The USA compounding pharmacies industry is anticipated to reach a valuation of US$ 11,099.0 million in 2023, driven by customization of various kinds of drugs. The trend is expected to create new opportunities for the global market, leading to a projected CAGR of 7.8% between 2023 and 2033. It is estimated to gain a valuation of approximately US$ 23,430.35 million by 2033.
The need for personalized medicine is increasing, which is causing the industry to grow. Personalized medicine growth aims to improve the safety and effectiveness of medications by altering them to cater to the unique needs of each patient.
Patients who have specialized requirements, such as those who have allergies or intolerances to certain substances, those who require therapy for rare orphan illnesses, as well as some others, require compounded pharmaceuticals that are specifically tailored to their needs.
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Through compounding, the pharmacist may tailor medications to each patient’s needs, giving patients a greater chance to fight disease. The need for compounding pharmacies in the USA is anticipated to increase over the next ten years due to the country’s strong healthcare industry.
One of the key drivers of the expansion of the US compounding pharmacy industry is the rising popularity of pain management medications. Regulatory agencies like the Food and Drug Administration (FDA) in the USA do not authorize compounded painkillers. In the USA, they are authorized by the State Pharmacies Board and under its supervision.
For instance, medical standards like the Chronic Pain standards do not permit the compounding of medications for the treatment of chronic pain, such as Gabapentin as well as Baclofen. Factors as such can also turn out to be major roadblocks for the USA compounding pharmacies market.
Key Takeaways from the Market Study:
- The USA market for compounding pharmacies expanded at a CAGR of 5.2% from 2018 to 2022.
- The market for USA compounding pharmacies is anticipated to be dominated by the oral and tropical medicine sector.
- The sector increased its regional market share to above 60% in 2022.
- The HRT market category increased its market share in the US compounding pharmacy market to 39% in 2022.
- Over 27% of the market share for compounding pharmacies in the USA was taken by regular pharmacies in 2022.
“The market will see growth during the projected period due to the rising prevalence of chronic illnesses like cancer and increased financing for compounding pharmacies in the USA,” opines Sabyasachi Ghosh Associate Vice President at Future Market Insights (FMI) analyst.
Competitive Landscape:
Prominent players in the USA Compounding Pharmacies market are
- Avella Specialty Pharmacy
- Central Admixture Pharmacy Services Inc.
- Hoye’s Pharmacy
- Vertisis Custom Pharmacy
- Smith Caldwell Drug Store
- Sixth Avenue Medical Pharmacy
- Cantrell Drug Company
- Clinigen Group, Dougherty’s Pharmacy
- Fagron N.V.
Recent Developments:
- In 2021, Adamis Pharmaceuticals Corporation declared that it had signed a legal contract to sell US Compounding Inc.’s assets related to the company’s human compounding pharmacies business and clients for US$15 million before transaction costs and expenses.
- In 2023, well-known American eyecare pharmaceutical manufacturer Harrow stated that ImprimisRx, a completely owned subsidiary of Harrow with a focus on compounding and mail-order pharmacies, will provide its patent-pending, future compounded Atropine formulations.
- Nephron Pharmaceuticals Corporation announced the launch of a novel syringe presentation in 2022. This was done as a part of the wildly successful Nephron 503B Outsourcing Facility business, which continued to profit from the momentum brought on by exponential growth.
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Segmentation Analysis of the USA Compounding Pharmacies Market:
By Product:
- Oral Medication
- Solid Medication
- Capsules
- Tablets
- Mixtures
- Lollipops
- Lozenges
- Liquid Medication
- Syrup
- Solution/Liquid
- Emulsion
- Suspension
- Topical Medication
- Gels
- Ointments
- Creams
- Lotions
- Solid Medication
- Injectable
- Mouthwashes
- Nasal
- Ocular
- Otic
- Suppositories and Enemas
By Pharmacy Type:
- 503A Pharmacy
- 503B Pharmacy
By Application:
- Adults
- Pediatrics
- Geriatrics
- Veterinary
By Therapeutic Area:
- Hormone Replacement Therapy
- Pain Management
- Dermatology
- Oncology
- Hematology
- Dental
- Others
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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