Ocean View, DE -- (SBWire) -- 05/18/2020 --U.S. Compounding Pharmacies Market will exceed USD 7 billion by 2025; as per a new research report.
Growing acceptance of personalized medicines is the major factor that will boost the U.S. compounding pharmacies market growth over the forecast period. Demand for compounding pharmacies is increasing among individuals requiring medication at a strength unavailable in the market or drugs that are not available commercially. Compounded medication can provide best health outcomes for majority of patients including young infants, aged individuals as well as allergy sufferers, thereby surging compounded pharmacies market growth.
Rapidly growing geriatric population base suffering from various chronic diseases will further drive the U.S. compounding pharmacies market. Compounded medication offers benefits such as formulation of liquid dosage for patients with difficulty in swallowing pills, combining certain prescriptions into single dose permitting patients to take one pill instead of many as well as availability of hypoallergenic versions of drugs for individuals allergic to certain dyes and preservatives. Increasing demand for compounded medication owing to aforementioned advantages will further foster the business growth. However, continuous regulatory changes pertaining to compounding pharmacies may hamper the industry growth during the coming years.
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503B compounding pharmacy held the largest revenue share of 52.4% in 2017 and is estimated to witness lucrative growth over the analysis timeframe. The growth is attributable to bulk manufacturing of compounded drugs involved in 503B pharmacies. Ability to produce large batches of compounded drugs in lower costs will boost the segment growth.
Sterile compounded drugs segment will witness 5.2% CAGR in the coming years. Growing adoption of compounded sterile preparations such as ophthalmic or parenteral dosage forms in treatment of various chronic diseases will foster the segment growth.
Oral product segment accounted for the highest market share of more than 30% in 2017 and will witness similar trend in the coming years. Increasing adoption of oral dosage forms among pediatric as well as geriatric population due to ease of administration will augment the oral product growth.
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Pediatric application segment is expected to witness 6.2% CAGR over the forecast period. Oral compounded medication, especially in the form of liquid preparations is widely accepted among pediatric patient base owing to availability of flavored medicine, or different dosage forms to avoid difficulty in swallowing. Aforementioned advantages will further surge the demand for compounded medication thereby expanding segment size.
Pharmaceutical dosage alteration segment will witness a considerable 5.1% CAGR during the forecast period attributable to the surging demand for altered dosage forms to avoid difficulty in swallowing, mask unpalatable taste as well as offer efficient dosage forms to meet individual patient needs.
Dermatology segment accounted for USD 834.9 million in 2017 and will show robust CAGR over the analysis period owing to high adoption of compounded dermatology products in treatment of various skin diseases in developed as well developing economies. According to American Academy of Dermatology, in 2013, around 84.5 million Americans were impacted by skin diseases. Increasing burden of skin diseases in the region due to various environmental factors will further accelerate segment growth.
Some of the notable players operating in U.S. compounding pharmacies market are: Absolute Pharmacy, B. Braun Medical, Baxter, Cantrell Drug Company, Central Compounding Center, Clinigen Group, Dougherty's Pharmacy, Fagron, Fresenius Kabi, ICU Medical, Institutional Pharmacy Solutions, Lorraine's Pharmacy, McGuff Compounding Pharmacy Services, McKesson Corporation, Nephron Pharmaceuticals, Pencol Compounding Pharmacy, Pentec Health, PharMEDium, Premier Pharmacy Labs, Rx3 Compounding Pharmacy, RXQ Compounding Pharmacy, Triangle Compounding Pharmacies, Wedgewood Village Pharmacy and Wells Pharmacy Network. Major focus of the industry players is on strategic mergers and acquisitions to diversify product portfolio and maintain market position.
