The U.S. Ophthalmic Compounding Pharmacies Market is estimated to be valued at US$ 241.67 Mn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Ophthalmic compounding pharmacies are specialized pharmacies that prepare customized eye drop solutions, creams and ointments to meet the specific needs of patients. They help cater solutions for the increasing prevalence of various eye disorders such as glaucoma, eye infections, dry eye syndrome, etc. and also for those who have allergies or sensitivity to preservatives or other ingredients in commercially available products.
Market key trends:
Rising eye disorders: There is substantial increase in the prevalence of various eye disorders worldwide which is driving the demand for customized ophthalmic drugs compounded by pharmacies. For instance, according to CDC estimates, over 4 million American adults above 40 years of age are affected by glaucoma each year in the U.S. Similarly, dry eye syndrome affects over 16 million Americans annually. Most commercially available eye drops are ‘one-size-fits-all’ solutions and do not work for all patients. This is increasing the demand for compounded ophthalmic preparations tailored to individual needs.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the U.S. ophthalmic compounding pharmacies market is moderate as establishing a compounding pharmacy requires investment in facilities and equipment, obtaining licenses and certifications. However, the demand for compounded ophthalmic medications is increasing which provides opportunities for new entrants.
Bargaining power of buyers: The bargaining power of buyers in the U.S. ophthalmic compounding pharmacies market is moderate to high as buyers have a variety of options to choose from due to the presence of several compounding pharmacies in the market.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as suppliers of raw materials have established relationships with compounding pharmacies. However, suppliers cannot exploit their position due to the availability of substitute materials.
Threat of new substitutes: The threat of new substitutes is low as compounded ophthalmic medications provide tailored medication solutions that are difficult to substitute.
Competitive rivalry: Intense due to presence of several established players.
SWOT Analysis
Strengths: Ability to provide customized medication as per patient needs. Established relationships with clinicians.
Weaknesses: Require specialized equipment and facilities. Compounded formulations not FDA approved.
Opportunities: Increasing demand for compounded medications. Growing geriatric population suffering from eye diseases.
Threats: Stringent regulations. Reimbursement issues. Shift towards FDA-approved substitutes.
Key Takeaways
Global U.S. Ophthalmic Compounding Pharmacies Market Size is expected to witness a CAGR of 5.0% over the forecast period due to increasing prevalence of eye diseases and growing geriatric population susceptible to age-related vision problems. By 2030, the market size is projected to reach US$ 426.35 Mn.
Regionally, the Western region is expected to dominate the U.S. market throughout the forecast period owing to high adoption of compounded medications and presence of major players. Some of the fastest growing states include California, Texas and Florida.
Key players operating in the U.S. ophthalmic compounding pharmacies market include Fagron Sterile Services US, New Drug Loft & VLS Pharmacy, Nora Apothecary, Lifecare Pharmacy, Avella Specialty Pharmacy, Triangle Compounding Pharmacy, O€TMBrien Pharmacy, Tache Pharmacy, Northmark Pharmacy, Edge Pharma, and ImprimisRx. The major players are focusing on expanding their production facilities and service offerings to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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