The USA compounding pharmacies market is poised for significant growth, with projections indicating a valuation of USD 11,099.0 million by 2023, as per the latest market analysis. This growth trajectory is underpinned by increasing demand for personalized medication solutions that cater specifically to individual patient needs.
From 2023 to 2033, the sector is anticipated to maintain a robust compound annual growth rate (CAGR) of 7.8%, culminating in an estimated market value of approximately USD 23,430.35 million by the end of the forecast period. This surge is largely driven by the critical need to enhance medication safety and efficacy through tailored pharmaceutical solutions.
Navigate Business Success with Essential Insights: Get Avail Checkout on Report
Compounding pharmacies are uniquely positioned to create customized pharmaceuticals that are not readily available in the mass market. This capability addresses specific patient requirements, ranging from customized dosages to alternative ingredients, thereby filling a crucial gap in healthcare delivery.
Key factors driving this market expansion include the rising prevalence of chronic diseases, the need for tailored treatments for rare diseases, and the growing demand for medication alternatives due to allergies and intolerances. The compounding pharmacies industry is poised to continue its trajectory of innovation and growth, aligning with the evolving landscape of personalized healthcare solutions.
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 USD15 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.
Tap Into Full Report Insights – Boost Your Strategy Now
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
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube