Selbyville, Delaware, Feb. 16, 2021 (GLOBE NEWSWIRE) --
According to latest report “U.S. Compounding Pharmacies Market by Pharmacy Type (503A, 503B), Sterility (Sterile, Non-sterile), Product (Oral, Topical, Rectal, Parenteral, Nasal, Ophthalmic, Otic), Application (Paediatric, Adult, Geriatric, Veterinary), Compounding Type (Pharmaceutical Ingredient Alteration, Currently Unavailable Pharmaceutical Manufacturing, Pharmaceutical Dosage Alteration), Therapeutic Area (Hormone Replacement, Pain Management, Dermatology, Specialty Drugs, Nutritional Supplements), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights, Inc., the market valuation of compounding pharmacies in the United States will cross $7.2 billion by 2027. Growing demand for compounded bioidentical menopausal hormone therapy among women will boost the market growth over the coming years.
Rising shortage of different drugs including emergency drugs and other cancer medicines will surge the demand from compounding pharmacies over the forecast timeframe. Majority of the shortages can be attributed to quality and manufacturing issues. Production delay caused at the manufacturers end, delay in receiving raw materials and components from suppliers and discontinuation of previously manufactured drug further leads to drug shortage. Additionally, limited capacity of raw material suppliers’ facilities coupled with long lead times and complexity of manufacturing process increases the drug shortages.
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The 503B pharmacy type segment in the U.S. compounding pharmacies market is expected to witness around 8% growth rate till 2027. Large scale production of compounded medications further results in lower manufacturing costs that enhances demand for these 503B pharmacies. These compounding conveniences different solutions that are effective and safe to help customers at various healthcare facilities. Hence, several advantages associated with 503B pharmacy will favor the segment growth.
The non-sterile segment is estimated to attain a CAGR of 5% CAGR through 2027. The rising demand for non-sterile customized medication such as tablets, liquids, and pills will augment the segment expansion. Also, such compounded medications are easy to administer that surges its preference.
The rectal segment accounted for 8.5% of the U.S. compounding pharmacies market share in 2020. Rectal administration is majorly preferred when oral route is not permitted and are less costly. Rectal dosage forms offer substantial placebo effect during the treatment of anorectal illnesses, fostering the segment revenue. However, few disadvantages of rectal administration limit the market expansion.
The U.S. compounding pharmacies market for veterinary application is predicted to expand at a CAGR of 4.5% during 2021 to 2027. The compounding pharmacies offer treatment to animals in case of absence of government-approved medications. Also, dosage forms of commercially available medications are legalized for use in few species but are not preferred for use in other species including cats and other exotic animals. In such situations, compounding pharmacies offer specifically formulated drugs for animal species, creating the vigorous segment demand.
The pharmaceutical dosage alteration (PDA) segment in the U.S. compounding pharmacies market valued at USD 900 million in 2020. Demand for altered dosage form among the elderly population is high owing to difficulty in swallowing large pills. Compounding pharmacies provide alternative forms of medication such as changing the form of medication from a solid pill to liquid to facilitate drug administration in pediatrics, geriatrics as well as hospice patients. Similarly, increasing demand for altered dosage form of drugs among the pediatrics to mask unpalatable taste of drugs will further accelerate the segment growth.
The nutritional supplements segment held 6% of revenue share in 2020. Minerals, vitamins and different other nutritional supplements play an important role in immune system function, gastrointestinal function, blood sugar management, weight control, sleep, stress response, blood pressure and cholesterol. People lack sufficient amounts of nutrition required by their bodies due to lifestyle modifications, unhealthy dietary habits and other environmental factors that later surges the demand for compounding pharmacies.
Some of the prominent companies operation in the U.S. compounding pharmacies market include Dougherty's Pharmacy, B. Braun, Athenex Pharma Solutions, McGuff Company, Fagron, Fresenius Kabi, and Institutional Pharmacy Solutions among others. These industry leaders are executing several growth strategies order to gain financial stability.
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Some major findings of the United States compounding pharmacies market report include:
- Favorable regulatory as well as reimbursement landscape will act a positive impact rendering factor.
- The COVID-19 will have a substantial impact on the market revenue. According to the U.S. FDA, the supply of FDA-approved medicines and medicines compounded by outsourcing facilities may not be sufficient to fully address the need for drugs used to treat hospitalized patients.
- Rising elderly population base requiring different compounding medications according to the patient requirements will propel the industry demand.
- Increasing need for personalized medicines along with benefits and convenience offered by compounded drugs such as creating dosages of medicines that are not commercially available, combining multiple prescriptions into a single dose and others will fuel the overall market value.
- However, changing regulatory specifications and issues related to safety standards of compounded drugs may hinder the industry expansion to certain extent.
Table of Contents (ToC) of the report:
Chapter 3 U.S. Compounding Pharmacies Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 - 2027
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls and challenges
3.4 Growth potential analysis
3.4.1 By pharmacy type
3.4.2 By sterility
3.4.3 By product
3.4.4 By application
3.4.5 By compounding type
3.4.6 By therapeutic area
3.5 COVID-19 impact analysis
3.6 Regulatory landscape
3.7 Reimbursement landscape
3.8 Innovative compounding technologies
3.9 Porter’s analysis
3.10 Competitive landscape, 2019
3.11 PESTEL Analysis
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About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.