Soaring Demand for Tailored Eye Care Medicines to Drive U.S. Ophthalmic Compounding Pharmacies Market Growth

Purvaja Jadhao

posted on 10 months ago — updated on 1 second ago

60
views

The U.S. Ophthalmic Compounding Pharmacies Market is estimated to be valued at US$ 230.5 Mn in 2023 and is expected to exhibit a CAGR of 5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Soaring Demand for Tailored Eye Care Medicines to Drive U.S. Ophthalmic Compounding Pharmacies Market Growth

Market Overview:
Ophthalmic compounding pharmacies prepare customized eye medications and drugs as per doctors' prescriptions to meet patients' specific medical needs. They compound medications for various eye conditions such as glaucoma, infections, dry eyes, and inflammation.

Market Dynamics:
The market is driven by the growing need for personalized eye care therapies. Many patients require customized medications due to allergies, inability to swallow pills, or need for specific dosage forms. Compounded eye drugs allow for adjusting drug type, strength, and dosage form as per the condition and tolerability of individual patients. Moreover, some medications required for rare eye conditions are not commercially available, forcing doctors to prescribe compounded alternatives. The increasing incidence of eye disorders such as glaucoma and cataract among the aging population will further boost demand for tailored medicines, propelling the U.S. ophthalmic compounding pharmacies market growth over the forecast period.
Market Key Trends:

The U.S. Ophthalmic Compounding Pharmacies Market Share is witnessing high growth owing to the increasing preference for customized ophthalmic medications. Customized medications help address unmet medical needs and provide treatment alternatives for patients who cannot use FDA-approved manufactured drugs due to allergies or side effects. Compounding pharmacies formulate medications according to prescriptions by mixing, mixing, or altering ingredients to meet the specific health needs of individual patients.

SWOT Analysis
Strengths: Growing demand for tailored medications and shortage of FDA-approved drugs. Weaknesses: Compounded drugs are not FDA approved which can pose safety risks. Lack of standardized dosages.
Opportunities: Unmet needs of patients who cannot use manufactured drugs. Growing geriatric population prone to vision issues. Threats: Stringent regulations surrounding compounding practices. Reimbursement uncertainties over compounded drugs.

Key Takeaways

The global U.S. ophthalmic compounding pharmacies market is expected to witness high growth, exhibiting CAGR of 5% over the forecast period, due to increasing preference for personalized medications tailored to individual needs. The market size for 2023 was US$ 219.2 Mn.

Regional analysis

The Western region dominates the U.S. ophthalmic compounding pharmacies market owing to high patient awareness and availability of advanced healthcare facilities. States like California, Texas, and Florida have emerged as major markets for compounded ophthalmic drugs.

Key players

Key players operating in the U.S. ophthalmic compounding pharmacies market are Fagron Sterile Services US, New Drug Loft & VLS Pharmacy, Nora Apothecary, Lifecare Pharmacy, Avella Specialty Pharmacy, Triangle Compounding Pharmacy, O’Brien Pharmacy, Tache Pharmacy, Northmark Pharmacy, Edge Pharma, and ImprimisRx. These players are focused on developing specialized ophthalmic formulations for different eye diseases.