The latest market report published by Credence Research, Inc. “U.S. 503b Compounding Pharmacies Market: Growth, Future Prospects, and Competitive Analysis, 2017 – 2030”. The U.S. 503b Compounding Pharmacies Market generated revenue of around USD 1.1 billion in 2022 and is anticipated to grow a CAGR of over 7.80% during the forecast period from 2023 to 2030 to reach around USD 1.9 billion in 2030.
As the U.S. pharmacy industry grows, so does the awareness of compounded medications and the adoption rate of such medicines. The overall market growth will also be positively impacted by factors such as increased prescriptions dispensed, a shortage of certain commercially formulated drugs, or the discontinuance of certain drugs by manufacturers. The increasing number of older people, chronic diseases associated with old age, and increased health expenditures in the U.S. have led to the popularity of compounded medications. In order to avoid allergies caused by commercially available drug formulations, patients are seeking compounded pharmacies for medications with alternative dosages, customized routes of administration, and alternative ingredients. All these factors are expected to boost the demand for U.S. 503b compounding pharmacies market.
The U.S. 503b compounding pharmacies market is bifurcated into Molecule and Packaging. Based on the molecule, the market is categorized into acetaminophen, phenylephrine, midazolam, esmolol, vancomycin, epinephrine, fentanyl/ bupivacaine, adenocaine, morphine, amiodarone, bupivacaine, lidocaine, heparin, ketamine, dextrose, hydromorphone, BKK (Bupivacaine, ketorolac, Ketamine), RKK (Ropivacaine, Ketorolac, Ketamine), RCK (Ropivacaine, Clonidine, Ketorolac), and other molecules. On the basis of packaging, the market is segmented into vials, prefilled syringes, ampoules, syringes, and others.
The U.S. compounding pharmacy market is expected to accelerate due to the increasing drug shortage in the country. Drug shortage has been an ongoing issue in the U.S. for quite some time, and healthcare providers have been concerned about it. A study by the University of Utah Drug Information Service found that 129 drug shortages occurred in 2020 in the United States. In 2021, 41 new drug shortages were tracked by FDA’s CBER (Center for Biologics Evaluation and Research) and CDER (Center for Drug Evaluation and Research). As drug shortages worsen, compounding pharmacies can play a critical role by stepping in and addressing the situation. There will be a rise in drug shortages and medication demand in the U.S. over the forecast period, which will boost revenue from compounding pharmacies.
The U.S. 503b Compounding Pharmacies Market major players analysis involves a thorough examination of the key companies operating in this dynamic and rapidly evolving sector. This includes an assessment of their market share, revenue growth, product offerings, technology adoption, competitive landscape, and regulatory compliance. The top players in the U.S. 503b Compounding Pharmacies Market are driven by innovation and customer-centricity as they strive to meet the complex needs of patients with diverse medical conditions. These companies leverage sophisticated manufacturing processes, state-of-the-art equipment, and advanced quality control systems to produce high-quality compounded medications that are tailored to individual patient requirements.
Why to Buy This Report-
- The report provides a qualitative and quantitative analysis of the U.S. 503b compounding pharmacies market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2018-2021, base year- 2022, and forecast period 2023-2030.
- The report contains information related to the competitive landscape, like how the key players in the market are operating at a regional and country level
- In-depth examination of the U.S. 503b compounding pharmacies market segmentation based on molecule and packaging.
- The U.S. 503b compounding pharmacies market report also includes analyzing the regional and country level, along with key market trends, significant players analysis, market growth strategies, and key application areas.
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