Global U.S. Compounding Pharmacies Market Is Estimated To Witness High Growth Owing To Increasing Demand for Personalized Medications and Rising Geriatric Population

 US Compounding Pharmacies Market

The global U.S. Compounding Pharmacies Market is estimated to be valued at USD 4,789.6 million in 2022 and is expected to exhibit a CAGR of 5.9% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.

A) Market Overview:
Compounding pharmacies are specialized facilities that prepare customized medications based on the specific needs of individual patients. These pharmacies provide personalized medications that are not commercially available, addressing the unique requirements of patients who cannot use or have limited access to commercially manufactured drugs. Compounded medications are prescribed by healthcare providers and can be tailored to various forms such as capsules, creams, gels, powders, and oral liquids. The demand for compounding pharmacies is increasing due to the growing need for personalized medications and the rising geriatric population.

B) Market Dynamics:
The U.S. compounding pharmacies market is driven by two major factors: increasing demand for personalized medications and the rising geriatric population.

1. Increasing Demand for Personalized Medications:
Compounded medications offer several benefits over commercially available drugs as they can be customized to meet the specific needs of patients. This includes adjusting dosages, omitting allergens or non-essential ingredients, and formulating medications in specific strengths or dosage forms that are not commercially available. Compounding pharmacies are particularly beneficial for patients with unique medical conditions, allergies, or those who require medications in alternative dosage forms such as liquid formulations for children or elderly patients.

For instance, pediatric patients often have difficulty swallowing tablets or capsules, and compounding pharmacists can prepare medications in oral liquid form to enhance patient compliance and ease of administration. Similarly, geriatric patients may have difficulty swallowing or may require lower dosages, and compounding pharmacies can customize formulations accordingly.

2. Rising Geriatric Population:
The geriatric population in the United States is growing at a rapid pace, driving the demand for compounded medications. According to the U.S. Census Bureau, the number of individuals aged 65 and above is projected to reach 95 million by 2060, more than double the figure from 2018. Elderly individuals often have unique healthcare needs and may require medications that are not available in commercially manufactured forms. Compounded medications play a critical role in addressing the specific health concerns of the aging population, ensuring safety, efficacy, and improved patient outcomes.

C) SWOT Analysis:
Strengths:
1. Personalized Medications: Compounding pharmacies provide customized medications that cater to the specific needs of patients.
2. Patient Compliance: Compounded medications can be formulated in alternative dosage forms, enhancing patient compliance and ease of administration.

Weaknesses:
1. Lack of Standardization: Compounded medications are not regulated by the Food and Drug Administration (FDA) to the same extent as commercial drugs, which raises concerns regarding quality and safety.
2. Limited Insurance Coverage: Some insurance plans may not cover compounded medications, resulting in higher out-of-pocket expenses for patients.

Opportunities:
1. Technological Advancements: The advancement of compounding technology, such as automated compounding systems, can improve the efficiency and accuracy of medication preparation.
2. Increasing Focus on Personalized Medicine: The growing trend of personalized medicine presents opportunities for compounding pharmacies to expand their offerings and cater to a wider range of patient needs.

Threats:
1. Regulatory Challenges: The lack of standardized regulations for compounding pharmacies can create challenges in ensuring product quality and safety.
2. Competition from Commercial Drugs: The availability of commercially manufactured drugs may limit the demand for compounded medications.

D) Key Takeaways:
- The global U.S. compounding pharmacies market is expected to witness high growth, exhibiting a CAGR of 5.9% over the forecast period.
- The market is driven by increasing demand for personalized medications and the rising geriatric population.
- The Midwest region is expected to be the fastest-growing and dominating region in the market, owing to the presence of key players and a high geriatric population.
- Key players operating in the U.S. compounding pharmacies market include Avella Specialty Pharmacy, Ltd PharMEDium Services, Institutional Pharmacy Solutions, Cantrell Drug Company, Triangle Compounding Pharmacies, Hoye’s Pharmacy, Vertisis Custom Pharmacy, Smith Caldwell Drug Store, Nephron Pharmaceuticals Corporation, Rx3 Compounding Pharmacy, B Braun Melsungen AG, Clinigen Group PLC, QuVa Pharma, ITC Compounding Pharmacy, and Lorraine’s Pharmacy.

In conclusion, the U.S. compounding pharmacies market is witnessing significant growth due to the increasing demand for personalized medications and the rising geriatric population. Compounded medications provide tailored solutions for patients with unique needs, ensuring improved patient outcomes and medication compliance. However, challenges such as regulatory uncertainties and competition from commercially manufactured drugs may hinder market growth. Nonetheless, technological advancements and the focus on personalized medicine present opportunities for the market to expand and cater to a wider range of patient needs.