The U.S. 503B compounding pharmacies market involves producing drugs tailored for individual patients based on valid prescriptions under section 503B of the Food, Drug and Cosmetic Act. 503B outsourcing facilities are uniquely different from other compounding pharmacies as they can produce larger batches without receiving individual patient prescriptions. They serve hospitals, physician clinics, filling prescriptions from practitioners for office-use products.
The global U.S. 503B compounding pharmacies market is estimated to be valued at US$ 1,060.51 billion in 2023 and is expected to exhibit a CAGR of 3.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Booming pharmaceutical drugs and services industry in the U.S. is expected to flourish the 503B compounding pharmacies market over the forecast period. According to IQVIA Health Outlook Report 2023–2027, U.S. prescription drug spending is anticipated to grow at a CAGR of 4-7% through 2027, reaching nearly US$ 650-750 billion by 2027, up from US$ 560 billion in 2022. Rising pharmaceutical expenditure will subsequently boost the demand for 503B outsourcing facilities for manufacturing drugs in bulk quantities to cater to growing demand. Furthermore, 503B compounders can play a huge role in addressing drug shortages, by customizing medicines for specific patient populations and health systems. Growing prevalence of complex diseases is also expected to spur opportunities for 503B facilities to produce customized medications.
Segment Analysis
The U.S. 503B compounding pharmacies market is dominated by the 503B outsourcing facilities sub segment. This is because the 503B compounding pharmacies are allowed to produce specific drugs in advance for hospitals, clinics and patients without needing an individual prescription. They can also produce drugs for humans that are not available commercially.
PEST Analysis
Political: Regulations around pharmaceutical compounding have become more stringent to ensure safety and quality. Stricter guidelines are defined by the FDA for 503B compounding pharmacies.
Economic: The U.S. 503B compounding pharmacies market is expected to grow steadily due to rising demand for customized medications and drugs not produced commercially. Outsourcing of compounding activities also supports market growth.
Social: Growing geriatric population and chronic disease prevalence are major demand drivers in this market. Customized medications play a vital role in better disease management.
Technological: Advancements in compounding equipment and processes help improve production efficiency. Automation and digital technologies enable higher quality standards.
Key Takeaways
The Global U.S. 503B Compounding Pharmacies Market Demand is expected to witness steady growth over the forecast period of 2023 to 2030. The global U.S. 503B compounding pharmacies market is estimated to be valued at US$ 1,060.51 billion in 2023 and is expected to exhibit a CAGR of 3.1% over the forecast period 2023 to 2030.
Regional analysis comprises the states of California, Florida, and Texas are set to dominate the market due to high demand for customized medications.
Key players operating in the U.S. 503B compounding pharmacies market are PharMEDium, BG Medical LLC, Institutional Pharmacy Solutions, Cantrell Drug Company, and Pencol Compounding Pharmacy. PharMEDium currently leads the market owing to its large outsourcing facility network across the country.
For more details on the report, Read- https://www.ukwebwire.com/u-s-503b-compounding-pharmacies-market-demand/
Get more insights on this topic: https://lotstoexpress.com/decoding-life-navigating-health-landscape-with-genomic-biomarkers-as-compass-points/
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