U.S. Ophthalmic Compounding Pharmacies Market:
Market Overview:
The global U.S. Ophthalmic Compounding Pharmacies Market is estimated to be valued at US$ 232.2 Mn in 2023 and is expected to exhibit a CAGR of 5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
U.S. Ophthalmic Compounding Pharmacies are compounding pharmacies that specialise in compounding sterile ophthalmic medications. They prepare custom formulations which help meet specific needs that are not met by commercially available products. These compounded ophthalmic medications can treat diseases like glaucoma, infections, dry eyes and allergies.
Market key trends:
One of the key trends in the U.S. ophthalmic compounding pharmacies market is the increasing demand for personalized formulations. Patients are increasingly demanding medications tailored to their specific needs in terms of dosage form, concentration and ingredients. This is due to factors like insurance coverage issues, adverse drug reactions from commercially available medications and poor response to conventional treatment options. Compounded medications allow tailoring the formulation to meet individual patient requirements.
Segment Analysis
The U.S. Ophthalmic Compounding Pharmacies Market Share is dominated by topical formulations segment, which accounted for over 60% market share in 2021. Topical formulations include ointments, gels, and eye drops used to treat eye diseases such as dry eyes, glaucoma, infections and inflammation. They are preferred over oral medications as topical drugs have direct access to the target site with minimal side effects. This segment continues to grow owing to growing geriatric population and rising prevalence of eye diseases that require lifelong usage of topical medications.
Key Takeaways
The U.S. ophthalmic compounding pharmacies market is expected to witness high growth, exhibiting CAGR of 5% over the forecast period, due to increasing prevalence of eye diseases such as cataracts, glaucoma, age-related macular degeneration and diabetic retinopathy.
Regional analysis
Regionally, Western U.S. dominated the U.S. ophthalmic compounding pharmacies market in 2021, accounting for over 40% share. The rising geriatric population in states like California, Texas and Arizona that are more susceptible to developing age-related eye diseases is driving the market in the region.
Key players
Key players operating in the U.S. ophthalmic compounding pharmacies market are Fagron Sterile Services US, New Drug Loft & VLS Pharmacy, Nora Apothecary, Lifecare Pharmacy, Avella Specialty Pharmacy, Triangle Compounding Pharmacy, O’Brien Pharmacy, Tache Pharmacy, Northmark Pharmacy, Edge Pharma, and ImprimisRx. Among them, Fagron Sterile Services US leads the market owing to its wide range of sterile ophthalmic medications and services offered to eye care professionals.
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