The growing geriatric population is driving the U.S. 503B Compounding Pharmacies Market

 
 U.S. 503B Compounding Pharmacies Market 

Compounded medications allow patients to access specialized formulations that are unavailable as FDA-approved drugs and help meet individual medical needs that cannot otherwise be met by an FDA-approved pharmaceutical product. Compounding pharmacies combine or alter ingredients to create customized prescription medications tailored specifically for individual patients based on their medical needs. These compounded formulations are usually used for patients who cannot take FDA-approved drug products due to allergies, intolerances, or other special clinical circumstances.

The global U.S. 503B Compounding Pharmacies Market is estimated to be valued at US$ 1060.51 Bn in 2023 and is expected to exhibit a CAGR of 3.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the major trends gaining traction in the U.S. 503B Compounding Pharmacies Market is the increasing number of prescriptions for compound medications. According to a report published by the Pharmaceutical Compounding Industry Coalition in 2020, more than 56 million prescriptions for compounded medications were dispensed in the U.S. in 2019. The demand for compounded medications is rising, especially among pediatric, geriatric, and veterinary patient populations who have unique medical requirements or cannot tolerate FDA-approved drugs. Moreover, the availability of specialized compounding facilities and pharmacies that cater to specific needs such as sterile preparations, is further enhancing the attractiveness of compounded medications. As the U.S. population continues to age, the demand for customized medications tailored to individual needs and intolerances is expected to increase considerably over the forecast period. This will likely contribute to market growth.


Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate. High capital requirements and regulatory hurdles pose barriers for new players in the 503B compounding pharmacies market. However, the market is open to new players who meet clinical quality standards and niche opportunity areas.

Bargaining power of buyers: The bargaining power of buyers is moderate to high. Large healthcare groups and hospitals have significant influence over compounding pharmacies. Buyers can negotiate on pricing and demand high quality services and products.

Bargaining power of suppliers: The bargaining power of suppliers is moderate. Major raw material suppliers include pharmaceutical ingredient manufacturers which hold some pricing power. However, the market has multiple ingredient suppliers so pharmacies have flexibility in changing suppliers.

Threat of new substitutes: The threat of new substitutes is low. There exist limited alternatives for compounded pharmaceutical preparations tailored for specific medical needs on an individual basis. New drug approvals may impact niche disease market segments.

Competitive rivalry: The 503B compounding pharmacies market sees moderate to high competition. Large pharmacies compete through differentiation in specialized services while smaller players focus on niche therapy areas or local markets. Quality compliance and pricing are key competitive factors.

Key Takeaways

The Global U.S. 503B Compounding Pharmacies Market Demand is expected to witness steady growth. The global U.S. 503B Compounding Pharmacies Market is estimated to be valued at US$ 1060.51 Bn in 2023 and is expected to exhibit a CAGR of 3.1% over the forecast period 2023 to 2030.

Regional analysis: The Western region holds the highest market share of around 30% led by states like California and Arizona. Texas is a major Southern state contributing to the region's 25% share. Growing geriatric populations and higher incidence of chronic diseases drive the demand. The Midwestern region has shown fastest growth over the past five years at a CAGR of 4.6% and offers opportunities.

Key players: Key players operating in the U.S. 503B Compounding Pharmacies market are ANWIL SA (PKN ORLEN SA), BorsodChem (Wanhua), China National Petroleum Corporation (CNPC), DIC Corporation, Hexion, and Covestro AG. These major pharmacies focus on differentiated service areas along with in-house manufacturing capabilities for key product types.

For more details on the report, Read- https://www.insightprobing.com/u-s-503b-compounding-pharmacies-market-size-and-share/

Get more insights on this topic: https://lotstoexpress.com/decoding-life-navigating-health-landscape-with-genomic-biomarkers-as-compass-points/

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