by Advanced manufacturing processes have transformed compounding pharmacies into a reliable source for accurately dosed customized formulated medications. Compounding pharmacists work closely with patients and their healthcare providers to prepare tailored medications based on individual needs when an FDA-approved pharmaceutical product is not suitable. Compounding allows for modifications to drug type, dosage, delivery method or formulation to meet unique clinical requirements. The process involves carefully measuring ingredient quantities and meticulously producing a small number of medication doses. By blending, mixing and manipulating ingredients, pharmacists can make specialized preparations such as transdermal gels, suspensions or other customized dosage forms.
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 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
There has been a rise in demand for customized formulated medications as patients are seeking alternatives better suited to individual circumstances. Growth in geriatric population prone to multiple chronic conditions requiring specialized drug combinations or delivery methods is driving greater need for compounding services. Innovations in drug delivery technologies like transdermal patches and extended release capsules allow compounders to develop sophisticated formulations for better treatment adherence. Advancements in aseptic processing and compounding equipment ensure stringent safety and quality standards for sterile preparations such as total parenteral nutrition solutions and ophthalmic medications. Collaborations between compounders and drug manufacturers aim to develop FDA approved medications based on in-demand compounding recipes. Stringent quality assurance through analytical testing helps differentiate compounded drugs and boost patient confidence.
Porter’s Analysis
Threat of new entrants: The U.S. compounding pharmacies market has moderate-to-high entry barriers due to high initial capital requirements, established regulations, and presence of major players.
Bargaining power of buyers: Individual buyers have low bargaining power due to availability of customized medications and specialized services offered by compounding pharmacies. However, large organizations have moderate bargaining power.
Bargaining power of suppliers: Suppliers of raw materials have low-to-moderate bargaining power as there are many suppliers in the market.
Threat of new substitutes: There is low threat of substitutes as compounding pharmacies offer highly customized medications not readily available from manufacturing pharmacies.
Competitive rivalry: The market is highly competitive with presence of major players.
Key Takeaways
The U.S. Compounding Pharmacies Market is expected to witness high growth over the forecast period of 2023 to 2030. 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 6.7% over the forecast period 2023 to 2030.
Regional analysis: The Western region dominates the market and is expected to grow the fastest due to increasing demand for compounded medications. States like California and Texas have a large number of compounding pharmacies.
Key players: Key players operating in the U.S. compounding pharmacies market are Akzo Nobel N.V., Axalta Coating Systems, BASF Coatings, Beckers Group, Berger Paints India Limited, Chugoku Marine Paints, Ltd., Hempel A/S, Jotun, Kansai Paint Co., Ltd., KCC Corporation, NIPSEA Group, PPG Industries, Inc., Teknos Group, The Chemours Company, and The Sherwin-Williams Company. These players are focusing on new product launches and strategic partnerships to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
