Some key advantages of compounded drugs include ease of administration through alternative routes, customized dosage forms, and personalized drug combinations. There is a growing need for compounded drugs due to increasing geriatric population suffering from multiple medication allergies and chronic diseases.
The U.S. Compounding Pharmacies Market Demand is involved in the customization of medications to meet specific needs of individual patients. Compounding pharmacies prepare customized medications based on patient medical needs that are not commercially available.
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.
Some key opportunities in the U.S. compounding pharmacies market include increasing demand for specialized medications that are in short supply from pharmaceutical manufacturers. With technological advancements in pharmaceutical compounding, it has become possible to prepare a wider range of dosage forms like gels, creams, topical patches easily. Technological equipment like robotic compounders help to improve accuracy and consistency in preparation of compounded medications.
Market Drivers:
One of the key drivers for the U.S. compounding pharmacies market is the growing geriatric population suffering from multiple chronic conditions. As age advances, people often develop health conditions like arthritis that require customized topical medications prepared by compounding pharmacies. With rising life expectancy, the demand for compounded drugs is expected to increase significantly over the forecast period.
Current challenges in the U.S. Compounding Pharmacies Market
The U.S. compounding pharmacies market faces several challenges currently. One of the major challenges is the shortage of pharmacy technicians and pharmacists. With an increasing number of prescriptions and complex drug formulations, there is a rising demand for well-trained pharmacy staff. However, the market is facing difficulties in attracting and retaining skilled professionals. This shortage of staff further leads to increased work pressure on the existing workforce. Another challenge is the stringent regulations imposed by regulatory bodies like the FDA. Frequent scrutiny from the FDA increases operating costs for compounding pharmacies and administrative workload. Ensuring compliance with Good Manufacturing Practices (GMP) guidelines poses an operational challenge. Moreover, the risk of product liabilities and lawsuits also acts as a barrier for many small compounding pharmacies.
SWOT Analysis
Strength: Compounding pharmacies provide customized medicine formulations which help patients with allergies or those unable to swallow tablets/capsules. They offer an alternative to commercially available drugs.
Weakness: High operating costs and regulatory compliances lead to increased drug prices. Shortage of skilled pharmacy professionals also affects quality and turnaround times.
Opportunity: Growing geriatric population and rising chronic diseases drive the need for compounded drugs. Untapped rural markets offer scope for expansion.
Threats: Stringent FDA regulations and oversight reduce the scope of compounding. Increasing healthcare costs and insurance issues pose pricing pressure.
The geographic region where the U.S. Compounding Pharmacies Market Size is concentrated in terms of value is the Southern region. It accounts for over 30% of the total market value currently led by states like Texas, Florida and North Carolina. This is attributed to factors like higher prescription volumes, presence of major pharmaceutical companies and aging population in this region driving demand for customized formulations.
The Western region is considered as the fastest growing market for U.S. Compounding Pharmacies over the forecast period. States like California, Washington and Colorado are anticipated to spearhead this growth on account of rising incidences of chronic diseases, increasing healthcare infrastructure and uptake of innovative compounding techniques in this region.
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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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