The U.S. Injectable Compounding Pharmacy Market Growth Accelerated By Growing Geriatric Population

 

U.S. Injectable Compounding Pharmacy Market

Injectable compounding pharmacy involves the preparation, mixing, personalizing of medications especially for patients with unique clinical needs who cannot use standard pharmaceutical products. The compounding pharmacists draw accurate doses of medication, combine or mix medications and convert them into forms that are easier for patients to use. This individualizes treatment to meet each patient's unique needs.

 

The U.S. injectable compounding pharmacy market is estimated to be valued at US$ 1747.98 Mn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

 

Market Dynamics:

The U.S. Injectable Compounding Pharmacy Market is witnessing high growth owing to increasing prescriptions for compounded medications. As per the estimates of Pharmaceutical Compounding Centers of America, around 54% of U.S. pharmacists fill over 500 prescriptions for compounded medications every week and almost all pharmacies reported filling over 100. The demand for customized formulations is increasing due to factors such as drug shortages, unique patient needs and intolerances to drug formulations available commercially. Moreover, rising prevalence of chronic diseases such as cancer requiring customized treatment formulations is also propelling the market growth. According to American Cancer Society, there will be an estimated 1.9 million new cancer cases diagnosed in 2023.

 

SWOT Analysis

Strength: The U.S. injectable compounding pharmacy market benefits from high demand for personalized medications, especially for rare and chronic conditions. Compounded medications allow catering drugs to individual needs in precise dosages. This targeted therapy helps achieve optimal treatment outcomes. The market also gains from growing geriatric population prone to multiple ailments requiring customized medications.

 

Weakness: Compounded medications involve higher costs compared to traditional drugs due to extensive formulation process and smaller batch production. Additional expenses are incurred in quality assurance and regulatory compliance. Short product shelf life poses logistical challenges in supply chain management.

 

Opportunity: Increasing prevalence of orphan and chronic diseases creates need for specialized medications beyond commercial drugs. Rapid advancement in drug delivery technologies assists in developing complex formulations more efficiently. Opportunities lie in collaborating with healthcare providers to promote advanced treatments.

 

Threats: Stringent regulatory environment increases compliance burden on pharmacies. product recalls dent market credibility. Shift towards large-scale manufacturing endangers small pharmacies' business viability. Transition to alternative treatment modes threatens long-term demand.

 

Key Takeaways:

The U.S. Injectable Compounding Pharmacy Market Size is expected to witness high growth. The market size was valued at US$ 1747.98 Mn in 2024 and is projected to reach US$ 2510.35 Mn by 2031, expanding at a CAGR of 4.8% during the forecast period. favorable reimbursement policies and demand for customized care drive market gains.

 

Regional analysis:

The North American region dominates the U.S injectable compounding pharmacy market owing to growing geriatric population burdened with chronic diseases. Favorable reimbursement for compounded drugs and availability of sophisticated healthcare infrastructure boost regional market. The regional market accounted for over 60% share in 2024 and will continue leading over the forecast period.

 

Key players:

Key players operating in the U.S. injectable compounding pharmacy market are PerkinElmer, LabLogic Systems Ltd., Hidex Oy, Intertechnique, LabLogic Systems Limited, AMETEK Inc, Beckman Coulter Inc, Berthold Technologies GmbH & Co. KG, Bio-Rad Laboratories Inc., Hach. These players focus on developing advanced formulation technologies and diversifying service offerings to clients. Collaborations with healthcare providers and contract manufacturing assist expanding market reach.


Get More Insights Here

https://www.newswirestats.com/u-s-injectable-compounding-pharmacy-market-size-share-growth-outlook-2023/

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