The USA compounding pharmacies market is projected to reach a remarkable valuation of US$ 11,099.0 million in 2023, according to the latest market analysis. This growth is largely driven by the increasing demand for customized medication solutions, which caters to the diverse needs of patients with unique medical conditions. The sector is expected to maintain a robust compound annual growth rate (CAGR) of 7.8% from 2023 to 2033, culminating in an estimated market value of approximately US$ 23,430.35 million by the end of the forecast period.
The burgeoning demand for personalized medicine is a key factor propelling the compounding pharmacies market forward. This surge is fueled by the critical need to enhance medication safety and efficacy, ensuring treatments are specifically tailored to individual patient profiles. This approach significantly benefits patients with specific needs, such as those with allergies or intolerances to standard drug ingredients, and those undergoing treatment for rare or orphan diseases.
The compounding pharmacies industry plays a crucial role in addressing these needs by creating bespoke pharmaceutical solutions that are not otherwise available in the mass market. This capability not only meets a crucial healthcare demand but also underscores the importance of customization in modern pharmacology.
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Through compounding, the pharmacist may tailor medications to each patient’s needs, giving patients a greater chance to fight disease. The need for compounding pharmacies in the USA is anticipated to increase over the next ten years due to the country’s strong healthcare industry.
One of the key drivers of the expansion of the US compounding pharmacy industry is the rising popularity of pain management medications. Regulatory agencies like the Food and Drug Administration (FDA) in the USA do not authorize compounded painkillers. In the USA, they are authorized by the State Pharmacies Board and under its supervision.
For instance, medical standards like the Chronic Pain standards do not permit the compounding of medications for the treatment of chronic pain, such as Gabapentin as well as Baclofen. Factors as such can also turn out to be major roadblocks for the USA compounding pharmacies market.
Key Takeaways from the Market Study:
- The USA market for compounding pharmacies expanded at a CAGR of 5.2% from 2018 to 2022.
- The market for USA compounding pharmacies is anticipated to be dominated by the oral and tropical medicine sector.
- The sector increased its regional market share to above 60% in 2022.
- The HRT market category increased its market share in the US compounding pharmacy market to 39% in 2022.
- Over 27% of the market share for compounding pharmacies in the USA was taken by regular pharmacies in 2022.
“The market will see growth during the projected period due to the rising prevalence of chronic illnesses like cancer and increased financing for compounding pharmacies in the USA,” opines Sabyasachi Ghosh Associate Vice President at Future Market Insights (FMI) analyst.
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Competitive Landscape:
Prominent players in the USA Compounding Pharmacies market are
- Avella Specialty Pharmacy
- Central Admixture Pharmacy Services Inc.
- Hoye’s Pharmacy
- Vertisis Custom Pharmacy
- Smith Caldwell Drug Store
- Sixth Avenue Medical Pharmacy
- Cantrell Drug Company
- Clinigen Group, Dougherty’s Pharmacy
- Fagron N.V.
Recent Developments:
- In 2021, Adamis Pharmaceuticals Corporation declared that it had signed a legal contract to sell US Compounding Inc.’s assets related to the company’s human compounding pharmacies business and clients for US$15 million before transaction costs and expenses.
- In 2023, well-known American eyecare pharmaceutical manufacturer Harrow stated that ImprimisRx, a completely owned subsidiary of Harrow with a focus on compounding and mail-order pharmacies, will provide its patent-pending, future compounded Atropine formulations.
- Nephron Pharmaceuticals Corporation announced the launch of a novel syringe presentation in 2022. This was done as a part of the wildly successful Nephron 503B Outsourcing Facility business, which continued to profit from the momentum brought on by exponential growth.
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Segmentation Analysis of the USA Compounding Pharmacies Market:
By Product:
- Oral Medication
- Solid Medication
- Capsules
- Tablets
- Mixtures
- Lollipops
- Lozenges
- Liquid Medication
- Syrup
- Solution/Liquid
- Emulsion
- Suspension
- Topical Medication
- Gels
- Ointments
- Creams
- Lotions
- Solid Medication
- Injectable
- Mouthwashes
- Nasal
- Ocular
- Otic
- Suppositories and Enemas
By Pharmacy Type:
- 503A Pharmacy
- 503B Pharmacy
By Application:
- Adults
- Pediatrics
- Geriatrics
- Veterinary
By Therapeutic Area:
- Hormone Replacement Therapy
- Pain Management
- Dermatology
- Oncology
- Hematology
- Dental
- Others
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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