The global U.S. Compounding Pharmacies Market is estimated to be valued at US$ 5072.19 Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Compounding pharmacies customize medications for patients who are unable to use standard off-the-shelf drugs. This involves altering dosage forms, flavors, delivery methods or other characteristics to meet unique medical needs. Compounding offers more treatment options, greater flexibility and improved outcomes for many patients.
Market key trends:
One of the key trends in the U.S. compounding pharmacies market is the growing preference for customized medications. With an aging population and rising chronic diseases, the need for specialized drug formulations is increasing. Compounded medications allow for allergens, dyes, preservatives and other inactive ingredients to be removed to make drugs safer for sensitive patients. They also offer liquid versions of drugs for easier administration to children, elderly and those with swallowing difficulties. This has driven greater demand for compounding pharmacy services over the past few years.
Segment Analysis
The U.S. compounding pharmacies market is dominated by customized medications segment. This is due to the ability of compounding pharmacies to create customized dosage forms, strengths, and flavors as per patient's requirements. Compounding pharmacies aim to meet patient-specific needs that are not met by standardized pharmaceutical products.
Key Takeaways
Market size: The U.S. Compounding Pharmacies Market Size is expected to witness high growth, exhibiting a CAGR of 5.9% over the forecast period, due to increasing geriatric population and presence of chronic diseases.
Regional analysis: The Western region dominates the U.S. compounding pharmacies market with highest share. This is due to early adoption of advanced compounding techniques and presence of major players in the region.
Key players: Key players operating in the U.S. compounding pharmacies market are Avella Specialty Pharmacy,Ltd PharMEDium Services, Institutional Pharmacy Solutions, Cantrell Drug Company,Triangle Compounding Pharmacies,Hoye’s Pharmacy,Vertisis Custom Pharmacy,Smith Caldwell Drug Store,Nephron Pharmaceuticals Corporation,Rx3 Compounding Pharmacy,B Braun Melsungen AG,Clinigen Group PLC,QuVa Pharma,ITC Compounding Pharmacy, and Lorraine’s Pharmacy.
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