U.S. Compounding Pharmacies Market Analysis
Compounding pharmacy refers to a pharmacy run by a licensed pharmacist, a licensed physician, or an individual working under the supervision of a licensed pharmacist.
The demand for U.S. compounding pharmacies market was projected to be worth US$ 3,859.2 million in 2018, with a CAGR of 5.7 percent forecast to hit US$ 6,355.9 million by the end of 2027.
Get FREE Sample PDF Including COVID-19 Impact Analysis: https://www.coherentmarketinsights.com/insight/request-pdf/3142
The demand for the U.S. compounding pharmacies market is projected to expand due to lack of essential drugs for the treatment of serious diseases. As per the Drug Shortages: Root Causes and Potential Solutions, a report released by the US Food and Drug Administration (FDA) in 2019, about 56 percent of hospitals indicated that due to opioid shortages, they had altered patient treatment or postponed medication, and 36.6 percent said they had rescheduled non-urgent or emergent treatments. As a result of this situation, patients are more likely to use easily available compounded drugs, which is projected to fuel the demand for U.S. compounding pharmacies market.
Over the forecast period, rising demand for hormone replacement therapy (HRT) is expected to fuel the growth of the US compounding pharmacies market. HRT is an excellent treatment for peri-menopause and menopause symptoms. Progesterone, estradiol, cortisol, and testosterone are some of the most commonly used active medicinal ingredients in HRT today. HRT that is bio-identical is often used to slow down the ageing process. Hence, the demand is projected to expand in tandem with the growing geriatric population. As per a 2018 report by the U.S. Census Bureau, the geriatric population in the U.S. is estimated to reach 78.0 million in 2035, compared to 76.4 million people under the age of 18.
In 2018, the Topical Medication category dominated the U.S. compounding pharmacies market, contributing about 41.0 percent of the overall revenue, led by Oral Medication.
Adoption of unhealthy compounding procedures is a significant impediment to the expansion of the U.S compounding pharmacies market over the forecast period.
Furthermore, increased product alerts in sterile compounding also resulted in lower sales of compounded injectable products, which is projected to stymie market expansion. The Food and Drug Administration (FDA) in the U.S. has revised an earlier alert against using Becton-Dickinson (BD) general-use syringes in sizes 1mL, 3mL, 5mL, 10mL, 20mL, and 30mL. When drugs are filled in syringes and not used right away, the contact with the rubber stopper in certain lots of these syringes can have an adverse effect on drug potency, according to the FDA.
Buy This Research Study Report With Flat US $2000 Off @ https://www.coherentmarketinsights.com/promo/buynow/3142
Over the forecast period, the U.S. compounding pharmacies market is projected to grow at a CAGR of 6 percent. This is due to new products and clinical markets that branded distributors have yet to explore, such as geriatric and long-term care medications, as well as creative HRT implementations.
To maximize the appeal of a medication or a brand, it is important to obtain FDA approval and meet CGMP guidelines. As a result, market participants should concentrate on adhering to FDA regulations while also anticipating surprise inspections.
The Oral Medication segment of the U.S. compounding pharmacies market was worth US$ 1,538.8 in 2018 and is forecast to grow at a CAGR of 6.3 percent to US$ 2,666.8 by 2027.
Traditional compounding pharmacies exist in the U.S. without being controlled by the US Food and Drug Administration. Conventional compounding, also known as ‘within boundary’ compounding, is regulated by the FDA and the State Boards of Pharmacy. In most states, the US Pharmacopeia (USP) has developed the normal pharmacy compounding procedures.
Private stores, compounding departments in hospitals, part of a large supermarket drug company chain, pharmacy with an internet order-delivery system, and multiple-location shops are the five types of compounding pharmacies. Compounding pharmacies are mostly found in independent stores in the U.S.
View Press Release For More Information @ https://www.coherentmarketinsights.com/press-release/us-compounding-pharmacies-market-2544
Compounding pharmacies in the U.S. are regulated by the State Boards of Pharmacies.
Traditional Compounding (503A)
- The State Pharmacies Board regulates traditional compounding pharmacies under section 503A
- These boards are also responsible for the day-to-day functioning of pharmacies
- These pharmacies cannot legally engage in sterile compounding
- These pharmacies cannot manufacture drugs and APIs in bulk
Key companies contributing in the U.S. compounding pharmacies market are Institutional Pharmacy Solutions, Triangle Compounding Pharmacies, PharMEDium Services, LLC, and Cantrell Drug Company.
PharMEDium Services, LLC issued a user-level recall in July 2019 for 45 lots of 0.5 mg/mL HYDROmorphone HCl in 0.9 percent Sodium Chloride 1 mL in 3 mL BD Syringe. The recall was prompted by the discovery of sulfite in PharMEDium’s sulfite-free electronic consumer ordering framework.
After finding 11 adulteration breaches at Triad Rx, including visually contaminated surfaces and non-sterile cleaning practices in ISO 5 regions, the US FDA announced new rules in July 2019 at Pharmacy Compounding Regulation: A Fresh Look at Guidance, Compliance, and Enforcement Webinar.
Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients to achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having an office at global financial capital in the U.S. and sales consultants in the United Kingdom and Japan. Our client base includes players from across various business verticals in over 150 countries worldwide. We pride ourselves in catering to clients across the length and width of the horizon, from Fortune 500 enlisted companies to not-for-profit organizations, and startups looking to establish a foothold in the market. We excel in offering unmatched actionable market intelligence across various industry verticals, including chemicals and materials, healthcare, and food & beverages, consumer goods, packaging, semiconductors, software and services, Telecom, and Automotive. We offer syndicated market intelligence reports, customized research solutions, and consulting services.
To know more about us, please visit our website – www.coherentmarketinsights.com
Coherent Market Insights
1001 4th Ave, #3200 Seattle, WA 98154, U.S.
United States of America: +1-206-701-6702
United Kingdom: +44-020-8133-4027