U.S. Compounding Pharmacies Market size is set to reach USD 8.7 billion by 2030, according to a new research report by Global Market Insights Inc.
Rising geriatric population and improved longevity is expected to drive the market expansion. Furthermore, growing drug shortage in the country will foster the industry revenue.
Growing acceptance of personalized medicines will stimulate the business landscape
Personalized medicine utilizes diagnostic tests to find unique biological markers, and frequently used genetic markers. It helps to determine medical treatments and procedures that are optimal for each patient through targeted treatment and prevention plans. This has thrived the demand for personalized medicine. Additionally, there is growing interest in the identification of biomarkers for the development of customized medicine that can later be employed for effective pharmacogenomics and personalized treatment.
Regulatory relaxations associated with 503A pharmacy type will spur the business potential
503A segment surpassed USD 2.1 billion in 2021. To fulfil each patient's unique prescription, 503A provides the necessary drugs. They are approved for use at home by the FDA. Also, pharmacies classified as 503A are authorized to provide sterile medicines under patient-specific conditions. Furthermore, unlike 503B outsourcing facilities, 503A pharmacies do not need to comply with current good manufacturing practices (cGMP) and they do not need to be registered with the FDA. Such regulatory relaxations associated with 503A compounding pharmacies will boost its demand.
Browse key industry insights spread across 101 pages with 27 market data tables & 20 figures & charts from the report, “U.S. Compounding Pharmacies Market Analysis By Pharmacy Type (503A, 503B), Sterility (Sterile, Non-sterile), Product (Oral, Topical, Rectal, Parenteral, Nasal, Ophthalmic, Otic), Application (Pediatric, Adult, Geriatric, Veterinary), Compounding Type (Pharmaceutical Ingredient Alteration [PIA], Currently Unavailable Pharmaceutical Manufacturing [CUPM], Pharmaceutical Dosage Alteration [PDA]), Therapeutic Area (Hormone Replacement, Pain Management, Dermatology, Specialty Drugs, Nutritional Supplements), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:
Growing demand for sterile compounded medication will propel the U.S. compounding pharmacies market trends
Sterile segment accounted for 29.6% market share in 2021 and is projected to witness considerable CAGR during the forecast timeframe. This is attributed to rising demand for injectable medications in the U.S. Injectable medication are among the popular sterile compounding product in the country, owing to frequent launches of sterile compounds by key market players.
Moreover, sterility compounding pharmacists are concentrating on the most recent research initiatives, cutting-edge methods, and quality control regulations to obtain the greatest components that satisfy patients' needs.
Rising demand for parenteral compounding drugs will boost the U.S. compounding pharmacies market size
Parenteral segment is likely to register a CAGR of 5.9% during the forecast period. This is owed to the increasing use of dosage forms and other sterile preparations in the treatment of many chronic diseases. Similarly, compounding parenteral care medications are affordable, thereby promoting its acceptance rate. In addition, by using the intravenous (IV) route, parenteral medications are administered directly into the patient's vein. Administrating intravenously eliminates the process of drug absorption and breakdown by directly depositing into blood stream.
Rising drug shortages will influence the U.S. compounding pharmacies market statistics
Currently unavailable pharmaceutical manufacturing (CUPM) segment accounted for 23% market share in 2021 and is set to register a significant CAGR through 2030. This is attributed to the increase in the number of chronic diseases requiring emergency medications as well as an increase in the shortage of drugs. Furthermore, drug shortages across U.S. will stimulate the market demand. Several factors, such as discontinuations, delays, issues with the product's quality, and manufacturing issues, can lead to drug shortages. To avoid medicine shortages, a number of manufacturers provide FDA information on drug shortages. These elements will positively impact market expansion.
Growing geriatric population base will augment the U.S. compounding pharmacies market outlook
Geriatric segment exceeded USD 1 billion in 2021. This is owing to rising geriatric population in the U.S. Similarly, rising prevalence of chronic pain among the elderly may increase the demand for compounded medications to manage pain in this group. Pain management is a specialty of medicine that focuses on using an interdisciplinary approach to improve the quality of life for people suffering from chronic pain. Hence, a compounding pharmacist can collaborate with a healthcare provider to create a pain management treatment plan that is unique and suitable for the elderly patients.
Hormone replacement segment will fuel the overall U.S. compounding pharmacies market progression
Hormone replacement segment is projected to garner over 28.6% business share in 2021. Hormone replacement therapy is a type of hormone therapy, that is used to treat symptoms related to the female menopause and hormone levels. Hormone replacement therapy use hormones that have the same chemical structure as the hormones in the body. This is attributed to the rising demand for bioidentical hormone replacement therapy in women. Moreover, women are drawn to bioidentical menopausal hormone therapy (BMHT) because it is useful in the treatment of menopausal symptoms and is safer than traditional HT since it comes with more clinical care and attention.
Major leaders are focusing on strategies & launching innovative products to capture a higher market share
Some of the major business players operating in the U.S. compounding pharmacies industry include B. Braun, Doughtery’s Pharmacy, Fagron, Fresenuis Kabi, Institutional Pharmacy Solutions, Clinigen Group PLC, ImprimisRx (Harrow Health, Inc.), ITC Compounding Pharmacy, QuVa Pharma, Lorraine’s Pharmacy, McGuff Compounding Pharmacy Services, Pencol Compounding Pharmacy, Athenex Pharma Solutions, Rx3 Compounding Pharmacy, Triangle Compounding Pharmacies, Nephron Pharmaceuticals Corporation, and Wedgewood Village Pharmacy among other. These market players are focusing on product launches and strategic partnerships to gain a higher market share.
For instance, in January 2022, Athenex announced a preliminary agreement with ImmunityBio, Inc., regarding its Dunkirk manufacturing facility. This agreement will help to manufacture its 503B products at the Dunkirk facility. This partnership will help the company to expand and gain a competitive advantage.
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