by Compounding pharmacies customize the formulation of drugs into the desired dosage and delivery system based on individual patient needs. They modify medications by changing their form, ingredients, flavors and strengths to meet specific medical needs that cannot be met by standard manufactured pharmaceutical products.
The global U.S. Compounding Pharmacies Market is estimated to be valued at US$6.6 billion 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 key trends
Personalized medications have surged in demand amidst growing preference for custom-made drugs tailored to individual health profiles. With more patients seeking alternatives to manufactured drugs due to allergies or lack of effectiveness, compounding pharmacies have emerged as a viable solution. Compounded medications are specially prepared by licensed pharmacists based on valid prescriptions to fit unique medical needs of each patient. Rising awareness about benefits of personalized drugs in providing targeted treatment with fewer side effects has propelled growth of compounded medications market in the U.S. Compounding techniques allow modification of drug formulations for geriatric and pediatric populations with special dosage requirements. This trend is estimated to fuel expansion of U.S. compounding pharmacies industry over the forecast period.
SWOT Analysis
Strength: Compounding pharmacies provide customized medications specific to individual patient’s need. This helps patients who cannot take commercially available drugs.
Weakness: Compounded drugs are not FDA approved therefore their safety and efficacy testing may not be at par with approved drugs. Additional resources and expertise are required for compounding.
Opportunity: Growing geriatric population and rise in chronic diseases have increased the demand for compounded medications. Untapped markets in rural areas provide growth opportunities.
Threats: Stringent regulations surrounding compounding practices can negatively impact operations and profits. Reimbursement issues remain a challenge for commercial viability.
Key Takeaways
The U.S. Compounding Pharmacies Market Growth is expected to witness steady growth over the forecast period of 2023 to 2030. The North American region currently dominates the market with the highest share. Factors such as growing geriatric population, increasing prevalence of chronic conditions, and accessibility to compounding services are propelling the regional market.
Key players operating in the U.S. compounding pharmacies market are PharMEDium Services LLC, Institutional Pharmacy Solutions, Cantrell Drug Company, Triangle Compounding Pharmacies Inc., Fresenius Kabi USA, LLC. These players are focusing on expanding their footprint in high growth regions through strategic partnerships and collaborations. Technologies such as 3D printing and robotics are also being leveraged to improve efficiency in compounding processes.
Regulatory standards are continuously evolving to ensure patient safety. Compounding pharmacies need to adopt best practices and invest in modernization to adhere to rising quality demands. Telehealth and home delivery models show promise to enhance access and convenience for patients in remote locations.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
