by U.S. 503B compounding pharmacies manufacture medicines customized to patients’ individual needs in controlled volumes without a patient-specific prescription. They produce medications in circumstances where an FDA-approved product is not available or suitable for a patient. The ready availability of customized medications from 503B compounding pharmacies has proven highly beneficial to those requiring specialized formulations.
The 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 3.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing demand for customized medications is one of the key drivers augmenting the U.S. 503B compounding pharmacies market. Certain patients may require unique formulations or delivery methods tailored to their specific medical needs. 503B compounding pharmacies help meet this need by manufacturing customized medications without a patient-specific prescription. This ability to compound medications on a larger scale according to practitioners’ needs is fueling the market’s growth over the forecast period.
SWOT Analysis
Strength: 503B compounding pharmacies have an opportunity to fill prescription needs that are unmet by pharmaceutical manufacturers. They can provide compounded medications tailored to individualized needs.
Weakness: Compounding pharmacies have limited resources for research and development compared to large pharmaceutical companies. Product quality and consistency could vary between individual pharmacies.
Opportunity: The 503B compounding pharmacy market can expand by catering to the rising demand for personalized medications and hard-to-find formulations. Certain medications removed from the pharmaceutical pipeline also create opportunities.
Threats: Stringent regulations and oversight from the FDA aim to ensure quality and safety standards are met. Increased scrutiny after previous publicized issues could negatively impact some compounders. Pharmacies also face competition from drug manufacturers producing similar customized medications.
Key Takeaways
The U.S. 503B Compounding Pharmacies Market Size is expected to witness steady growth over the forecast period of 2023 to 2030. The market size is projected to reach US$ 1060.51 Bn by 2024, expanding at a CAGR of 3.1%.
Regional analysis: The South Central region dominates the 503B compounding pharmacy market, with states like Texas and Florida hosting a substantial number of compounders. The West Coast region led by California is another major market. Increased demand for specialized formulations contributes to the faster growth seen in these regions.
Key players: Key players operating in the U.S. 503B compounding pharmacies market are ANWIL SA (PKN ORLEN SA), Central Admixture Pharmacy Services, Institutional Pharmacy Solutions, Cantrell Drug Company, and PharMEDium Services. These companies cater to various therapeutic categories with steriles, hormones, pain medications and other types of compounded drugs formulated under strict quality standards.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
