Compounding pharmacies alter the formulation, delivery method, strength, or other characteristics of commercially available drugs to suit the medical needs of patients. This saves patients from adverse effects of commercially available drugs and improves treatment adherence.
The U.S. Compounding Pharmacies Market Demand deals in the compounding and dispensing of customized medications as per the medical needs of individual patients. Compounded medications are prescribed by doctors when commercially available drugs don't fit the medical needs of patients due to allergies, inability to swallow pills, or other reasons..
The Global U.S. 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 U.S. 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. The key opportunities in the market include increasing demand for customized medications, growing geriatric population with complex medical needs, and shortage of commercially available drugs. With respect to global expansion, the U.S. compounding pharmacies market is majorly concentrated in North America currently. However, key players are expanding their operations in Asia Pacific and Europe through partnerships with regional players to capitalize on the availability of skilled labor at lower costs and reduce dependency on the U.S. market.
Market Drivers
One of the major market drivers for the U.S. Compounding Pharmacies Market Size is the rising demand for customized medications. Commercially available drugs may not suit every patient's medical needs due to allergies, side effects or inability to swallow pills. In such cases, compounded drugs tailored to individual needs in terms of administration route, dosage forms, potency etc. help address these issues and provide effective treatment while reducing health complications. This drives up the demand for customized medications from compounding pharmacies.
PEST Analysis
Political: The FDA plays a key role in regulating compounding pharmacies and requiring them to adhere to cGMP standards. Any policy changes by the FDA can impact the market.
Economic: Rising healthcare costs in the US will drive demand for compounded medications which are often more affordable alternatives to branded drugs. A growing aging population also boosts market growth.
Social: An increasing number of patients are turning to customized compounded medications to better manage their conditions or due to allergies to inactive ingredients in commercially available drugs. Demand for pain management drugs is high.
Technological: Adoption of advanced IT solutions by compounding pharmacies allows them to monitor inventory, streamline prescription processing, and facilitate communications with patients and physicians. Automation reduces risks of contamination.
Geographical concentration
The Western states like California, Texas and Florida account for the largest share of the compounded pharmacy market in the US in terms of value. This is due to higher healthcare expenditure, growing geriatric population, and openness towards personalized medication therapies.
Fastest growing region
The Southern states are expected to witness the fastest growth during the forecast period. This can be attributed to increasing demand for compounded drugs like dermatological medications, pain management drugs, and pediatric formulations. States like Georgia and North Carolina are anticipated to present lucrative opportunities for players.
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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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