U.S. 503B Compounding Pharmacies Market Growth Strategies, Opportunity, Rising Trends and Revenue Analysis 2022-2030
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| U.S. 503B Compounding Pharmacies Market |
U.S 503B compounding pharmacies contribute a large share. The global U.S 503B compounding pharmacies Market is estimated to be valued at US$ 985.6 Mn in 2022 and is expected to exhibit a CAGR of 7.6% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Compound pharmacies combine or mix drugs based on individual patient needs or requirements that cannot be met through traditional medication lists. They produce customized medication in various dose forms and strengths tailored as per physician prescriptions. Compounded medications fill important gaps for patients with special clinical needs.
Market key trends:
One of the key trends in the U.S 503B compounding pharmacies market is the growing demand for compounded medications. According to the International Academy of Compounding Pharmacists, nearly 50% of the U.S population uses at least one compounded medication each year. This is attributed to the unique ability of compounding pharmacies to custom-make medications based on individual needs and preferences that help address medical conditions more effectively. Furthermore, the declining healthcare reimbursements and increasing out-of-pocket costs have boosted the demand for lower cost alternatives like compounded medications.
Segment Analysis:
The U.S 503B compounding pharmacies market is dominated by 503B outsourcing facilities segment. 503B outsourcing facilities are third-party facilities which produce compounded medications in bulk quantities. They can supply compounded medications without receiving individual patient prescriptions. These facilities are allowed to produce and market compounded drugs directly under section 503B of the FDA Safety and Innovation Act. The dominance of this segment can be attributed to the standardized production process of 503B outsourcing facilities which ensure quality and safety of compounded drugs produced. In addition, 503B outsourcing facilities have helped address drug shortages in the US by manufacturing drugs listed as unavailable by the FDA.
Key Takeaways:
The global U.S 503B Compounding Pharmacies Market Size is expected to witness high growth, exhibiting CAGR of 7.6% over the forecast period, due to increasing incidence of medication shortages in the United States. As per market estimates, the market was valued at US$ 985.6 Mn in 2022.
The Western region dominated the U.S 503B compounding pharmacies market in 2022 with a share of over 35%, due to the large availability of 503B outsourcing facilities in states like California, Texas and Illinois. However, South region is anticipated to witness fastest growth during the forecast period, fueled by growing compounding pharmacies in states like Florida, Georgia and South Carolina.
Key players operating in the U.S 503B compounding pharmacies market are Central Admixture Pharmacy Services, Inc., Nephron Pharmaceuticals Corporation, QuVa Pharma, Olympia Pharmacy, ASP Cares, Fagron Compounding Pharmacies, Athenex, Inc., Avella Specialty Pharmacy, Atlas Pharmaceuticals, Empower Pharmacy, Carie Boyd’S Prescription Shop, Edge Pharma, Imprimis NJOF, LLC, IntegraDose Compounding services, LLC, Wells Pharma of Houston, LLC, US Compounding Inc., and SCA Pharma. The market is concentrated in nature owing to presence of few large players accounting for prominent market share.
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