US Compounding Pharmaci Market Forecast to 2028 – COVID-19 Impact and Analysis

Posted by niket gore on July 26th, 2022

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.

Get Sample Pdf: - https://www.theinsightpartners.com/sample/TIPRE00005407/

 

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.

Major Sources

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

 Buy Now: -  https://www.theinsightpartners.com/buy/TIPRE00005407/

 

Reasons to Buy Report

  • To understand the US compounding pharmacies market landscape and identify market segments that are most likely to guarantee a strong return
  • To stay ahead of the race by comprehending the ever-changing competitive landscape for the US compounding pharmacies market
  • To efficiently plan M&A and partnership deals in the US compounding pharmacies market by identifying market segments with the most promising probable sales
  • To help in taking knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segments that form the US compounding pharmacies market
  • To obtain the market revenue forecast for market by various segments from 2019 to 2027 in the US

US Compounding Pharmacies Market Segmentation

By Product

  • Oral Medications
  • Topical Medications
  • Suppositories
  • Others

By Therapeutic Area

  • Pain Medications
  • Dermatological Applications
  • Hormone Replacement Therapies
  • Others

Company Profiles

  • Fagron
  • 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.

 

About Us:

The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

Contact Us:

If you have any queries about this report or if you would like further information, please contact us:

Contact Person: Sameer Joshi

E-mail: sales@theinsightpartners.com

Phone: +1-646-491-9876

Like it? Share it!


niket gore

About the Author

niket gore
Joined: July 6th, 2022
Articles Posted: 316

More by this author