The 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 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Compounding pharmacies combine, mix, or alter ingredients to create medication tailored to the needs of individual patients. These medications are prepared to fulfil special needs that cannot be met by standard commercial products. Compounding allows for customization of ingredients, dosage form, and delivery mechanism.
Market key trends:
The rising geriatric population in the U.S. is a key factor driving the growth of compounding pharmacies. As per the U.S. Census Bureau, there were around 55 million people aged 65 years or older in the U.S. in 2020. By 2030, this number is projected to grow to around 74 million. The elderly population often requires specialized medications due to higher risks of allergies, intolerances to standard products, and complex medical conditions. This growing geriatric demographic will continue to fuel the demand for customized pharmaceuticals in the country.
SWOT Analysis
Strength: The U.S. Compounding Pharmacies market has high growth potential owing to the increasing demand for customized medication. Compounding pharmacies offer tailored medications for specific needs which are not commercially available.
Weakness: High R&D costs involved in developing new compound drugs. Strict regulatory norms pertaining to quality standards and safety of compounded medications.
Opportunity: Growing geriatric population suffering from chronic and complex diseases drives the demand. Increasing applications in veterinary medicines.
Threats: Intense competition from large pharmaceutical companies offering similar customizable drugs. Pipeline of new drug approvals threatening the market.
Key Takeaways
The U.S. Compounding Pharmacies Market Size is expected to witness high growth, exhibiting CAGR of 5.9% over the forecast period, due to increasing demand for specialized medications.
Market size: The U.S. Compounding Pharmacies market size was valued at US$ 5072.19 Mn in 2023 and is projected to reach over US$ 7000 Mn by 2030, growing at a CAGR of 5.9% during the forecast period. The increasing geriatric population suffering from complex diseases majorly drives the market.
Regional analysis: The Central region dominated the U.S. Compounding Pharmacies market in 2023 with over 30% share owing to higher healthcare spending and easier access to compounding services. The Western region is expected to witness fastest growth during the forecast period with a CAGR of around 7% due to growing demand for personalized medications in states like California and Washington.
Key players: Key players operating in the U.S. Compounding Pharmacies market are Avella Specialty Pharmacy,Ltd PharMEDium Services, Institutional Pharmacy Solutions, Cantrell Drug Company,Triangle Compounding Pharmacies,Hoye’s Pharmacy,Vertisis Custom Pharmacy,Smith Caldwell Drug Store,Nephron Pharmaceuticals Corporation,Rx3 Compounding Pharmacy,B Braun Melsungen AG,Clinigen Group PLC,QuVa Pharma,ITC Compounding Pharmacy, and Lorraine’s Pharmacy . The market shows a moderate degree of consolidation with top players dominating a major chunk of shares.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
