by Compounding pharmacies are specialized pharmacies that prepare customized medications for patients with unique medical needs at an individual level. They manufacture medications to meet specific patient needs such as alternative dosages, altered deliveries, or unique preparations for people who cannot use regular commercially available products. Compounding pharmacies can custom-make drugs into forms such as capsules, creams and lotions for easier consumption or administration for patients. The global compounded medications market plays an essential role in filling therapeutic gaps and treating patients who cannot take commercially available drugs for various reasons. Compounding pharmacies work closely with physicians to come up with tailored medication solutions.
The global U.S. Compounding Pharmacies Market is estimated to be valued at US$ 5072.19 Mn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The U.S. Compounding Pharmacies Market opportunity is expected to be flourished by providing personalized medication to patients. Rising demand for customized medicines and increase in chronic illnesses are expected to boost the market growth over the forecast period. As per the National Associations of Boards of Pharmacy (NABP), around half of the total U.S. population does not respond well to standard commercial drugs and require compounded medications. Some patients may require specific ingredients, dosages, or delivery methods such as transdermal gels, oral suspensions, or parenterals. Compounded pharmacies meet such unique patient needs that cannot be met through commercially available products. Furthermore, increasing geriatric population suffering from multiple chronic illnesses such as diabetes, cancer and cardiovascular diseases also contributes to market growth as older adults are more likely to need medications in alternative forms and dosages.
Segment Analysis
U.S. Compounding Pharmacies market comprises two major segments- Topical medications and Oral medications. Oral medications dominates the market with a share of around 60% as it is convenient for majority of the patients requiring long term medication. Compounded oral medications allows customizing the dosage, flavor and formulation as per the patient’s needs compared to the traditionally manufactured medications thus making it the preferred choice.
PEST Analysis
Political: The U.S. Compounding Pharmacies market is regulated by the Food and Drug Administration (FDA). Stricter regulations on drug manufacturing and compounding facilities ensure safety and quality of compounded medications.
Economic: High cost of branded medications drives the demand for low cost customized compounded medications. Insurance coverage for compounded medications positively impacts the market growth.
Social: Increasing geriatric population and prevalence of chronic diseases like diabetes, cancer etc. require long term medication which propels the demand for customized dosage formulations.
Technological: Advances in drug compounding technologies allow developing complex formulations with precise dosage amounts catering to individual patient’s requirements. Automated compounding equipment ensures safety, accuracy and efficiency.
Key Takeaways
The U.S. Compounding Pharmacies Market is expected to witness high growth over the forecast period of 2023 to 2030 supported by an increase in chronic disease burden. The global U.S. Compounding Pharmacies Market is estimated to be valued at US$ 5072.19 Mn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030.
Regional analysis: The Southern region leads the U.S market with states like Texas, Florida dominating owing to warmer climatic conditions and a higher geriatric population susceptible to chronic diseases requiring long term medication.
Key players: Key players operating in the U.S. Compounding Pharmacies market are Akzo Nobel N.V., Axalta Coating Systems, BASF Coatings, Beckers Group, Berger Paints India Limited, Chugoku Marine Paints, Ltd., Hempel A/S, Jotun, Kansai Paint Co., Ltd., KCC Corporation, NIPSEA Group, PPG Industries, Inc., Teknos Group, The Chemours Company, and The Sherwin-Williams Company. Strategic partnerships and acquisitions remain key growth strategies to expand their market presence and service offerings.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
