Compounding Pharmacies Market Size in the United States to hit $6.7bn by 2026

U.S. Compounding Pharmacies Market size is set to exceed USD 6.7 billion by 2026, according to a new research report by Global Market Insights, Inc.
 

A growing geriatric population base across the globe will drive the U.S. compounding pharmacies market expansion. According to Population Reference Bureau (PRB), the U.S. geriatric population was nearly 52 million in 2018. Furthermore, it is estimated that the geriatric population will be approximately 95 million by 2060.

 

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The geriatric population shows an increased incidence of chronic diseases, boosting the demand for compounded medicines. An increased lifespan has increased the emphasis of quality of life for seniors. This has driven the demand for hormone therapies, and anti-aging products. These factors will drive the market growth.
 

A growing drug shortage in the country will increase demand for compounded medication

Manufacturing issues, delay in receiving raw materials, and quality control issues have resulted in drug shortages in the U.S. Drug shortages have resulted in an increased reliance on compounding pharmacies. Drug shortages lead to medication errors and can be potentially fatal.
 

Furthermore, this results in increased cost to patients and insurance payers. Emergency medication, cancer drugs, and other pharmaceuticals can be readily produced in compounding pharmacies.
 

Additionally, compounding pharmacies can formulate custom medication that is not readily available in the market. Thus, there will be an increased reliance on the compounding pharmacies to fill the crucial gap between demand and supply of medication. These factors will fuel the growth of the U.S. compounding pharmacies market.
 

Convenience of custom medication will propel the growth of compounding pharmacies market in the United States

Compounding pharmacies offer custom medication to cater to patient needs. They can formulate drugs with reduced dosage, change dosage form to better suit patient needs, and produce hypoallergic medication. This is convenient to patients who might not be able to handle the commercially available dosage or have difficulty swallowing pills.
 

Furthermore, compounded medication is often cheaper than the commercially available drugs due to absence of designer dyes and preservatives. Also, the ability of these pharmacies to formulate hard to find medication such as hormones, or customized chemotherapy drugs will further augment the demand. These conveniences and benefits of custom medication, coupled with a growing demand for customized drugs will drive the market growth.
 

Browse key industry insights spread across 95 pages with 14 market data tables & 11 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, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/us-compounding-pharmacies-market
 

Reliance of healthcare facilities on outsourcing will drive the growth of 503B pharmacies

The 503B pharmacies held nearly 54% U.S. compounding pharmacies market share in 2019 and will witness significant growth during the forecast timeframe. 503B pharmacies are the pharmacies designated to manufacture medication for healthcare facilities for their office use. These facilities do not require prescription and can take advantage of batch manufacturing to manufacture medication on a large scale. Healthcare facilities rely on outsourcing to formulate custom medication that may not be available on the market. These factors will boost segment growth over the forecast period, driving the market growth.
 

Ease of administration of non-sterile medication will push the market demand

The non-sterile segment dominated the market with around 71% share in 2019 and will showcase robust growth. The increasing demand for non-sterile compounded medication such as tablets, pills, and liquids will drive the compounding pharmacies market growth in the U.S. These medications are easy to administer and thus will see an increased demand. Also, non-sterile medication allows for self-administration, unlike sterile medication including injectables. These factors will augment the segment growth and drive the industry expansion.
 

Rising demand for pain relief medication will drive the topical segment growth

The topical segment was valued at nearly USD 710 million in 2019 and will exhibit strong growth over the forecast period. Topical products are generally used in pain relief or anti-inflammation drugs. The topical segment is further sub-segmented into ointments, creams, gels, and pastes. Topical medication bypasses the gastrointestinal tract and enters the bloodstream through the skin. This prevents side effects of pain medication such as drowsiness and irritation of the stomach.
 

Furthermore, individuals have varying level of pain tolerance, in this case the pharmacist can formulate custom medication for pain relief. A rising demand for pain relief medication due to growing incidence of injuries and chronic pain will drive the compounding pharmacies market demand in the United States. The aforementioned factors will propel the market expansion over the forecast period.
 

Rising incidence of cancer will boost the currently unavailable pharmaceutical manufacturing segment

The CUPM segment is poised to lead the market with 6.6% CAGR over the forecast timeframe. Complex manufacturing processes, quality issues and unavailability of raw material has resulted in drug shortages in the U.S. This has been a major factor impacting the CUPM segment growth.
 

Drugs such as emergency drugs, cancer medication, and heart medication are critical to patient survival. Drug shortage coupled with rising number of chronic ailments such as cancer and cardiovascular disorders will boost segment growth. These factors will impact the market expansion during the analysis timeframe.
 

Growing number of seniors will drive the geriatric segment growth

The geriatric segment held nearly 19% market share in 2019 and will exhibit robust growth over the forecast period. A growing number of geriatric individuals in the country, and an emphasis on the quality of life for seniors will boost the U.S. compounding pharmacies market growth.
 

Geriatric individuals need multiple medicines, often at a dosage that is lower than the commercially available formulations. Compounding pharmacies can cater to these requirements, boosting market expansion. These factors will boost the demand for custom medication from geriatric individuals, propelling segment expansion.
 

Rising incidence of chronic pain will increase the demand for pain management medication

The pain management segment will dominate the market share, holding a market value of nearly USD 1.5 billion in 2019. The growing incidence of chronic pain due to injuries, sedentary lifestyle, and trauma will drive the demand for pain management medication.
 

Furthermore, ability of compounding pharmacies to formulate custom medication to suit different tolerance levels will augment the demand. Also, compounding pharmacies can alter the form of medication to reduce side effects and improve targetability of drugs. These factors will boost the segment expansion and contribute to overall market expansion.
 

Companies are focusing on innovative product launches and acquisitions in a bid to capture the U.S. market

Some notable players in the U.S. compounding pharmacies market include B. Braun, Baxter, Dougherty’s Pharmacy, Fagron, Fresenius Kabi, ImprimisRx, and McGuff Company. The key players are focusing on strategies such as collaborations, acquisitions and innovative launches to increase their market share. For instance, in April 2018, Fagron acquired Humco, a developer of patented vehicles and pharmaceuticals. This acquisition has served to strengthen their revenue from compounding pharmacies and position in the U.S.
 

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