by The U.S. 503B Compounding Pharmacies market encompasses compounding pharmacies providing specialized medicines for patients who cannot take mass-produced drugs. These pharmacies customize medications for conditions such as allergies, pain, or hormone imbalances by preparing medication outside of a commercial manufacturer’s strict guidelines under a doctor’s prescription. The growth and demand for specialized medications is driving immense popularity for compounded drugs. The global U.S. 503B Compounding Pharmacies Market is estimated to be valued at US$ 1060.51 Bn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The demand for specialized medicines is the primary driver propelling the growth of the U.S. 503B Compounding Pharmacies market. Compounded drugs can be tailored to fulfill specific dosage requirements or fill therapeutic gaps for patients with special clinical needs. Moreover, rising chronic disease prevalence has led to growing requirements for customized medications. Pharmacists compound drugs to precise dosage specifications or alter them into alternative delivery forms best suited to an individual’s needs. This trend is set to further stimulate 503B compounding pharmacies’ revenue growth over the forecast period.
Segment Analysis
The U.S. 503B compounding pharmacies market is segmented by product type into oral medications and topical medications. The topical medications segment currently dominates the market due to high demand for compounded topical creams, ointments and gels to treat pain, skin conditions and other localized ailments. This segment accounted for over 60% market share in 2023.
Key Takeaways
The U.S. 503B Compounding Pharmacies Market Share is expected to witness high growth over the forecast period of 2023 to 2030. Regional analysis shows that the South region of the U.S currently dominates the market with over 30% share due to high concentration of specialty compounding pharmacies in states like Texas and Florida. The region is expected to maintain its dominant position during the forecast years due to growing geriatric population and increasing prevalence of chronic conditions in the region.
Key players operating in the U.S. 503B compounding pharmacies market are Merck & Co., Inc., Ferring Pharmaceuticals, Inc., EMD Serono, Inc., Pfizer Inc., Novartis AG. Merck & Co., Inc. and Pfizer Inc. enjoy a significant market share due to their strong presence across major states and large portfolios of topical and oral sterile compounds. Merck & Co., Inc. also has a wide network of outsourcing facilities and compounding pharmacies in the country.
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Source: Coherent Market Insights, Public sources, Desk research
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