U.S. Ophthalmic Compounding Pharmacies Market Growing Demand

U.S. Ophthalmic Compounding Pharmacies Market



Market Overview:

Ophthalmic compounding refers to the practice of preparing customized eye medications. Compounded eye medications allows doctors and patients more therapeutic options to treat specific eye conditions that are not handled by commercially available products. Compounding pharmacists formulate these custom medications by combining several ingredients together based on a doctor's prescription. This allows medications to be tailored to an individual's unique needs such as specific dosages, medication mixtures or forms like gels or creams. The need for these personalized formulations is increasing due to the rising prevalence of eye diseases and conditions that require alternative treatment approaches. Compounded eye medications provide improved outcomes for various eye conditions compared to commercially available treatments.

Market key trends:
One of the major trends in the U.S. ophthalmic compounding pharmacies market is the rising demand for customized medications. The number of patients requiring personalized treatments is increasing due to growing eye health issues. Compounded medications cater to those specific needs that are not met by commercially available drugs. This has driven many pharmacists to offer compounding services and develop expertise in formulating customized treatments. Another key trend is the growing awareness among doctors and patients regarding the benefits of tailored eye care therapies. Educational initiatives by compounding pharmacies are increasing knowledge about alternative treatment approaches which require skilled compounding. This has boosted the adoption of compounded medications for addressing unique cases.
Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as the compounded medications market requires expertise, specific licences and certifications to prepare medication. However, the market is growing which provides opportunities for new pharmacies.

Bargaining power of buyers: The bargaining power of buyers is moderate to high as there are a large number of specialty and compounding pharmacies providing similar customized medications. Buyers can negotiate on price and switch between suppliers easily.

Bargaining power of suppliers: The bargaining power of suppliers is low as compounding pharmacies require a variety of raw material suppliers. Suppliers have minimal influence over pricing and other trade terms.

Threat of new substitutes: The threat of new substitutes is low as compounded medications are customized to individual needs which cannot be easily substituted by other treatment options or standardized drugs.

Competitive rivalry: High as the market is growing at a good pace attracting many players resulting in high competition.

Key Takeaways

The U.S. Ophthalmic Compounding Pharmacies Market Share is expected to witness high growth, exhibiting a CAGR of 5% over the forecast period, owing to the increasing prevalence of chronic eye diseases and growing geriatric population.

Regionally, the Western United States dominated the market and accounted for over 30% of the overall market share in 2021 due to the presence of major specialty pharmacy chains in states like California and growth in compounding expertise. The South is projected to be the fastest growing region over the forecast period.

Key players operating in the U.S. ophthalmic compounding pharmacies market are Fagron Sterile Services US, New Drug Loft & VLS Pharmacy, Nora Apothecary, Lifecare Pharmacy, Avella Specialty Pharmacy, Triangle Compounding Pharmacy, O’Brien Pharmacy, Tache Pharmacy, Northmark Pharmacy, Edge Pharma, and ImprimisRx. Fagron Sterile Services US led the market with over 15% revenue share in 2021 owing to its strong expertise and experience in sterile ophthalmic compounding.

Read More:

https://www.dailyprbulletin.com/u-s-ophthalmic-compounding-pharmacies-market-trends/

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