The USA compounding pharmacies market is experiencing a significant surge, driven by an escalating demand for personalized medication solutions. A recent market analysis reveals that the market is projected to be valued at USD 11,099 million by the end of 2023, marking a pivotal moment in the sector’s growth trajectory.
Over the next decade, from 2023 to 2033, the market is expected to exhibit a remarkable compound annual growth rate (CAGR) of 7.8%, potentially reaching an astounding USD 23,430.35 million by 2033. This robust growth underscores the increasing significance of tailored pharmaceutical solutions designed to meet individual patient needs, thereby enhancing both medication safety and efficacy.
As healthcare continues to evolve, compounding pharmacies play a crucial role in providing customized medications that address specific health challenges and improve patient outcomes. This trend is expected to fuel further innovations and advancements in the industry.
“Our findings indicate a growing recognition of the value that compounding pharmacies bring to the healthcare system,” said FMI. “The shift towards personalized medicine is not only transforming patient care but also creating substantial opportunities for growth within the sector.”
The compounding pharmacies market’s expansion aligns with the broader trend of personalized healthcare, as more patients seek tailored treatments that cater to their unique health profiles. This evolution is anticipated to reshape the landscape of the pharmaceutical industry, paving the way for a future where customized solutions become the standard of care.
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.
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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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