Compounding pharmacies create specialized medications by blending ingredients as per the desired strength and dosage according to patients’ requirements. Such medications are different from the commercially available pharmaceuticals, as compounding pharmacies develop tailor-made drugs to meet patients’ needs.
A licensed physician can manufacture medications in compounding facilities to cater to patients’ requirements. The popularity of such tailor-made medications has been growing, mainly due to the fact that many people are allergic to fillers like gluten, dyes, etc., which are used in commercial medications. This is one of the main factors in fueling the growth of the US compounding pharmacies market.
Another important factor is that patients often need medicines in strength and dosage different from the ones available commercially. Compounding pharmacies can prepare drugs as per the individual requirements, and this is one of the major reasons behind the growing popularity of compounding pharmacies. Compounding helps create personalized medicine, which allows a physician to prescribe specific medications for their patients.
The US compounding pharmacies market was valued at USD 4,624.4. Million in 2018 and is expected to reach USD 6,943.4 Million by 2026. The market is projected to grow at a CAGR of 5.2% during 2019 to 2026. Increasing demand for personalized medicines and the convenience associated with using compounded drugs are going to drive the growth of the compounding pharmacies market.
Personalized or precision medicine is an emerging trend in disease prevention and treatment. Customized drugs can help improve health outcomes, and this is the reason why their demand has been increasing over the years.
Apart from these, drug shortages in retail pharmacy stores can increase the demand for and adoption of compounded medications in the coming years. This will boost the global market. However, lack of skilled technicians and pharmacists and stringent policies and norms can be a hindrance for the growth of the compounding pharmacies market.
Further, the growth estimates and projections for the US compounding pharmacies market can be affected to some extent by the global Covid-19 pandemic. Due to the pandemic, the global pharmaceutical industry is currently facing bottlenecks and shortages in their supply chain. This, in turn, can have an impact on the market for compounding pharmacies as well.
The major players operating in the US are Central Admixture Pharmacy Services, Fagron NV, SCA Pharma, KRS Global Biotechnology Inc., Advanced Pharma, Fresenius Kabi Global, PharMEDium Services, LLC, Cantrell Drug Company, Clinigen Group, and Smith Caldwell Drug Store, amongst others.
Manufacturers in the US compounding pharmacies market are currently offering specialty affordable pharmaceutical solutions. Besides being affordable, they are also more effective than the generic drugs, both super generic and specialty generic medications. Further, the companies operating in this market are also offering free shipping and delivery and attractive deals. This will also fuel the growth of the US compounding pharmacies market.