According to a recent study by Future Market Insights (FMI), the global Compounding Pharmacies Market was worth approximately US$ 8 billion in 2018. According to the report on the compounding pharmacies market in the United States, the market will grow at a CAGR of about 5% between 2018 and 2028.
Despite the reporting of several adverse events and drug mismanagement-related deaths, the revenue of compounding pharmacies in the United States is expected to grow at a rapid pace over the next few years. The market for compounding pharmacies in the United States is expected to grow in several regions due to new products and therapeutic areas that have yet to be explored by branded manufacturers. The emphasis on factors such as the availability of drugs in novel mediums/forms and the administration of different dosages for different indications is expected to drive the adoption of newer dosage forms of compounded medications.
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Market Remains Influenced by Availability of Compounded Pain Management Drugs
The growing popularity of pain management therapies is fueling the growth of the compounding pharmacy market in the United States. Compounded pain management drugs are not FDA-approved, but they are supervised by the State Pharmacies Board in the United States. For example, medical guidelines such as the Medical Treatment Utilization Schedule (MTUS) Chronic Pain Guidelines do not support the use of compounds such as Gabapentin and Baclofen for pain management. Compounding pharmacies, on the other hand, use these compounds, as well as several others in varying strengths, to attract customers and increase revenue.
Furthermore, an increase in prescription medicine shortages is expected to increase demand for compounding pharmacies. The United States According to the FDA, only 154 drugs were in short supply or unavailable in 2007, compared to 456 in 2012. Approximately 300 drugs are currently in short supply. Medicinal drought is more prevalent in the United States than in other countries, which is fueling the revenue growth of the U.S. compounding pharmacies market.
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On the other hand, rising regulatory pressures are expected to stymie the growth of the compounding pharmacies market in the United States. Compounding pharmacies are involved in trans-border drug compounding, and the manufacturing of bulk drugs and ingredients requires registration with the FDA, mandatory inspections, and adherence to GMP guidelines. For example, the FDA has stated that approximately 70% of registered firms have been inspected, with 28 firms receiving FDA Form 483s (non-compliance with cGMP regulations and unsafe compounding practices) and five warning letters, implying a high rate of action. Compounding pharmacies that register with the FDA may gain credibility. However, inspections and compliance with good manufacturing practices is compulsory. Regulatory pressures on compounding pharmacies are expected to force the smaller ones to close their business primarily due to unsafe compounding practices, which are likely to directly impact patient safety.
Hormone Replacement Therapeutic Area to Hold over 38% Revenue Share in Market
In terms of revenue, oral medication is expected to lead the compounding pharmacies market in the United States, followed by topical medication. When compared to other segments, the injectable segment of the US compounding pharmacies market is expected to grow at a significant rate. The hormone replacement therapy segment leads all therapeutic area segments in terms of revenue in the U.S. compounding pharmacies market, with a 38.4% revenue share expected in 2019.
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Among the pharmacy type segments, the 503A pharmacy segment is expected to gain a significant revenue share over the forecast period when compared to the 503B pharmacy segment. The adults segment is expected to dominate the compounding pharmacies market in the United States, followed by the paediatrics segment. The veterinary segment is expected to grow faster than the other application segments of the compounding pharmacies market in the United States.
The U.S. compounding pharmacies market report tracks some of the key companies operating in the market, which include Avella Specialty Pharmacy, Central Admixture Pharmacy Services, Inc., Fagron N.V., Wedgewood Pharma, PharMEDium Services LLC, Doughertys Pharmacy, Institutional Pharmacy Solutions, Lorraine’s Pharmacy, Village Compounding Pharmacy, Triangle Compounding Pharmacy, Olympia Pharmacy, Hoye’s Pharmacy, Vertisis Custom Pharmacy, Smith Caldwell Drug Store, AIS HealthCare, Soleo Health, Millers Pharmacy, Centene Corporation, Infinity Care Solutions, Triumph Pharmacy, and Sixth Avenue Medical Pharmacy.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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