The latest market report published by Credence Research, Inc. “Global U.S. 503b Compounding Pharmacies Market: Growth, Future Prospects, and Competitive Analysis, 2016 – 2028. The U.S. 503b compounding pharmacies market is anticipated to grow at a substantial CAGR of 7.80% in the upcoming years. The U.S. 503b compounding pharmacies industry was estimated to be worth USD 1.1 billion in 2022 and was expected to be worth USD 1.9 billion by 2030.
One of the major segments in the market is the phenylephrine segment, which accounted for the largest market share in 2022. Phenylephrine is widely used to relieve nasal discomfort and has contributed to the segment’s dominance. Another prominent segment is prefilled syringes, which are anticipated to hold a significant share in the market. The growing demand for easy-to-use drug delivery devices and healthcare professionals’ efforts to reduce hospital errors are driving the demand for prefilled syringes.
The COVID-19 pandemic has impacted the U.S. 503b Compounding Pharmacies market, with pharmacy staff struggling to meet the demand for medicines. In such times, 503B outsourcing facilities have played a crucial role in addressing drug scarcity and supplying critical care medicines to hospitals when commercial manufacturers cannot meet the demand.
U.S. 503b Compounding Pharmacies Market opportunities are vast and varied, presenting ample potential for growth and expansion in the coming years. With the increasing demand for personalized medication, compounded pharmacies have become an essential part of the healthcare industry, providing customized medications to patients with unique needs. The market has seen a significant surge in recent times due to factors such as aging populations, rising chronic diseases, and advancements in technology. Additionally, government initiatives promoting awareness about compounding pharmacies have further propelled market growth by creating more significant opportunities for players operating within this space.
The competitive landscape of the U.S. 503b Compounding Pharmacies market is highly dynamic, with key players focusing on expanding their market presence through mergers and acquisitions, collaborations, and strategic investments. Major companies in the market include Central Admixture Pharmacy Services, Inc., Nephron Pharmaceuticals Corporation, QuVa Pharma, Olympia Pharmacy, and Fagron Compounding Pharmacies, among others.
The report also highlights the regulatory landscape, with FDA authorizing 503A pharmacies to provide sterile medicines under patient-specific conditions. Additionally, the report provides insights into major investment activities and future plans of key players in the market.
Why to Buy This Report-
- The report provides a qualitative as well as quantitative analysis of the global U.S. 503b Compounding Pharmacies Market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2016-2020, the base year- 2021, and the projection period 2022-2028.
- The report includes information on the competitive landscape, such as how the market’s top competitors operate at the global, regional, and country levels.
- In-depth analysis of the global market segmentation on the End-User and Application
- Major nations in each region with their import/export statistics
- The global U.S. 503b Compounding Pharmacies Market report also includes the analysis of the market at a global, regional, and country-level along with key market trends, major players analysis, market growth strategies, and key application areas.
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