Market Overview:
Ophthalmic compounding pharmacies are specialized pharmacies that custom-blend eye medications, creams, gels and other preparations according to a doctor’s prescription for specific eye conditions. These compounded preparations are often tailored for chronic conditions like glaucoma, dry eyes, retinal disorders and infections. The pharmacies work closely with eye doctors to develop formulations with the right blend of active ingredients, excipients, and strengths as required by the unique needs of each patient.
Market Dynamics:
The U.S. Ophthalmic Compounding Pharmacies Market is driven by the increasing prevalence of ophthalmic diseases and disorders such as glaucoma, cataract, dry eyes etc. that require tailor-made compounded medications for effective treatment. It is estimated that over 3.5 million Americans aged 50 and older suffer from vision-threatening glaucoma. In addition, the market growth is supported by rising focus on developing new treatment options through compounding therapies. Compounded medicines allow for custom formulations with varying strengths and combinations that cannot be achieved through commercially available FDA-approved drugs. For instance, pharmacies offer extemporaneous preparations for conditions that affect different refractive errors like myopia and presbyopia. Further, low bioavailability or tolerance issues with some patients for commercially available ophthalmic drugs is also fueling demand for alternative treatments through compounding.
Segment Analysis
The U.S. Ophthalmic Compounding Pharmacies Market Share is dominated by topical ophthalmic segment. This segment accounts for more than 60% of the total market share due to the growing prevalence of eye diseases such as dry eye syndrome, uveitis, conjunctivitis, etc. which require topical administration of drugs. The oral solids and ointments segments are other major segments in this market.
PEST Analysis
Political: The stringent regulations regarding safety, efficacy and quality standards set by regulatory authorities such as FDA has positively impacted the market growth.
Economic: Rising geriatric population prone to visual impairment along with increasing healthcare expenditure is fueling the market expansion.
Social: Growing awareness about availability of customized ophthalmic medications has increased the demand for compounding pharmacies services in the country.
Technological: Adoption of advanced aseptic containment and preparation equipment by pharmacies to ensure sterility of compounded drugs is driving the market.
Key Takeaways
The U.S. ophthalmic compounding pharmacies market is expected to witness high growth, exhibiting CAGR of 5% over the forecast period, due to increasing prevalence of eye diseases. The market was valued at US$ 219.2 Mn in 2023.
The Western region dominates the U.S. market and is expected to continue its dominance during the forecast period owing to high burden of eye disorders and availability of developed healthcare infrastructure.
Key players operating in the U.S. Ophthalmic Compounding Pharmacies market are Fagron Sterile Services US, New Drug Loft & VLS Pharmacy, Nora Apothecary, Lifecare Pharmacy, Avella Specialty Pharmacy, Triangle Compounding Pharmacy, O’Brien Pharmacy, Tache Pharmacy, Northmark Pharmacy, Edge Pharma, and ImprimisRx. These players are focusing on partnerships and collaborations to expand their market share.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
