US Compounding Pharmacies Market Forecast to 2027 - COVID-19 Impact and Country Analysis by Product (Oral Medications, Topical Medications, Suppositories, and Others) and Therapeutic Area (Pain Medications, Hormone Replacement Therapies, Dermatological Applications, and Others)
The US compounding pharmacies market is expected to reach US$ 5,069.56 million by 2027 from US$ 3,079.64 million in 2019. The market is anticipated to grow at a CAGR of 6.5% from 2020 to 2027.
The growth of the market in the country is driven by the factors such as the drug shortage crisis in the US and benefits associated with compounded medications. However, product recalls and stringent regulatory requirements across the country are likely to hinder the compounding pharmacies market growth during the forecast period.
The US is encountering a rapid increase in drug shortage, which has caused various difficulties for health care facilities, clinicians, patients, and federal regulators. Many factors are involved in drug shortage, including challenges in manufacturing, acquisition of raw materials, regulatory issues, and business arrangements, as well as several other disruptions within the supply chain. According to the American Society of Health-System Pharmacists, drug shortages can negatively affect drug therapy and delay medical procedures resulting in medication errors. Drug shortages range from simple medicines, such as buffered aspirin, to life-saving medications—such as cancer antibiotics and cancer chemotherapy agents—and emergency medications, such as epinephrine. Healthcare professionals, especially pharmacists, along with the US government and drug manufacturers, are consistently working on managing this public-health crisis. Health care personnel have started to formulate solutions to a drug shortage. Compounding pharmacies are considered a viable source of drugs that are in short supply.
A compounding pharmacy or specialty pharmacy makes drugs recommended by doctors for patients that are not commercially available. The demand for compounding pharmacy is growing due to many benefits associated with it. For instance, compounding pharmacy is highly recommended to patients with allergies or to those who are very young and need a small dosage of a particular medication. Additionally, pharmacists can alter ingredients if patients are lactose intolerant, glucose intolerant, or allergic to the commercial drug's unnecessary dye. Moreover, pharmacists can lessen the dosage for children or can add flavor for children and double the dose for older adults depending on their needs. For patients who are delicate to oral administration, one can change pill formulation into a liquid for the ease of taking it. Compounding pharmacists can get access to medications that have been discontinued to patients who still depend on them. They can recreate the pharmaceutical-based ingredients to retain patients’ health.
Thus, drug shortage crisis in US and benefits associated with compounded medications are likely to propel the growth of the compounding pharmacy market in the U.S. during the forecast period.
US Compounding Pharmacies Market Revenue and Forecast to 2027 (US$ Million)
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US Compounding Pharmacies – Market Segmentation
By Product
- Oral Medications
- Topical Medications
- Suppositories
- Others
By Therapeutic Area
- Pain Medications
- Dermatological Applications
- Hormone Replacement Therapies
- Others
Company Profiles
- Fagron
- Triangle Compounding Pharmacy
- Institutional Pharmacy Solutions, LLC
- B. Braun Melsungen AG
- Pharmedium Services LLC
- Fresenius Kabi AG
- Avella Specialty Pharmacy
- Pencol Compounding Pharmacy
- Vertisis Custom Pharmacy
- US Compounding Inc.
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