The U.S. compounding pharmacies market offers customized medications per individual patient's needs that are not commercially available. Compounded medications aim to provide some therapeutic advantage to patients who are unable to take commercially manufactured pharmaceuticals. Compounding pharmacies prepare medications for patients who may require an alternative dosage strength, different ingredients for allergen-free preparations, or a mode of delivery other than oral pills or capsules. The customized formulations can range from creams and gels to pediatric oral suspensions and veterinary preparations.
The U.S. compounded pharmacies market is estimated to be valued at US$4.5 billion in 2024 and is expected to exhibit a CAGR of 6.1% over the forecast period between 2024 to 2031.
Key Takeaways
Key players operating in the U.S. compounding pharmacies market are Fagron, PharMEDium, Institutional Pharmacy Solutions (IPS), B. Braun Medical and Triangle Compounding Pharmacies. The rising geriatric population with complex prescription and compliance needs presents lucrative opportunities for players in this industry. Technological advancements in sterile compounding practices and quality control can help meet the rising demand for specialized and hard-to-find medications.
Market Drivers
The U.S. Compounding Pharmacies Market Demand for compounded drugs is projected to grow significantly during the forecast period, driven primarily by the increasing patient preference for personalized care and treatment along with rising incidences of chronic diseases. Compounded medications are tailored as per the medical history, lifestyle habits and genetic makeup of each individual, thereby helping address unmet medical needs. Growing shortage of FDA-approved prescription drugs also compels healthcare providers to rely more on compounding practices.
Challenges in the U.S. Compounding Pharmacies Market:
The U.S. Compounding Pharmacies Market Challenges & Opportunities. One of the major challenges is drug shortages. Many compounding pharmacies rely on drugs that are in short supply to formulate customized medications which creates difficulties. Lack of adequate regulations and oversight is another challenge. Compounding pharmacies operate in a gray area between state and federal regulations which can compromise quality standards at times. Attracting and retaining skilled pharmacists is a growing problem due to the specialized nature of compounding work.
SWOT Analysis
Strength: Compounding pharmacies offer customized medications tailored to individual patient needs. They provide solutions for patients who cannot use FDA approved drugs due to allergies or other reasons.
Weakness: Quality control and consistency can be issues with compounded formulations. Compounded drugs are not FDA approved which means their safety and efficacy is not established through clinical trials.
Opportunity: Growing patient preference for customized formulations and the inability of many patients to tolerate FDA approved drugs offers market opportunities. Aging population with complex medical conditions also increases demand.
Threats: Stricter regulations proposed by FDA can impact operations and profitability of compounding pharmacies. Shortages of bulk drug ingredients required for compounding pose operational threats.
Geographical Regions
The U.S Midwestern region accounts for the largest share of the compounding pharmacies market in terms of value due to population factors and higher usage of compounded medications. States like Ohio, Illinois, Minnesota and Wisconsin have a high concentration of compounding pharmacies.
The Southwestern region of the United States is predicted to witness the fastest growth during the forecast period till 2031. States like Arizona, New Mexico and Utah are expected to offer lucrative opportunities for market expansion driven by rapid population growth, higher health awareness and expanding medicare coverage in these states.
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Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups.(LinkedIn: https://www.linkedin.com/in/vaagisha-singh-8080b91)
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