Injectable compounding pharmacy is a practice specialty for pharmacists that combines or alters active pharmaceutical ingredients to create customized medications for patients based on their individual medical needs. This specialized practice helps patients with allergies, sensitivities, unique doses or delivery methods that cannot be met by commercially available medications.
The U.S. injectable compounding pharmacy market is estimated to be valued at US$ 1747.98 Mn in 2024 and is expected to exhibit a CAGR of 4.8% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Customized Medications
There is a high market opportunity for customized medications in the U.S. injectable compounding pharmacy market. Over 7.6 million Americans require customized medications due to allergies or sensitivities to inactive ingredients in commercially manufactured drugs. Additionally, compounded medications allow doctors to prescribe precise doses of potent medications through alternative forms like creams, gels or oils that may offer better effectiveness or tolerability for patients compared to standard pills or injections. This ability to create individualized drug treatments tailored to patients' unique medical needs and conditions is expected to boost demand for compounding pharmacies's services in the coming years.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is relatively low as setting up compounding pharmacy requires legal licensing and significant capital investments. Also, existing players have established brand names and distribution networks.
Bargaining power of buyers: The bargaining power of buyers is high due to the presence of many compounding pharmacies and buyers can easily switch between pharmacies. This forces pharmacies to offer competitive pricing and personalized services.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many suppliers for raw materials and equipment used for compounding medicines. However, suppliers may gain power if they initiate collective actions.
Threat of new substitutes: The threat of substitutes is low as there are limited substitutes available for compounded medications tailored to individual needs. However, alternatives like generic drugs pose some threat.
Competitive rivalry: The competitive rivalry is high among existing players due to their similar service offerings. Players compete based on innovation, quality, pricing and client relationships.
SWOT Analysis
Strengths: Access to specialized healthcare professionals, ability to customize medications as per needs, ensure safe & effective medications.
Weaknesses: Require significant investments, complex regulatory norms, dependency on few suppliers.
Opportunities: Growing geriatric population needing customized care, scope to expand services in remote areas, potential for mergers & collaborations.
Threats: Shift towards generic drugs, reimbursement issues, dependency on skilled workforce.
Key Takeaways
The U.S. Injectable Compounding Pharmacy Market Size is expected to witness high growth driven by the rising geriatric population requiring customized medication solutions. The U.S. injectable compounding pharmacy market is estimated to be valued at US$ 1747.98 Mn in 2024 and is expected to exhibit a CAGR of 4.8% over the forecast period 2024 to 2031.
Regional analysis
The Western region holds the major share in the U.S. injectable compounding pharmacy market currently due to large patient pool and higher healthcare expenditure. States like California, Texas and Florida have emerged as key markets. The growing geriatric population suffering from chronic diseases in the region is also driving the market growth. The Southern region is expected to witness fastest growth during the forecast period owing to increasing healthcare awareness and partnership initiatives by government and market players.
The key players operating in the U.S. injectable compounding pharmacy market are PerkinElmer, LabLogic Systems Ltd., Hidex Oy, Intertechnique, LabLogic Systems Limited, AMETEK Inc, Beckman Coulter Inc, Berthold Technologies GmbH & Co. KG, Bio-Rad Laboratories Inc., Hach.
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