U.S. 503B Compounding Pharmacies Market is Expected to be Flourished by Rising Demand for Customized Medications
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U.S. 503B Compounding Pharmacies Market |
The U.S. 503B compounding pharmacies market has witnessed significant growth in recent years due to the increasing need for personalized medications. 503B compounding pharmacies or outsourcing facilities are specialized pharmacies that are allowed to produce large volumes of medications strictly based on the receipt of a valid prescription for an individually identified patient. These pharmacies offer compounded medications which allow pharmacists to alter dosage form, flavors, delivery systems, potency, and other characteristics to meet patient-specific needs. This has led to rising demand for compounded medications for various therapeutic applications such as pain management, hormone replacement therapy, dermatology, and veterinary medicines.
The global U.S. 503B compounding pharmacies market is estimated to be valued at
US$ 1060.51 billion in 2023 and is expected to exhibit a CAGR of 6.3% over the
forecast period 2023 to 2030, as highlighted in a new report published by
Coherent Market Insights.
Market Dynamics
Rising demand for customized medications and focus on specialty medications are
expected to drive the growth of the U.S. 503B compounding pharmacies market
over the forecast period. 503B compounding pharmacies play a crucial role in
fulfilling unmet medical needs by producing compounded formulations as
prescribed by physicians when an FDA-approved drug may be unsuitable. This
allows patients to receive individually tailored therapies specifically
designed for their unique medical needs. The healthcare industry has also
shifted its focus towards specialty medications in recent years owing to
changing disease patterns and increasing emphasis on precision medicine. This,
along with growing geriatric population prone to chronic diseases, supplements
the demand for specialized and personalized compounded therapies, thereby
supporting market growth.
Segment Analysis
The U.S. 503B compounding pharmacies market is dominated by the sterile and
non-sterile segments. The sterile segment accounts for over 60% share as most
of the drugs supplied by 503B compounding pharmacies require sterility. The
demand for sterile drugs is high due to rising incidence of chronic diseases
that require injections and intravenous therapies.
PEST Analysis
Political: The pharmaceutical industry is highly regulated in the US to ensure
drug safety and efficacy. The FDA has issued the CGMP regulations in 2019 to
strengthen the standards and oversight of 503B compounding pharmacies.
Economic: Rising healthcare spending in the US along with an aging population
drives the demand for compounding drugs to meet specialized medical needs. The
market size is expected to grow at 6.3% annually and reach US$ 1060.51 billion
by 2023 supported by economic growth.
Social: Increasing incidence of chronic and lifestyle diseases has enhanced the
need for tailored medication. 503B compounding pharmacies help meet the needs
of patients who cannot use FDA-approved drugs due to allergies and
intolerances.
Technological: 503B facilities utilize advanced technologies like clean rooms,
laminar air-flow workbenches for sterility assurance and quality production in
large volumes. Adoption of automated compounding systems has improved
efficiency.
Key Takeaways
The U.S.
503B Compounding Pharmacies Market Share
is expected to witness high growth due to rising demand for specialized
medications that cannot be met through FDA-approved drugs. The sterile segment
dominates owing to the large volume of injectable and intravenous therapies
used for chronic diseases.
Regional analysis: The Western region currently accounts for over 45% market
share led by states like California, Texas and Florida having high healthcare
infrastructure and expenditure. The rising geriatric population in these states
drives the demand for compounded drugs.
Key players: Key players operating in the U.S. 503B compounding pharmacies
market are Merck & Co., Inc., Ferring Pharmaceuticals, Inc., EMD Serono,
Inc., Pfizer Inc., Novartis AG. Merck & Co., Inc. is a market leader owing
to its wide product portfolio and strong distribution network across the US.
For more details on the report, Read- https://www.pressreleasebulletin.com/u-s-503b-compounding-pharmacies-market-overview/
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