The US compounding pharmacies market involves the preparation, mixing, altering, packaging and labeling of medications tailored to individual patients as prescribed by physicians and veterinarians. Compounded medications are prescribed when an FDA-approved drug does not meet the health needs of a patient. They are prepared by pharmacists to fill customized prescriptions that are medically necessary for specific patients.
The U.S. Compounding Pharmacies Market Demand comprises sterile and non-sterile compounded drugs, of which sterile drugs account for the largest revenue share due to their higher pricing and prescription rate for critical care therapies. The need for custom-made medications is growing in the US with rising prevalence of unique diseases and medication allergies.
The Global US compounding pharmacies market is estimated to be valued at US$ 5,290.4 Mn in 2024 and is expected to exhibit a CAGR of 6.1% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the US compounding pharmacies are Lionbridge, TransPerfect, SDL plc, LanguageLine Solutions, Telelanguage, Straker Translations, GlobaLexicon, Day Translations, GLOBO Language Solutions, Language Services Associates (LSA), Language Connect, CSOFT International, WordExpress Corporation, The Geo Group Corporation, Vocalink Global.
Key opportunities in the US compounding pharmacies market include expanding service offerings in underserved therapeutic categories, partnering with hospitals and clinics for drug outsourcing, and catering to rising demand for specialized pediatric medications and veterinary compounds. With significant untapped growth potential, companies are also focusing on global expansion through acquisitions and collaborations with international compounders.
The global expansion of major US players via partnerships with foreign compounders is expected to drive market growth. For instance, PharMEDium acquired a majority stake in Australia-based Australian Compounding to expand its presence in Oceania. Similarly, Accredo Health Group partnered with UK-based Rosemont Pharmaceuticals to enter the European compounding drugs market.
Market Drivers
One of the key drivers for the US compounding pharmacies market is the growing geriatric population and prevalence of chronic and complex diseases. According to the UN DESA, the population aged 65 years and older in the US is projected to double from 52 million in 2018 to around 95 million by 2060. Chronic illnesses that require compounded medications are also on the rise with increasing life expectancy. This is expected to drive the demand for customized medication therapies in the country.
Market Restrains
Stringent regulations imposed on compounding pharmacies in the US with the Shermanda Denno Act pose a key challenge via compliance requirements. Compounders must meet USP standards for active ingredients, lab testing and facility standards which increases operating costs. Shortages of bulk drug substances used in compounding also restrict market growth by limiting drug options available to pharmacists for customizations. This favors large players with broader sourcing networks over small pharmacies.
Segment Analysis
The U.S. compounding pharmacies market is dominated by the customized medication sub segment. Over 50% of compounding in the U.S. is for customized medication due to the variety of patient conditions that require tailoring drug ingredients, dose, or formulation method. Customized medication through compounding allows healthcare practitioners to treat patients whose medical needs can't always be met by FDA-approved commercial drug products.
Global Analysis
The North America region dominates the global compounding pharmacies market and is expected to continue its domination during the forecast period as well. The growing aging population and increasing chronic disease prevalence in the U.S. has increased the demand for customized medication which is driving the growth of the compounding pharmacies market in North America region. The U.S. is the largest market for compounded drugs owing to greater acceptance of compounded drugs and rising focus of market players on brand positioning, marketing campaigns, and strong financial capabilities for compounded drugs.
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About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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