U.S. Compounding Pharmacies Market Size to Witness a CAGR 5.7% by 2021 | PharMEDium Services, LLC, Institutional Pharmacy Solutions, Cantrell Drug Company, and Triangle Compounding Pharmacies
Compounding pharmacies are pharmacies that produce drugs tailored to needs of individual patients, by altering, combining, or mixing active pharmaceutical ingredients of drugs. Compounded drugs are prepared under prescription from physicians. Compounding includes combination of two or more drug ingredients in varied proportions. Most regulatory agencies across the world do not approve compounded medications, and do not verify the safety or effectiveness of compounded drugs. These drugs are usually not reimbursed by pharmaceutical benefit agencies.
Compounding pharmacies in the U.S. are estimated to account for market value of US$ 3,262.6 Mn by the end of 2015, and is projected to witness stable growth due to rising demand for personalized medicines from customers.
The report analyses the U.S compounding pharmacies market in terms of market value (US$ Mn) by product, application and therapeutic area, and provides information regarding market dynamics, value chain, competitive landscape, current trends, market estimations and forecast.
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The prime driver for the compounding pharmacies market is medicinal drought. Currently, there’s a shortage of over 300 drugs for various diseases in the U.S. When the need for critical drugs are not met through commercially-available branded equivalents, compounded drugs are sought after. Furthermore, increasing demand for anti-aging products that use custom compounded drugs is a prevalent trend across the globe. Innovative sub-therapeutic areas such as bio-identical hormone replacement therapy are also contributing to growing popularity of compounded drugs.
On the basis of product type, the U.S. compounding pharmacies market is segmented into oral medication, topical medication, mouth washes, and suppositories.
Oral medications, constituting drugs that can be swallowed, are expected to exhibit stable growth rates ranging from 4.7% to 8.4% over 2015–2021.
Topical medications constitutes skin-application medications. Expected drivers for topical medication include rising popularity of innovative and promising personalized skin creams. Creams are most popular due to ease of preparation and also longer shelf-life. Ease of product composition even after combining two or three APIs customizes the drug and reduces manufacturing cost. Hence, price range varies significantly, i.e., from US$ 100 to 9,000 and above. Creams are mainly used for minimizing scars, skin irritations and other dermatological concerns and reducing pain at location, where oral dosages are not possible.
Mouthwashes and suppositories are expected to witness slightly lower growth rates owing to formulation rigidity emerging from regulatory restrictions. Popularity of non-sterile products is projected to increase due to increased product safety regulations imposed by the U.S. FDA.
On the basis of application, the U.S. compounding pharmacies market is segmented into medications for adults, veterinary, children, and geriatric population. Among the different application areas, medication for adults is expected to register highest attractiveness index as compared to other application areas during the forecast period. Medication for adults constitute drugs for critical illnesses such as cardiovascular diseases and cancer. Medications for adults are expected to increase owing to more people adopting compounded drugs, as these can be customized as per needs of individual patients.
On the basis of therapeutic area, the U.S. compounding pharmacies market is segmented into pain management and hormone replacement therapy (HRT). Among the two therapeutic area segments, HRT is expected to register highest CAGR as compared to pain management during the forecast period. HRT is expected to gain popularity owing to increasing awareness across the world due to its various benefits associated with age-defying therapies and products to bettering individual health.
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Key market participants covered in the report include PharMEDium Services, LLC, Institutional Pharmacy Solutions, Cantrell Drug Company, and Triangle Compounding Pharmacies
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