U.S. Compounding Pharmacies Market is Estimated to Witness High Growth Owing to Increasing Demand for Customized Medications
Compounding pharmacies tailor medications to meet the specific needs of individual patients. They formulate customized doses, drug delivery vehicles, and ingredients based on doctors' prescriptions for patients with allergies, sensitivities or other specialized medication requirements. Compounding pharmacies alter existing FDA-approved drug products to produce specialized drugs not otherwise commercially available.
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 Dynamics:
Increasing demand for customized medications is the key driver fueling growth of the U.S. compounding pharmacies market. According to the International Academy of Compounding Pharmacists, nearly 50% of prescribed medications require some form of adjustment or customization due to allergy, drug interaction or other medical condition. Compounded medications allow healthcare providers to adjust dosage, drug delivery method, flavors and other attributes as per individual requirements. This growing need for personalized medication experiences is driving greater reliance on compounding pharmacies for specialized drug formulations not available commercially. While customized medications deliver clinical benefits, they add cost pressures on an already strained healthcare system. Rising healthcare costs along with budget impact of specialized compounded drugs could hamper market potential over the forecast period.
SWOT Analysis
Strength: The U.S. has a well-established pharmaceutical industry and healthcare infrastructure which can facilitate the growth of compounding pharmacies. Many pharmacies have licensed professional compounders who have extensive experience in customizing medications. They also offer complex compounding services and provide specialized medications.
Weakness: Compounding pharmacies face strict regulatory compliance which increases operating costs. There are also challenges related to procuring high quality ingredients and sterile processing equipment. Finding skilled professionals for specialized compounding can be difficult in some areas.
Opportunity: There is growing demand for customized medications due to increasing prevalence of chronic diseases. Compounding pharmacies can provide solutions for unique health needs that are not met by traditional pharmaceutical manufacturers. The aging population also drives demand for specialized compounding services.
Threats: Large pharmaceutical companies pose threats by offering similar customized medication programs. Strict federal regulations introduce compliance risks. Safety issues associated with complex compounding can negatively impact consumer confidence in this industry.
Key Takeaways
The U.S. compounding pharmacies market size is estimated to record strong growth over the forecast period supported by rising chronic disease burden and growing geriatric population. The Medicare and Medicaid reimbursements for compounded drugs are also fueling market expansion. The 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 5.9% over the forecast period 2023 to 2030.
Regional Analysis
The South and West regions dominate the U.S. market due to higher prevalence of target health conditions. States like California, Texas and Florida have emerged as major hubs for compounding pharmacies given their large population bases and concentration of healthcare facilities. The decentralized compounding model allows regional players to cater to local healthcare needs more efficiently.
Key Players
Key players operating in the U.S. compounding pharmacies market are PharMEDium, Institutional Pharmacy Solutions, Cantrell Drug Company, Triangle Compounding Pharmacies, and Wedgewood Village Pharmacy. They offer extensive portfolios of sterile and non-sterile compounded medications targeting chronic conditions like pain, dermatological issues, hormone replacement and more.
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