U.S. Compounding Pharmacies Market to hit USD 8.7 Billion by 2030, says Global Market Insights Inc.
U.S. Compounding Pharmacies Industry is anticipated to register 5.9% CAGR between 2022 and 2030 due to increasing awareness and adoption of compounded medication.
Selbyville, Delaware, July 07, 2022 (GLOBE NEWSWIRE) —
U.S. compounding pharmacies market value is set to reach USD 8.7 billion by 2030, according to a new research report by Global Market Insights Inc. The rising adoption of customized medicine in the U.S. will fuel the market revenue.
Surging geriatric population base along with improved longevity will fuel the market expansion. Therefore, compounded medications will undoubtedly be in demand in the future, as older people are highly prone to various chronic illnesses. Moreover, growing interest in personalized medicine and rising expectations to look younger and younger has resulted in increased demand for anti-aging products around the world. Pain management is a medical specialty that focuses on improving the quality of life for people who suffer from chronic pain through an interdisciplinary approach.
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The 503A segment is expected to register a CAGR of 2.4% during the forecast period. 503A compounding pharmacies are those that compound according to prescriptions specific to particular patients and these compounding pharmacies are mostly found in smaller towns where large retail pharmacies are scarce. This is attributed to the widespread use of off-label production of branded prescription substitutes coupled with rising demand for in-house compounding drugs.
Some major findings of the U.S. compounding pharmacies market report include:
- Shortage of drugs and rising demand for pain management medication across the country will propel the market progression.
- Increasing adoption of customized medicine in the U.S. is one of the significant factors boosting the market landscape.
- Growing demand for compounded bioidentical menopausal hormone therapy (BMHT) among women will foster overall market trends.
- However, issues related to safety standards of compounded drugs will spur the industry statistics.
Browse key industry insights spread across 101 pages with 27 market data tables & 20 figures & charts from the report, “U.S. Compounding Pharmacies Market Analysis By Pharmacy Type (503A, 503B), Sterility (Sterile, Non-sterile), Product (Oral, Topical, Rectal, Parenteral, Nasal, Ophthalmic, Otic), Application (Pediatric, Adult, Geriatric, Veterinary), Compounding Type (Pharmaceutical Ingredient Alteration [PIA], Currently Unavailable Pharmaceutical Manufacturing [CUPM], Pharmaceutical Dosage Alteration [PDA]), Therapeutic Area, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/us-compounding-pharmacies-market
U.S. compounding pharmacies market from sterile segment held USD 1.6 billion in 2021. This is owing to increasing demand for sterile compounding medication due to the increased risk of infection from medications injected intravenously (IV) or directly into the eyes. Moreover, rise in the adoption of parenteral and ophthalmic medications for a variety of treatments will drive up demand for sterile compounding pharmacies. As sterile compounding involves preparing medication in an environment free from contaminating agents such as bacteria and viruses.
Topical segment accounted for 15% revenue share in 2021 and is set to register a significant CAGR through 2030. This is owed to increased spending on topical compounded drugs, including, gels, ointments, and pain relief creams. A few examples of widely used compounded topical medication includes Retinoic Acid 0.4% Topical Solution, Estradiol 0.05% (0.5mg/gm) Cream, Salicylic Acid 2% Topical Solution, Gabapentin 6% Ointment, and Trichloroacetic Acid 7% among others. Hence, wide availability of such topical solutions in the market will propel the market growth.
U.S. compounding pharmacies market from pediatric segment exceeded USD 797.5 million in 2021. Pediatric in the compounding pharmacy industry refers to a child who has difficulty swallowing tablets or capsules. Several compounding pharmacists concentrate on flavoring and sweetening medications to make them more accessible to children. Increasing development of sugar-free and flavored dosage forms by the pharmacists coupled with rising preferences for customized compounded prescriptions are anticipated to increase the demand for compounding pharmacies among the children.
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Some of the major business players operating in the U.S. compounding pharmacies industry include B. Braun, Doughtery’s Pharmacy, Fagron, Fresenuis Kabi, Institutional Pharmacy Solutions, Clinigen Group PLC, ImprimisRx (Harrow Health, Inc.), ITC Compounding Pharmacy, QuVa Pharma, Lorraine’s Pharmacy, McGuff Compounding Pharmacy Services, Pencol Compounding Pharmacy, Athenex Pharma Solutions, Rx3 Compounding Pharmacy, Triangle Compounding Pharmacies, Nephron Pharmaceuticals Corporation, and Wedgewood Village Pharmacy.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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