot of attention in the market and is one of the most influencing factors responsible for the market growth.
New York, June 23, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of its 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 preparation and sterilization can be vital in the case of an intravenous solution intended to be tailored to the patient’s needs. Also, the preparation and filtering of a formulation into a sterile intravenous solution is successfully achieved through strong collaboration with the pharmaceutical sponsor and clinical pharmacists, where sterility testing can be performed efficiently. Today, sterile compounding pharmacies focus on the latest research activities, innovative techniques and quality control rules to get the best ingredients that meet the patient’s needs. For example, the National Association of Boards of Pharmacy (NABP) has announced it will receive funding from the Food and Drug Administration (FDA) to develop a data-sharing system that will improve the oversight of sterile compounding pharmacies. This new system is expected to help collect, manage and share information related to sterile compounding, especially in the US. In addition, the project also aims to reduce the risk of injury, favoring patients with drugs that are incorrectly formulated.
The global market for sterile compounding pharmacies is split on the basis of product and route of administration. On the basis of product, the market is split into injectable drugs and infusions.
The injectable drug segment is expected to represent a larger market share in 2021-2028. Injectable drugs are among the most preferred sterile compounding products due to their faster mechanism of action.
In addition, major players adopt new strategies to stay ahead of the global market. For example, in February 2021, Fresenius Kabi Canada announced the launch of “IDIACO”, an adalimumab biosimilar in Canada.
The medicinal product is readily available for all indications of the reference medicinal product in the fields of rheumatology, gastroenterology and dermatology. In addition, Fagron, Inc. in November 2020 launches new platforms with multiple presentations available – IV Bags to expand its product portfolio. The new platform will be launched with multiple presentations related to fentaNYL, HYDROmorphone and Midazolam.
According to the 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 administration has a 100% bioavailability, driving the market growth for the intravenous segment. In addition, drugs can be delivered uniformly through the intravenous route.
Also, a large infusion volume can be administered via the IV route. Thus, 20% mannitol is administered in cases of cerebral edema by IV infusion. Such factors would support the growth of the market for sterile compounding pharmacies for the intravenous segment during the forecast period.
The World Health Organization (WHO), the Industrial Research Assistance Program, Good Manufacturing Practices, Organization for Economic Co-operation and Development (www.oecd.org), and the Quality Care Pharmacy Program are among the primary and secondary sources referenced in the drafting of the sterile compounding pharmacies market report.
Read the full report: https://www.reportlinker.com/p06232607/?utm_source=GNW
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