The global U.S. Compounding Pharmacies Market Growth Accelerated by Preference for Customized Medications
 |
| U.S. Compounding Pharmacies Market |
Compounding pharmacies combine or alter ingredients to create specialized medications tailored to individual patient needs. They produce medications for patients who have allergies, are unable to swallow pills, or require an alternate ingredient, dosage, or delivery system. The U.S. compounding pharmacies market offers customized formulations that address unmet medical needs. Compounding pharmacists are highly trained to prepare personalized medications with optimal strength and dosage. They work in collaboration with physicians to develop medications catering to patients with complex medical conditions.
The global
U.S. Compounding Pharmacies Market is estimated to be valued at US$ 5072.19 Mn in 2023 and is expected
to exhibit a CAGR of 6.7% over the
forecast period 2023 to 2030, as highlighted in a new report published by
Coherent Market Insights.
Market key trends:
The rising preference among patients and physicians for customized medication
therapies has accelerated the growth of the U.S. compounding pharmacies market.
Compounded medications provide an effective alternative for patients who are
unable to take FDA-approved drugs or need specialized formulations. Compounding
pharmacies help address healthcare needs of untreatable and underserved patient
groups. Their personalized treatment approach facilitates medication adherence
and management of challenging medical conditions. Growing awareness about the
benefits of individualized medications is positively impacting the demand for
compounding pharmacy services. The availability of specialized drugs for niche
medical indications continues to expand the potential patient pool and market
opportunities in this space.
Segment
Analysis
The U.S. compounding pharmacies market is dominated by the pain medications
segment. Pain medications account for over 35% of the total market share as
they are commonly prescribed by physicians for various types of pain
management. The rising geriatric population which is more prone to chronic pain
conditions like arthritis has further driven the demand for various compounded
pain drugs in the country.
Key Takeaways
The global U.S.
Compounding Pharmacies Market is expected to witness high growth. The
global U.S. Compounding Pharmacies Market is estimated to be valued at US$
5072.19 Mn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast
period 2023 to 2030.
The western
region currently dominates the market owing to the higher adoption of
customized medications as an alternative to mass produced drugs. States like
California and Texas account for over 30% of the total market share in the
country. States like California, Texas and Washington have emerged as major
hubs for compounding pharmacies. This is attributed to the higher awareness
regarding tailored medications and rising preference for compounded drugs among
consumers and physicians in the region. The presence of major players has
further boosted market growth in Western U.S.
Key players
Key players operating in the U.S. Compounding Pharmacies market are Akzo Nobel
N.V., Axalta Coating Systems, BASF Coatings, Berger Paints India Limited,
Chugoku Marine Paints, Ltd., Hempel A/S, Jotun, Kansai Paint Co., Ltd., KCC
Corporation, NIPSEA Group, PPG Industries, Inc., Teknos Group, The Chemours Company,
and The Sherwin-Williams Company. These players are focusing on strategies like
new product launches and partnerships with hospitals and physicians to expand
their market share.
Comments
Post a Comment