The U.S. Injectable Compounding Pharmacy Market involves the preparation, mixing, assembling, packaging, and labeling of customized medications as per the needs and prescription of physicians. Injectable compounding pharmacies prepare non-standardized medications to fulfill unmet needs of patients for whom commercially available pharmaceutical options may be unsuitable. These medicated compounds can include modifying dosages, changing drug formulations or delivery mechanisms, or combining several active ingredients.
The U.S. injectable compounding pharmacy market is estimated to be valued at US$ 1747.98 Mn in 2024 and is expected to exhibit a CAGR of 4.8% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the U.S. Injectable Compounding Pharmacy Market Demand are PerkinElmer, LabLogic Systems Ltd., Hidex Oy, Intertechnique, LabLogic Systems Limited, AMETEK Inc, Beckman Coulter Inc, Berthold Technologies GmbH & Co. KG, Bio-Rad Laboratories Inc., Hach.
The key opportunities in the U.S. injectable compounding pharmacy market include a growing geriatric population suffering from chronic diseases, individualized medications catering to patient-specific needs, and faster regulatory approvals of compounded drug formulations. Moreover, technological advancements in sterile compounding such as vertical laminar air flow workbenches, robotic compounders, and automated quality control systems are fueling the market growth.
Market drivers
The major market driver for the U.S. injectable compounding pharmacy market is the rising geriatric population suffering from multiple chronic conditions. As per U.S. Census Bureau data, people aged 65 years and above comprised 15% of the total U.S. population in 2015 and the number is expected to rise to around 24% by 2060. Older adults generally have complex medication regimens and individualized dosage requirements that cannot be met by commercially available drugs alone thus propelling the demand for customized injectable compounds.
Current Challenges in U.S. Injectable Compounding Pharmacy Market
The U.S. injectable compounding pharmacy market is facing several challenges currently. Compliance with stringent regulatory guidelines imposed by FDA on compounding pharmacies is a major challenge. Ensuring adherence to standards of quality, safety and efficacy is difficult for smaller compounding pharmacies. Shortage of experienced pharmacy technicians and pharmacists adds to operational difficulties. Rising liability insurance costs also impact viability of compounding businesses. Maintaining consistent supply of pharmaceutical ingredients at competitive prices is another issue due to price fluctuations and occasional shortages. Infrastructure and technology upgradation require significant investments which may not translate to revenues quickly. Educating physicians and patients about advantages of custom medications remains an ongoing process.
SWOT Analysis
Strength: Ability to provide personalized medications tailored to individual patient needs. Direct control over pharmacists allows for consistency in quality.
Weakness: Smaller operators have limited economies of scale. Upfront capital investments required for facilities and equipment.
Opportunity: Growing demand for compounded drugs not commercially available. Increased acceptance of therapies like pain management and hormone replacement.
Threats: Regulatory actions in event of violations. Reimbursement policies restrict insurance coverage for compounded drugs. Entry of large pharmacy chains offering similar services.
Geographical Regions
The U.S. Midwestern region accounts for the largest share in terms of value currently led by states like Ohio, Illinois, Indiana and Michigan. This is attributed to large patient pool, availability of pharma ingredients and concentration of pharmacy businesses in this region.
Fastest Growing Region
The Southern U.S. region is poised to witness the fastest growth during the forecast period on back of expanding medicare population, favourable reimbursement scenario and establishment of multi-specialty hospitals with focus on personalized care. States like Texas, Florida and North Carolina are expected to propel future growth momentum in this region.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
