The U.S. 503B Compounding Pharmacies Market Growth Accelerated By Expansion Into Specialty Medicines

The U.S. 503B compounding pharmacies market plays a vital role in patient care by providing customized medication not commercially available to fill therapeutic voids. Compounded medications help meet the unique needs of patients with allergies, sensitivities or conditions where commercially available drug products are unsuitable.

The U.S. 503B Compounding Pharmacies market is estimated to be valued at US$ 1060.51 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 key trends:
One of the major trends fueling the growth of the U.S. 503B compounding pharmacies market is expansion into specialty medicines. Traditionally, compounding pharmacies prepared customized formulations for small patient populations. However, growing drug shortages and therapy gaps have prompted pharmacies to produce specialty drugs in commercial quantities. This includes complex formulations for hard-to-treat conditions in areas like oncology, gene therapy and orphan diseases. Large-scale production helps address unmet needs more cost-effectively. It is also enabling pharmacies to diversify revenue streams and strengthen their positions in the healthcare marketplace.

Segment Analysis
The U.S. 503B Compounding Pharmacies market can be segmented based on product, application, and therapeutic area. Sterile preparations account for the largest market share as they are commonly used to treat conditions such as cancer and infection. They are expected to remain the dominant segment owing to rising cases of chronic diseases requiring sterile drugs for treatment.

Key Takeaways
The U.S. 503B Compounding Pharmacies Market Size is expected to witness high growth. The U.S. 503B Compounding Pharmacies market is estimated to be valued at US$ 1060.51 billion in 2023 and is expected to exhibit a CAGR of 3.1% over the forecast period 2023 to 2030.

Regional analysis: The U.S. region dominates the 503B compounding pharmacies market currently due to strong government support and presence of major pharmacies in the country. The region is expected to continue its dominance over the forecast period owing rapid increase in aging population and prevalence of chronic diseases.

Key players: Key players operating in the U.S. 503B compounding pharmacies market are ANWIL SA (PKN ORLEN SA), Pfizer Inc, Johnson & Johnson, Sanofi, and GlaxoSmithKline Plc. ANWIL SA (PKN ORLEN SA) accounts for the major market share currently due to its wide distribution network and product portfolio.

For More Insights, Read: https://www.newswirestats.com/u-s-503b-compounding-pharmacies-market-size-share-and-growth-forecast-2023-2030/

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