U.S. Compounding Pharmacies Market, by Product Type (Oral, Topical, Rectal ,Parenteral, Nasal, and Ophthalmic), by Therapeutic Area (Pain Management, Hormone Replacement Therapy (HRT),Dermatology and Specialty Drugs), and by Application (Pediatric, Adults, Geriatrics and Veterinary) is estimated to be valued at US$ 4,789.6 Million in 2022 and is expected to exhibit a CAGR of 5.9% during the forecast period (2022-2030), as highlighted in a new report published by Coherent Market Insights.
The increasing prevalence of breast and prostate cancer is accelerating demand for Hormone Replacement Therapy Drugs (HRT) drugs in the U.S., which is expected to drive growth of market. For instance, according to data published by American Cancer Society, in the U.S. in 2022 about 287,850 new cases of invasive breast cancer will be diagnosed in women.
U.S. Compounding Pharmacies Market– Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic and lockdowns in various countries across the globe have impacted the financial status of businesses across all sectors, including the private healthcare sector. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry, mainly due to strict lockdown in several regions. Private healthcare is one such sector that has been impacted significantly by the COVID-19 pandemic.
During the COVID-19 epidemic, there was a rise in the need for drugs and a decline in the manufacturing capacity of commercial medications, which had a favorable effect for the compounding pharmacy sector. For instance, the FDA issued a guidance policy regarding the compounding of specific drugs for hospitalized patients by Federal facilities and State-licensed pharmacies, including health system and hospital pharmacies, for as long as the public health emergency lasts and there is a shortage of the medications needed to treat patients.
U.S. Compounding Pharmacies Market: Key Developments
In July 2019, PharMEDium Services, LLC which is a provider of outsourced, ready to use sterile admixture services supporting the healthcare industry by enhancing patient safety efforts, optimizing workflow, reducing drug waste, and simplifying compliance announced to recall 45 lots of 0.5 mg/mL HYDROmorphone HCl in 0.9% Sodium Chloride 1 mL in 3 mL BD Syringe to the user level. The recall was due to presence of sulfite in PharMEDium’s electronic customer ordering system that claimed to be sulfite-free.
Browse 27 Market Data Tables and 31 Figures spread through 156 Pages and in-depth TOC on “U.S. Compounding Pharmacies Market”- Forecast to 2030, U.S. Compounding Pharmacies Market, by Product Type (Oral, Topical, Rectal ,Parenteral, Nasal, and Ophthalmic), by Therapeutic Area (Pain Management, Hormone Replacement Therapy (HRT),Dermatology and Specialty Drugs), and by Application (Pediatric, Adults, Geriatrics and Veterinary).
To know the latest trends and insights prevalent in the U.S. Compounding Pharmacies Market, click the link below:
https://www.coherentmarketinsights.com/market-insight/us-compounding-pharmacies-market-3142
Moreover, increasing availability of compounded preparation is expected to drive the market growth over the forecast period. For instance, in May 2020, Central Admixture Pharmacy Services, Inc. which is a is a nationwide network of state-licensed, FDA-registered pharmacies providing service to large number of hospitals and home care customers, launched three new compounded sterile preparations, which were in short supply for Intensive Care Unit (ICU) patients, the products were two vasodilators: Norepinephrine 8 mg added to 250 ml normal saline (NS), Vasopressin 50 units added to 50 ml NS and sedative: Midazolam 125 mg added to NS (1mg/ml).
Key Takeaways of the U.S. Compounding Pharmacies Market:
- S. Compounding Pharmacies market is expected to exhibit a CAGR of 5.9% during the forecast period due to increasing facility expansion by market players, which is expected to drive the market growth over the forecast period. For instance, in August 2021, Empower pharmacy, a compounding pharmacy based in Texas, U.S. announced the opening of its new facility in Houston, U.S. This facility will allow Empower pharmacy to prepare thousands of custom prescriptions each day for millions of patients across the country.
- Among product type, oral segment is estimated to hold a dominant position in the U.S. compounding pharmacies market over the forecast period, owing to rising research and development and partnerships amongst market players, which will expand growth of oral delivery globally. For instance, according to data published in September 2021, on Business Wire, which is an American company that disseminates full-text press releases from thousands of companies and organizations worldwide to news media, financial markets, disclosure systems, investors, information web sites, databases, bloggers, social networks and other audiences, Bio-Thera Solutions which is a biopharmaceutical company signed an agreement with Intract, which is an oral drug delivery licensing and product development company acquiring the license to employ the oral delivery system with a single monoclonal antibody that will remain unnamed.
- On the basis of Therapeutic Area, pain management is estimated to account for the largest market share in the U.S. compounding pharmacies market over the forecast period, owing to increasing prevalence of chronic pain. For instance according to data published in November 2020, on The Centers for Disease Control and Prevention (CDC) stated that in the U.S., in 2019, 20.4% of adults had chronic pain.
- Major players operating in the U.S. compounding pharmacies market include 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.
