U.S. 503B Compounding Pharmacies Market, by Molecule (Acetaminophen, Phenylephrine, Midazolam, Esmolol, Vancomycin, Epinephrine, Adenocaine, Fentanyl/Bupivacaine, Morphine, Amiodarone, Heparin, Ketamine, Dextrose, Hydromorphone, Bupivacaine, Lidocaine, BKK (Bupivacaine, Ketorolac, and Ketamine), RCK (Ropivacaine, Clonidine, and Ketorolac), RKK (Ropivacaine, Ketorolac, and Ketamine), and Other Molecules), and by Packaging (Vials, Prefilled Syringes, Ampoules, Syringes, and Others), is estimated to be valued at US$ 919.0 Million in 2021, and is expected to exhibit a CAGR of 7.3% during the forecast period (2021-2028).
Rising drug shortages in the U.S lead to an increased demand of new drugs which is expected to drive growth of the U.S. 503B compounding pharmacies market during the forecast period. For instance, according to the American Society of Health-System Pharmacists (ASHP) during 2020, significant shortages of sedatives, paralytics, and analgesics were observed by hospitals, out of which half of new shortages were for injectable.
Increasing product launches and approvals are expected to propel the market growth of U.S. 503B compounding pharmacies market. For instance, in January 2020, Fagron Compounding Pharmacies launched the ready-to-use OR syringes for hydromorphone. All OR Syringes are clearly labeled while adhering to American Society for Testing and Materials (ASTM), Drug Quality and Security Act (DQSA) and Institute for Safe Medication Practices’ (ISMP) medication and anesthesia labeling standards.
Market players are engaged in marketing strategies such as collaborations, mergers, acquisitions and expansion of companies, which are expected to drive growth of the U.S. 503B compounding pharmacies market. For instance, in 2017, Edge Pharma expanded its manufacturing facility in New York, U.S. The company invested approximately US$ 1.5 million for the expansion of the production facility. Moreover, in 2016, Empower Pharmacy inaugurated a new 15,000 square foot facility. The new facility meets the Good Manufacturing Practices (cGMP) requirements and has a 24 square foot GMP lyophilizer, a 200 square foot ISO-5 suite, and a 300 square foot United States Pharmacopeia (USP) 800-compliant hazardous drug cleanroom.
U.S. 503B compounding pharmacies Market - Impact of Coronavirus (COVID – 19) Pandemic
COVID-19 outbreak was first reported on December 31, 2019 in Wuhan, China. According to the Coronavirus (COVID-19) Weekly Epidemiological Update by the World Health Organization, over 169 million cases and 3.5 million deaths due to Coronavirus (COVID-19) were reported up till May 30, 2021 across the globe.
The COVID-19 pandemic has affected several markets across the globe and is also expected to hamper the demand and supply in U.S. 503B compounding pharmacies market. The COVID-19 pandemic has affected the demand and supply of U.S. 503B compounding pharmacies market in three main ways; by directly affecting the production and demand; by creating disruptions in distribution channels; and by its financial impact on firms and financial markets.
Browse 29 Market Data Tables and 18 Figures spread through 211 Pages and in-depth TOC on U.S. 503B Compounding Pharmacies Market, by Molecule (Acetaminophen, Phenylephrine, Midazolam, Esmolol, Vancomycin, Epinephrine, Adenocaine, Fentanyl / Bupivacaine, Morphine, Amiodarone, Heparin, Ketamine, Dextrose, Hydromorphone, Bupivacaine, Lidocaine, BKK (Bupivacaine, Ketorolac, Ketamine), RCK (Ropivacaine, Clonidine, Ketorolac), RKK (Ropivacaine, Ketorolac, Ketamine), and Other Molecules), and by Packaging (Vials, Prefilled Syringes, Ampoules, and Others)
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Moreover, marketing strategies such as partnerships further propels the market growth of U.S. 503B compounding pharmacies market. For instance, in August 2019, Nephron Pharmaceuticals Corporation announced its partnership with Clemson University, South Carolina, U.S. in order to create a robotic solution for automated syringe-filling, which will help to enhance sterile manufacturing in the pharmaceutical production process and help in managing the growing hospital demands. This helped the company to provide sterile, pre-filled medications to overcome drug shortages in hospitals and medical facilities across the U.S.
Key Takeaways of the U.S 503B compounding pharmacies Market:
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