The USA compounding pharmacies market is on an impressive growth trajectory, with a projected valuation of USD 11,099.0 million by 2023, as revealed by the latest market analysis. This robust expansion is fueled by the rising demand for personalized medication solutions tailored to meet individual patient needs.
Over the next decade, from 2023 to 2033, the sector is expected to maintain a strong compound annual growth rate (CAGR) of 7.8%. By the end of this forecast period, the market is anticipated to reach approximately USD 23,430.35 million. This growth is driven by the critical need to enhance medication safety and efficacy through customized pharmaceutical solutions.
Compounding pharmacies are instrumental in the healthcare ecosystem, offering personalized pharmaceuticals that are not readily available in the mass market. These specialized pharmacies address specific patient requirements by providing customized dosages and alternative ingredients, effectively bridging a significant gap in healthcare delivery.
The increasing focus on personalized medicine underscores the importance of compounding pharmacies in improving patient outcomes and ensuring tailored therapeutic solutions. As the market continues to evolve, these pharmacies are expected to play a pivotal role in shaping the future of healthcare.
Key Drivers of Market Growth:
- Rising Prevalence of Chronic Diseases: The increasing incidence of chronic conditions is fueling the demand for tailored treatment solutions.
- Need for Specialized Treatments: There is a growing need for customized medications for rare diseases and conditions.
- Medication Alternatives: The rising prevalence of allergies and intolerances drives demand for alternative medication solutions.
Market Highlights:
- The USA compounding pharmacies market grew at a CAGR of 5.2% from 2018 to 2022.
- The oral and topical medicine sectors are anticipated to dominate, with the sector’s regional market share exceeding 60% in 2022.
- Hormone Replacement Therapy (HRT) saw an increase in market share, reaching 39% in 2022.
- Regular pharmacies accounted for over 27% of the market share in 2022.
Sabyasachi Ghosh, Associate Vice President at Future Market Insights (FMI), commented, “The market will see substantial growth during the projected period due to the rising prevalence of chronic illnesses like cancer and increased financing for compounding pharmacies in the USA.”
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Competitive Landscape:
Prominent players in the USA compounding pharmacies market include:
- 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:
- Adamis Pharmaceuticals Corporation announced in 2021 the sale of US Compounding Inc.’s assets for USD 15 million.
- Harrow revealed in 2023 that its subsidiary ImprimisRx will offer patent-pending compounded Atropine formulations.
- Nephron Pharmaceuticals Corporation launched a new syringe presentation in 2022 as part of its successful Nephron 503B Outsourcing Facility business.
Market Segmentation:
- By Product: Oral Medication (Solid, Liquid), Topical 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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