U.S. Compounding Pharmacies Market is Estimated to Witness High Growth Owing to Rising Demand for Customized Medications
U.S. Compounding pharmacies produce customized medications according to physician prescriptions for specific patients. They combine or alter ingredients to create a medication tailored to the needs of an individual patient, for example a child or elderly patient who is unable to swallow regular pills. Compounding pharmacies alter medications in terms of dosage form, strengths, delivery method and other factors.
The global U.S. Compounding Pharmacies Market is estimated to be valued at US$ 5072.19 Mn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The rising demand for customized medications is the key driver propelling the growth of the U.S. Compounding Pharmacies Market. Compounded medications allow doctors to tailor a patient's medication according to specific needs like different dosages or formulations that are not commercially available such as liquid forms of medication for pediatric or geriatric patients. Additionally, there is a rising aging population in the U.S. who require specialized medications prepared by compounding pharmacies. The compounded drugs are also more affordable for certain patients as compared to commercially available branded medications. However, factors such as lack of stability and shelf life data and safety concerns regarding compounded medications may restraint the market growth during the forecast period.
SWOT Analysis
Strength: The U.S. Compounding Pharmacies Market has very experienced pharmacists who can customize formulations as per patient's needs. Compounding allows medications to be tailored for persons who may have allergies or sensitivities. The individualized care and specialized formulas are strength of this market.
Weakness: Compounding is a time consuming process and requires specialized skills which increases cost of operations. Lack of FDA approval for compounded drugs restricts large scale marketing and advertising which is a challenge.
Opportunity: Aging population and increasing prevalence of chronic diseases will boost demand for compounded medications. Personalized formulations for pet medicines present an opportunity to target more customers. Telehealth and remote consultation can help reach customers in remote areas.
Threats: Strong regulations restricting improper compounding practices can negatively impact certain players. Reimbursement issues and pricing pressures from insurance companies are threats to profitability. Supply chain disruptions due to pandemic can impact timely availability of ingredients.
Key Takeaways:
The U.S. Compounding Pharmacies Market is expected to witness high growth over the forecast period of 2023 to 2030 supported by increasing healthcare spending and demand for customized medications. The market size for 2023 is estimated at US$ 5,072.19 million.
Regional Analysis: The South region dominates currently due to presence of many compounding pharmacies. States like Texas and Florida have fastest growing markets. However, West region is expected to exhibit strongest growth due to huge aging population requiring personalized care in states of California and Washington. Compounding hubs in these states will support market expansion.
Key Players: Key players operating in the U.S. Compounding Pharmacies Market are Akzo Nobel N.V., Axalta Coating Systems, BASF Coatings, Berger Paints India Limited, Chugoku Marine Paints, Ltd., Hempel A/S, Jotun, Kansai Paint Co., Ltd., KCC Corporation, NIPSEA Group, PPG Industries, Inc., Teknos Group, The Chemours Company, and The Sherwin-Williams Company. These players are focusing on new product innovations, collaborations with healthcare facilities and developing highly skilled compounding pharmacists to strengthen presence.
For more insights, read- https://www.pressreleasebulletin.com/u-s-compounding-pharmacies-market-trends-size-and-share-analysis/
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