The new report by Expert Market Research titled, ‘United States Compounding Pharmacies Report and Forecast 2021-2026’, gives an in-depth analysis of United States compounding pharmacies market, assessing the market based on type, compounding type, sterility, distribution channel, application and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2016-2026)
- Forecast CAGR (2021-2026): 6%
COVID-19 increases the necessity for compounded pharmacies around the country. The FDA has authorized drug compounding for certain critically ill patients in hospitals due to the growing demand for medications. According to the U.S. FDA, there may not be enough FDA-approved medicines and medicines compounded by outsourcing facilities to treat all hospitalized patients.
Industry Definition and Major Segments
A compounding pharmacy is a pharmacy that is operated by a licensed pharmacist, a licensed physician, or a person who works under the supervision of a licensed pharmacist.
Based on type, the market is divided into:
- Oral
- Topical
- Suppositories
- Others
With regards to compounding type, the market is segmented into:
- Pharmaceutical Ingredient Alteration (PIA)
- Currently Unavailable Pharmaceutical Manufacturing (CUPM)
- Pharmaceutical Dosage Alteration (PDA)
- Others
On the basis of sterility, the market is bifurcated into:
- Sterile
- Non-sterile
By therapeutic area, the market is segregated into:
- Pain and Management
- Hormone Replacement Therapy (HRT)
- Others
Based on distribution channel, the market is segmented into:
- Hospital Pharmacies
- Retail Pharmacies
- Online
- Others
By application, the market is segmented into:
- Pediatric
- Adult
- Geriatric
- Veterinary
- Others
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Market Trends
Geriatric population growth and extended life expectancy will be the key growth driver. Elderly population in the U.S. is predicted to account for 24% of the overall population by the year 2060. There has been a significant decrease in fertility rate and increase in life expectancy. Additionally, inexpensive rates of compounding pharmacies proved helpful for the overall sector expansion. There is a higher proportion of people who are predisposed to compound pharmacies and demand for anti-aging products has increased, which favours the market share. Safety requirements may effect market demand.
The growing drug shortages will affect the size of the market. Drugs may not be available due to several reasons, such as problems of manufacture, stoppage of drugs due to interruptions and reduced use in the supply chain. The segment’s income will be fostered by the increased number of chronic disorders requiring emergency medicine and increasing drug deficiencies.
Key Market Players
The major players in the market are Fagron N.V., PharMedium Services, LLC, Fresenius Kabi Canada and among others. The report covers the market shares, capacities, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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Global Smart Manufacturing Market: https://www.expertmarketresearch.com/reports/smart-manufacturing-market
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