The U.S. Compounding Pharmacies Market Growth Accelerated by Expanding Therapeutic Areas

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The compounding pharmacies market in the U.S. involves the preparation of customized medication as per the needs and demands of the patients. Compounding pharmacies produce medications for those who cannot use commercially available drugs owing to allergies or inability to swallow pills. The growing geriatric population suffering from chronic ailments driving the need for compounded formulations.

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 key trends:

The expanding therapeutic areas is one of the key trends driving the growth of the U.S. compounding pharmacies market. Compounded medications are witnessing increased demand for various therapeutic applications including pain management, hormone replacement therapy, dermatology, oncology etc. As per data, over 60% of compounded drugs prepared by pharmacies in the U.S. belonged to pain management, hormone replacement and dermatology categories in 2022. The increasing prevalence of chronic pain conditions and rise in hormonal deficiencies in aging population in the country is contributing to the increased demand for compounded drugs in these therapeutic areas. Moreover, compounded drugs are gaining traction for applications in pediatric and veterinary medicine as well which is further supporting the market growth during the forecast period.

Segment Analysis
The U.S. Compounding Pharmacies market size is dominated by compounded oral medications sub-segment, accounting for around 60% share of the overall market. This is due to the growing demand for compounded oral solids and liquids that can be customized as per medical needs. Compounded topical medications sub-segment remains the second largest segment and is expected to witness steady growth during the forecast period.

Key Takeaways

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.

Regional analysis: The Western region dominates the U.S. Compounding Pharmacies market with around 35% value share. This is attributed to rising geriatric population and increasing prevalence of chronic conditions in states like California that require customized medications frequently. Southeast region is poised to witness highest growth during the forecast period owing to expansion of healthcare facilities and insurance coverage in states like Florida.

Key players: Key players operating in the U.S. Compounding Pharmacies Market are PharMEDium, Institutional Pharmacy Solutions, Cantrell Drug Company, Triangle Compounding Pharmacy, and Lorraine's Pharmacy. These players are focusing on expanding their production facilities and offerings to cater to the rising demand for compounded medications. They are also adopting innovative techniques like 3D printing for compounding to improve efficiency and offer specialized products.

Get more insights on this topic: https://www.newsstatix.com/u-s-compounding-pharmacies-market-share-and-opportunity-analysis/

 

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