by The global U.S 503B compounding pharmacies Market is estimated to be valued at US$ 985.6 Mn or Mn in 2022 and is expected to exhibit a CAGR of 7.6% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The U.S 503B compounding pharmacies market manufactures customized medications for patients according to a prescription provided by a healthcare provider. Compounding pharmacies are an important source of medications for patients who may not be able to take manufactured pharmaceuticals due to allergies, sensitivities or other medical reasons. Compounded medications fill important gaps where commercially available FDA-approved drugs may not meet certain medical needs.
Market key trends:
Rising demand for personalized medications: There has been a rise in demand for customized medications as not all patients respond well to manufactured drugs or may not be able to take them due to allergies or medical conditions. Compounded drugs allow for alterations in dosage, strength, formulation etc. according to individual patient needs. This is a major trend driving the 503B compound pharmacies market. Growing aging population: The aging population segment is a major end user of compounded medications. As age related ailments and chronic conditions increase, demand for alternative and personalized therapies is also rising. This demographic shift will support 503B compounding pharmacies market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low in the U.S 503B compounding pharmacies market due to huge capital requirements and stringent regulations set by FDA for compounding.
Bargaining power of buyers: The bargaining power of buyers is high due to presence of large number of buyers and availability of alternative treatment options.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to availability of substitute raw materials.
Threat of new substitutes: The threat of new substitutes is moderate as researchers are continuously developing novel drug formulations and treatment methods.
Competitive rivalry: The competitive rivalry is high amongst existing players.
Key Takeaways
The global U.S 503B Compounding Pharmacies Market Size is expected to witness high growth, exhibiting CAGR of 7.6% over the forecast period, due to increasing prevalence of chronic diseases.
The Western region dominates the U.S 503B compounding pharmacies market currently due to growing geriatric population suffering from chronic disorders. However, the Southern region is anticipated to register fastest growth over the forecast period.
Key players operating in the U.S 503B compounding pharmacies market are Central Admixture Pharmacy Services, Inc., Nephron Pharmaceuticals Corporation, QuVa Pharma, Olympia Pharmacy, ASP Cares, Fagron Compounding Pharmacies, Athenex, Inc., Avella Specialty Pharmacy, Atlas Pharmaceuticals, Empower Pharmacy, Carie Boyd’S Prescription Shop, Edge Pharma, Imprimis NJOF, LLC, IntegraDose Compounding services, LLC, Wells Pharma of Houston, LLC, US Compounding Inc., and SCA Pharma.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
