by The U.S. Compounding Pharmacies Market is estimated to be valued at US$ 5,072.19 Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Compounding pharmacies combine or alter ingredients to create customized medications for patients. They make medications tailored to individual patient needs like specific dosages, removing allergens or creating a liquid version of a tablet or capsule. Compounding pharmacies often make medications for patients who need formulations different from what’s available commercially and for patients who can’t use available medications due to allergies or sensitivities.
Market Dynamics:
The increasing growth in demand for personalized drugs is one of the major drivers boosting the U.S compounding pharmacies market growth. Compounded medications provide an option for patients who have difficulty swallowing pills or have an intolerance to certain ingredients like dyes, preservatives, or other fillers used in commercially available drugs. An aging population in the U.S suffering from chronic diseases also supports the market growth as compounded drugs can offer alternatives if an older patient is unable to use or tolerate an FDA-approved treatment. Additionally, compounding pharmacies play an important role in meeting the changing healthcare needs arising due to the COVID-19 pandemic by producing hand sanitizers, surface disinfectants and other medicines in shortage. This has significantly driven the market growth over the past few years.
Segment Analysis
Compounding pharmacies market in the U.S. is dominated by topical medications segment. This segment accounts for over 40% share of the market owing to increasing demand for customized medications for dermatological conditions like scars, rashes, acne etc. where patients require medications compounded in specific strengths, bases or vehicles not commercially available.
PEST Analysis
Political: The rising healthcare expenditure in the U.S. and favorable regulatory environment provided by FDA have boosted adoption of compounding pharmacy services.
Economic: Higher disposable income and growing preference for personalized care is fueling market growth. The economic impact of the trend is positive.
Social: Increased social awareness about benefits of customized medications and rising incidence of chronic diseases are driving more patients to seek compounded medications.
Technological: Adoption of advanced machinery for compounding and use of robotics for production is improving efficiency while maintaining sterility. Technology also allows tracking prescriptions electronically.
Key Takeaways
The U.S. Compounding Pharmacies Market Size is expected to witness high growth, exhibiting CAGR of 5.9% over the forecast period, due to increasing incidence of chronic diseases requiring long-term medication management. The market size for 2023 is estimated at US$ 5,072.19 Mn.
Regional analysis indicates that Western region dominates currently due to high penetration of compounding pharmacies facilities. States like California and Texas are emerging as major markets owing to rapidly growing geriatric population and their higher healthcare needs.
Key players operating in the U.S. Compounding Pharmacies market are Avella Specialty Pharmacy,Ltd PharMEDium Services, Institutional Pharmacy Solutions, Cantrell Drug Company,Triangle Compounding Pharmacies,Hoye’s Pharmacy,Vertisis Custom Pharmacy,Smith Caldwell Drug Store,Nephron Pharmaceuticals Corporation,Rx3 Compounding Pharmacy,B Braun Melsungen AG,Clinigen Group PLC,QuVa Pharma,ITC Compounding Pharmacy, and Lorraine’s Pharmacy. PharMEDium Services is leading the market with wide range of sterile compounded medications offered.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
