The US compounding pharmacies market is expected to reach US$ 5,069.56 million by 2027 from US$ 3,079.64 million in 2019. The market is anticipated to grow at a CAGR of 6.5% from 2020 to 2027. The growth of the market in the country is driven by the factors such as the drug shortage crisis in the US and benefits associated with compounded medications. However, product recalls and stringent regulatory requirements across the country are likely to hinder the market growth during the forecast period.
The US is encountering a rapid increase in drug shortage, which has caused various difficulties for health care facilities, clinicians, patients, and federal regulators. Many factors are involved in drug shortage, including challenges in manufacturing, acquisition of raw materials, regulatory issues, and business arrangements, as well as several other disruptions within the supply chain. According to the American Society of Health-System Pharmacists, drug shortages can negatively affect drug therapy and delay medical procedures resulting in medication errors. Drug shortages range from simple medicines, such as buffered aspirin, to life-saving medications—such as cancer antibiotics and cancer chemotherapy agents—and emergency medications, such as epinephrine. Healthcare professionals, especially pharmacists, along with the US government and drug manufacturers, are consistently working on managing this public-health crisis. Health care personnel have started to formulate solutions to a drug shortage. Compounding pharmacies are considered a viable source of drugs that are in short supply.
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Market Overview and Dynamics
The US compounding pharmacies market is expected to reach US$ 5,069.56 million by 2027 from US$ 3,079.64 million in 2019. The market is anticipated to grow at a CAGR of 6.5% from 2020 to 2027. Factors driving the market include the drug shortage crisis in the US and benefits associated with compounded medications. However, product recalls and stringent regulatory requirements are likely to hinder the market growth during the forecast period.
Key Market Segments
In terms of product, the oral medications segment held the largest share of the market in 2019; however, the topical medications segment is anticipated to register the highest CAGR in the market during the forecast period. In terms of therapeutic area, the pain medications segment held the largest share in 2019 and the same segment is estimated to register the largest market share during the forecast period.
Alliance for Pharmacy Compounding, Compounders' Shortage Drug Source for Hospitals, International Academy of Compounding Pharmacists, National Health Service, National Association of Specialty Pharmacy, and World Health Organization are among the major primary and secondary sources for the US compounding pharmacies market included in the report.
A compounding pharmacy or specialty pharmacy makes drugs recommended by doctors for patients that are not commercially available. The demand for compounding pharmacy is growing due to many benefits associated with it. For instance, compounding pharmacy is highly recommended to patients with allergies or to those who are very young and need a small dosage of a particular medication. Additionally, pharmacists can alter ingredients if patients are lactose intolerant, glucose intolerant, or allergic to the commercial drug's unnecessary dye. Moreover, pharmacists can lessen the dosage for children or can add flavor for children and double the dose for older adults depending on their needs. For patients who are delicate to oral administration, one can change pill formulation into a liquid for the ease of taking it. Compounding pharmacists can get access to medications that have been discontinued to patients who still depend on them. They can recreate the pharmaceutical-based ingredients to retain patients’ health.
Based on product, the US compounding pharmacy market is segmented into oral medications, topical medications, suppositories, and others. In 2019, the oral medications segment held the largest share of the market; however, the topical medications segment is expected to grow at the fastest rate during the forecast period.
Based on therapeutic area, the US compounding pharmacy market is segmented into pain medications, dermatological applications, hormone replacement therapies, and others. In 2019, the pain medications segment held the largest share of the market; and it is expected to grow at the highest CAGR during the forecast period. Alliance for Pharmacy Compounding, Compounders' Shortage Drug Source for Hospitals, International Academy of Compounding Pharmacists, National Health Service, National Association of Specialty Pharmacy, and World Health Organization are among the major primary and secondary sources referred to while preparing the US compounding pharmacies market report
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US Compounding Pharmacies Market Segmentation
- Oral Medications
- Topical Medications
By Therapeutic Area
- Pain Medications
- Dermatological Applications
- Hormone Replacement Therapies
- Triangle compounding pharmacy
- Institutional pharmacy solutions, LLC
- Braun melsungen ag
- Pharmedium services LLC
- Fresenius kabi ag
- Avella specialty pharmacy
- Pencol Compounding Pharmacy
- Vertisis custom pharmacy
- US Compounding Inc.
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