by Market Overview:
The U.S 503B compounding pharmacies market is estimated to be valued at US$ 985.6 Mn in 2022 and is expected to exhibit a CAGR of 7.6% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights. 503B compounding pharmacies provide customized medication formulas for patients with needs that cannot be met by standard FDA-approved drugs. These specialized compounds address unique medical conditions, allergies, dosing requirements and other specific needs.
Market Dynamics:
The growth of the market is driven by two primary factors. Firstly, the rising geriatric population suffering from chronic and complex health conditions fuel the demand for customized medication formulations. Older adults often have multiple health issues and need individualized drug potions tailored to their specific requirements. Secondly, the increasing prevalence of rare and orphan diseases boost the 503B compounding pharmacies market. These uncommon conditions affect a small number of patients worldwide and conventional drugs are not available for treatment. Specialized medication blends prepared by 503B compounders fill this critical unmet need.
Market key trends:
One of the key trends in the U.S 503B compounding pharmacies market is the growing demand for medications not available through pharmaceutical manufacturers. With an increasing number of patients seeking compounded medications for specific medical conditions, the 503B compounding pharmacies help in addressing such unmet needs by providing customized medications. Secondly, the compounding pharmacies are helping patients in reducing healthcare costs by providing affordable compound formulations that are often more cost-effective than commercially available branded drugs.
SWOT Analysis
Strength: 503B compounding pharmacies have skilled pharmacists and lab technicians enabling them to produce customized medications as per specific prescription.
Weakness: Frequent regulatory changes and compliance issues can affect the operations of 503B compounding pharmacies.
Opportunity: Growing need for compounded medications especially for pediatric and geriatric patient groups present significant market opportunity.
Threats: Stringent regulations around production practices and quality standards increase compliance costs for 503B compounding pharmacies. Potential drug recalls pose major business threats.
Key Takeaways
The U.S 503B Compounding Pharmacies Market Size size was valued at US$ 985.6 Mn in 2022 and is expected to reach over US$ 1,678.3 Mn by 2030, expanding at a CAGR of 7.6% during the forecast period. The market is primarily driven by increasing prescriptions for compounded medications, largely from pediatric and geriatric patient groups having specific medical needs.
Regionally, the South region accounted for the largest share of over 35% in the U.S market in 2022 due to presence of multiple compounding pharmacies, large patient pool, and higher acceptance of compounded medications. States like Texas and Florida dominate the overall compounding pharmacies business in the country.
Key players operating in the U.S 503B compounding pharmacies market are Central Admixture Pharmacy Services, Inc., Nephron Pharmaceuticals Corporation, QuVa Pharma, Olympia Pharmacy, ASP Cares, Fagron Compounding Pharmacies, Athenex, Inc., Avella Specialty Pharmacy, Atlas Pharmaceuticals, Empower Pharmacy, Carie Boyd’S Prescription Shop, Edge Pharma, Imprimis NJOF, LLC, IntegraDose Compounding services, LLC, Wells Pharma of Houston, LLC, US Compounding Inc., and SCA Pharma. The market is moderately consolidated in nature.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
