by Compounding pharmacies produce personalized medication for patients who have specific medical needs that cannot be met by traditional mass-produced pharmaceutical products. They customize medications for patients with allergies or sensitivities to inactive ingredients in over-the-counter or prescription medications, or who require an alternative dosage form such as liquids or transdermal patches. These specialized medications are commonly needed by pediatric, geriatric or obese patients who have difficulty swallowing conventional pills or tablets. Compounding pharmacies often prepares medications with different strengths, combining medications to be administered together, or altering medications to suit a specific condition or treatment regimen prescribed by a physician.
The U.S. Compounding Pharmacies Market is estimated to be valued at US$ 5072.19 Mn in 2024 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: One of the key trends in the U.S. compounding pharmacies market size is the growing need for personalized medications. With rising incidences of chronic and complex conditions such as cancer, autoimmune disorders, and neurological diseases, the demand for specialized medications tailored to individual patient needs is increasing. Compounded medications allow doctors to customize treatment regimens based on the specific clinical profile of each patient. They provide alternatives for patients who cannot tolerate commercially available drug formulations or who need a dosage that is not available. The ability of compounding pharmacies to produce combinations of multiple pharmaceutical ingredients and dosage forms facilitates personalized healthcare delivery. This is expected to significantly drive the growth of the market during the forecast period.
Porter’s Analysis
Threat of new entrants: Low as high set up costs and regulatory compliances make entry difficult.
Bargaining power of buyers: Moderate as buyers have choices from multiple compounding pharmacies but customization attracts buyers.
Bargaining power of suppliers: Low as raw material suppliers have limited pricing power due to availability of substitutes.
Threat of new substitutes: Low as customized medications have less threat from other alternatives.
Competitive rivalry: Intense due to high competition among existing players to gain market share.
Key Takeaways
The U.S. Compounding Pharmacies market is expected to witness high growth. The U.S. Compounding Pharmacies Market is estimated to be valued at US$ 5072.19 Mn in 2024 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030.
The South region dominates the U.S. Compounding Pharmacies market currently. The growth in this region can be attributed to growing geriatric population requiring customized medications.
Key players operating in the U.S. Compounding Pharmacies market are Fagron, PharMEDium Services, Institutional Pharmacy Solutions, Cantrell Drug Company, Triangle Compounding Pharmacies.
