Global Revenue Of U.S. Compounding Pharmacies Market Is About US$ 1508.1Million In 2028

 

According to Coherent Market Insights, the U.S. Compounding Pharmacies Market would surpass US$ 1508.1Million by 2028, owing to an increase in the geriatric population (CMI)

Market Trends and Analysis for 503B Compounding Pharmacies in the United States:

Increased medicine shortages, an aging population, more product launches, and approvals, and inorganic activities such as mergers and collaborations are all key developments in the 503B compounding pharmacies market in the United States. Over the projection period, an increasing medicine scarcity in the United States is likely to drive market expansion for 503B compounding pharmacies in the United States. For example, according to the paper titled "Drug Shortages: A Global Perspective," "Drug Shortages: A Global Perspective," "Drug Shortages: A Global Perspective,".Drug shortages are caused by a lack of incentives to create less profitable drugs, as well as logistical and regulatory constraints, according to the Drug Shortages Task Force of the United States Food and Drug Administration.

When there is a shortage of low-cost generic drugs, hospitals must pay extra for branded drugs, other alternative treatments, or meds from compounding facilities, according to the research. As a result, such events may fuel market expansion shortly. Another reason driving the demand for 503B compounding pharmacies in the United States is the growing geriatric population. According to the Centers for Disease Control and Prevention (CDC) 2020, a comparison of the population's age distribution in the United States in 2020 and 2040 shows that the number of elderly people is predicted to rise by 2040.

Over the forecast period, the market is expected to rise due to rising demand for pain management medicines among senior patients with chronic conditions. Chronic pain, for example, is more common among older persons with chronic diseases, according to the Progress in Neuro-Psychopharmacology and Biological Psychiatry Journal: 2019.

However, the industry's expansion is projected to be hampered by increased product recalls by market competitors and safety concerns about compound medications. QuVa Pharma Inc., for example, withdrew the complete batch of R.E.C.K. (Ropivacaine, Epinephrine, Clonidine, Ketorolac) 50 ml in Sodium Chloride-60 ml BD syringes made using sterile Ketorolac acquired from Fresenius K on April 28, 2020. As a result, the US Food and Drug Administration (FDA) has tightened regulations on the manufacture of complicated formulations, which is projected to slow the growth of the 503B U.S. compounding pharmacies market throughout the forecast period.

Central Admixture Pharmacy Services, Inc., Nephron Pharmaceuticals Corporation, Va Pharma, Olympia Pharmacy, ASP Cares, Fagron Compounding Pharmacies, Athenex, and others are key participants in the 503B compounding pharmacies market in the United States.