Pharmacy Compounding Is The Largest Segment Driving The Growth Of U.S Ophthalmic Compounding Pharmacies Market
The global U.S. Ophthalmic Compounding Pharmacies Market is estimated to be valued at US$ 241.67 Mn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Ophthalmic compounding pharmacies are pharmacies that prepare customized medications as per the medical needs and prescriptions of individual patients. Compounding of eye medications allows for custom dosages, delivery forms, and ingredient combinations that may not be commercially available.
Market key trends:
Growing geriatric population is increasingly vulnerable to age-related eye disorders such as glaucoma, cataract, and age-related macular degeneration (AMD). According to the U.S. Census Bureau, the population aged 65 years or over in the U.S. is projected to reach 95 million by 2060 from 56 million in 2018. This Large aging population base suffering from various ophthalmic conditions is expected to drive the market growth over the forecast period. Availability of specialized compounding pharmacists for preparing customized ophthalmic medications as per patient's requirement creates a lucrative opportunity given the limitations of commercially available medications.
SWOT Analysis
Strength: Compounded eye medications provide more personalized treatment options tailored to individual patients' medical conditions and tolerances. Weakness: Compounding pharmacies require more resources and skills compared to traditional pharmacies. Opportunity: Growing geriatric population and rising prevalence of eye disorders like glaucoma and cataracts are increasing the demand for compounded ophthalmic drugs. Threats: Strict FDA regulations on compounding pharmacies and potential increase in regulatory oversight.
Key Takeaways
Global U.S. Ophthalmic Compounding Pharmacies Market Size is expected to witness high growth, exhibiting CAGR of 5.0% over the forecast period, due to increasing demand for personalized eye care treatment solutions.
Regional analysis: The Southern region dominates the U.S. ophthalmic compounding pharmacies market currently, accounting for over 30% market share. States like Florida, Texas and California have high population of elderly where eye disorders are more common.
Market size: The U.S. Ophthalmic Compounding Pharmacies Market size for 2023 is estimated at US$ 241.67 Mn. Key players operating in the 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.
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