U.S. Compounding Pharmacies Market size worth over $7.2bn by 2027

U.S. Compounding Pharmacies Market size is set to surpass USD 7.2 billion by 2027, according to a new research report by Global Market Insights, Inc.
 

The COVID-19 pandemic will have a moderate impact on the market growth. Due to the rising incidence of COVID-19, the need for medicines and treatment has also increased across the U.S. Market participants in drug compounding industry have been provided clearances from the U.S. Food and Drug Administration (FDA) to meet the surging demand of compounded drugs.

 

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Precision medicine plays a vital role for disease prevention in compounding pharmacies business

Personalized medicine or precision medicine is an emerging approach for disease prevention and treatment of different disorders and health issues. It encompasses individual variability in genes, lifestyle as well as surrounding environment. Individuals requiring medication at a strength that is not available in the market or drugs that are currently not commercially available depend on pharmaceutical compounds mixed provided by highly specialized compounding pharmacies. Customized compounds prepared by compounding pharmacies can provide better health outcomes for majority of patients especially young infants, aged individuals, allergy sufferers, patients affected with HIV and AIDS, pet owners and cancer survivors.
 

Bulk production of drugs further leads to lower manufacturing costs thereby proving beneficial for the market progression

The 503B segment in the U.S. compounding pharmacies market is projected to witness 7.5% growth rate till 2027. 503B compounding pharmacies are outsourcing facilities that are involved in bulk manufacturing of products with or without prescriptions. The compounded medications are sold to healthcare facilities for office use only. Also, these facilities aim at filling the gap between traditional compounding pharmacy and industrial manufacturing that further facilitates the market size. 503B compounding facilities offer safe, effective, and innovative solutions to help its customers at various healthcare facilities. Moreover, large scale production of compounded drugs in the 503B pharmacies resulting in lower manufacturing costs, will foster the market value.
 

Lower risk with the administration of non-sterile drugs will accelerate the U.S. compounding pharmacies market revenue

Non-sterile segment accounted for around USD 3 billion in 2020. Non-sterile compounded products majorly include oral dosages such as tablets, capsules, granules, powders, solutions, suspensions, emulsions, and syrups. Oral preparations in the solid or liquid form are mostly preferred especially among the pediatric and geriatric population having swallowing difficulties that surges the industry growth. Similarly, increasing demand for oral medication owing to convenience and ease of administration will augment the segment expansion.
 

Increasing advantages of oral medications will escalate the U.S. compounding pharmacies market demand

The oral segment held 33% of revenue share in 2020 propelled by rising demand for tablets and syrups that could be compounded into palatable and hypoallergenic dosage forms. Oral dosages play a vital for children and geriatric population base due to ease of administration as well as flavoring of the medication that boost the market growth. Also, flavored medication taken orally makes a difference for the children therefore, large number of companies operating in compounding pharmacies offer custom flavoring as per child’s preference providing better taste as compared commercial medications.
 

Browse key industry insights spread across 85 pages with 13 market data tables & 19 figures & charts from the report, “U.S. Compounding Pharmacies Market Size By Pharmacy Type (503A, 503B), By Sterility (Sterile, Non-sterile), By Product (Oral, Topical, Rectal, Parenteral, Nasal, Ophthalmic, Otic), By Application (Pediatric, Adult, Geriatric, Veterinary), By Compounding Type (Pharmaceutical Ingredient Alteration [PIA], Currently Unavailable Pharmaceutical Manufacturing [CUPM], Pharmaceutical Dosage Alteration [PDA]), By Therapeutic Area (Hormone Replacement, Pain Management, Dermatology, Specialty Drugs, Nutritional Supplements), Industry Analysis Report, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/us-compounding-pharmacies-market
 

Growing incidence of chronic diseases will enhance the industry revenue

The adult segment in the U.S. compounding pharmacies market was valued at USD 2 billion in 2020 led by increasing need of compounded drugs for treating prominent disease category. Rising burden of several chronic diseases due to sedentary lifestyle and unhealthy diet plan will surge the market value for compounding pharmacies. Adult population base undergoing physical body changes may not be able to use few commercial drug products for different treatments. Therefore, there is an increasing need for pharmacists to compound alternative dosage forms for these patients to meet their specific treatment needs. Hence, the ability of compounding pharmacies to increase the ease of medication among adults having difficulty in swallowing will spur the market expansion. 
 

Increasing demand towards pharmaceutical ingredient alteration (PIA) will favor the market progression

PIA segment for U.S. compounding pharmacies market is estimated to attain a CAGR of 6% through 2027 impelled by ability of compounded pharmacies to create hypoallergenic versions of drugs for individuals allergic to a common dye or additive. Certain commercially available drugs including NSAIDs, HIV drugs, antibiotics and other chemotherapy drugs are at high risk of causing allergies or side effects to the patient population that surges the segment demand. Similarly, availability of gluten-free, soy-free, and preservative free compounded drugs for treatment of various diseases will increase the demand for such drugs.
 

Increasing necessity for compounded drugs will augment the market revenue

The pain management section accounted for 30% of the U.S. compounding pharmacies market share in 2020 driven by rising acceptance of compounded pain management drugs such as anesthetics, opioids, and sedatives in the treatment of various diseases. Growing prevalence of chronic discomfort among adults due to inactive routine or trauma on account of accidents will boost the segment growth.
 

Adoption of different growth strategies by eminent market performers will foster the market growth

Some of the prominent players operating in U.S. compounding pharmacies market are Athenex Pharma Solutions, B. Braun, Dougherty's Pharmacy, Fagron, Fresenius Kabi, ImprimisRx (Harrow Health), Institutional Pharmacy Solutions, McGuff Company (McGuff Compounding Pharmacy Services), Pencol Compounding Pharmacy, Rx3 Compounding Pharmacy and others. The market leaders are involved into several strategic alliances to gain substantial revenue shares in the industry.
 

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