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(IT-NEWSWIRE.COM, February 23, 2018 ) Non-sterile compounding pharmacy market is growing continuously and is expected to grow at a CAGR of 2.65% from 2017 to 2023. Compounding involves the customization of the medicine based on the physician prescription. The pharmacist customizes the dosage or strength and reformulates the drug by excluding unwanted ingredients to which the patient is allergic, or may change the form of the medicine for the patients who are unable to swallow the oral medications.
Non-sterile compounding requires clean environment for the preparation of drugs or other products. However, maintaining clean workplace is essential during the formulation of non-sterile compounding as per the standard specified by the regulatory bodies governing the use of ingredients. About 125 simple formulas for non-sterile compounds are formulated in the U.S. Pharmacopeia. The pediatricians and veterinarians commonly prescribe the non-sterile compounding products.
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Key players in the U.S. & Europe non-sterile compounding pharmacy market:
Some of the key players in this market are Fagron (the Netherlands), B.Braun Melsungen AG (Germany), Fresenius Kabi AG (Germany), TRUE NATURE HOLDING, INC (U.S), Dougherty's Pharmacy Inc. (U.S.), and PHARMEDIUM (U.S.).
Key findings:
Pain management is expected to account for the largest market share of 50.3% in the U.S. and Europe non-sterile compounding pharmacy market. Hospitals occupy the largest market share and is expected to reach USD 871.97 million by 2023.
Segments:
The U.S. & Europe non-sterile compounding pharmacy market is segmented into product, application, and end user. By type, the market is segmented into oral medication, topical medication, otologic/nasal medication, and others. The oral medications are further segmented into solid and liquid preparations. The topical medications include ointments, creams, gels, pastes, and others. By application, the market is segmented into pain medication, hormone replacement therapy, and others. By end user, the market is segmented into hospitals, compounding pharmacy, and others.
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Market Synopsis of the U.S. & Europe Non-Sterile Compounding Pharmacy Market:
The U.S. Pharmacopeia Convention (USP) formally defines compounding as ‘the preparation, mixing, assembling, altering, packaging, and labelling of a drug, drug-delivery device in accordance with a licensed practitioner's prescription, medication order, or initiative based on the practitioner/patient/ pharmacist/compounder relationship in the course of professional practice.’ Products manufactured by a compounding pharmacy are customized according to the patient need.
The market for non-sterile compounding pharmacy is driven by an increasing prevalence of chronic diseases such as diabetes, rising need for customized medicine and increasing geriatric population. Furthermore, the demand for anti-aging products that use custom compounded drugs is growing in the U.S. and Europe. However, the strict regulations governing the manufacturing of the compounded product and high prices restrain the market growth. The U.S. & Europe non-sterile compounding pharmacy market is expected to grow steadily at a CAGR of 2.65% during the forecast period.
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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
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Source: EmailWire.Com 
Source: EmailWire.com
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