May 18, 2024
U.S. Injectable Compounding Pharmacy Market

U.S. Injectable Compounding Pharmacy Market Is Driven By Increasing Preference For Customized Medication

Injectable compounding pharmacy involves preparing customized formulations of drugs for specific medical needs. This practice allows doctors to tailor formulations based on factors like allergies, drug interactions, and delivery methods. With rising disease prevalence and patient awareness about tailored medication, demand for injectable compounding pharmacy services is growing in the U.S. Common formulations prepared include pain medications, wound care products, infertility treatments, hormone therapies, and pediatric medications. Injectable compounding provides solutions when commercially available drugs cannot be administered intravenously or through other injection routes. It facilitates therapy adherence by transforming formulations into usable products. Customized dosage strengths and combinations also help optimize treatments.

The U.S. injectable compounding pharmacy market is estimated to be valued at US$ 1747.98 Mn in 2024 and is expected to exhibit a CAGR of 4.8% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the major trends contributing to the growth of the U.S. injectable compounding pharmacy market is the rising prevalence of chronic diseases. Chronic conditions like cancer, diabetes, cardiovascular diseases are increasing in the country. As per estimates, in 2020, over 60% of American adults suffered from at least one chronic medical condition. Chronic diseases also require long term medication management which further boosts demand for customized injectable formulations. Compounded medications prepared by pharmacies allow tailoring drugs as per individual needs and improving medication adherence especially for conditions requiring life-long therapy. This rising disease burden will continue augmenting the market in coming years.

Porter’s Analysis

Threat of new entrants: The injectable compounding pharmacy industry in the U.S requires significant capital investment and technical know-how. Strict regulatory compliance also acts as a deterrent.

Bargaining power of buyers: Large buyers such as hospitals and healthcare facilities can negotiate lower prices due to their high purchasing power.

Bargaining power of suppliers: Suppliers of raw materials and services have moderate bargaining power due to the availability of substitute suppliers.

Threat of new substitutes: Alternate compounding modalities such as oral medications pose a minimal threat due to the criticality of injectable medications.

Competitive rivalry: The market is highly competitive with the presence of numerous regional and local players vying for market share.

Key Takeaways

The U.S. Injectable Compounding Pharmacy Market Size is expected to witness high growth over the forecast period due to the growing prevalence of chronic diseases. The U.S. injectable compounding pharmacy market is estimated to be valued at US$ 1747.98 Mn in 2024 and is expected to exhibit a CAGR of 4.8% over the forecast period 2024 to 2031.

Regional analysis

The western states account for the largest share of the market currently due to the presence of key pharmaceutical companies, sophisticated laboratories, and favorable reimbursement policies. States such as California and Texas are major hubs for compounding pharmacies. The southern region is expected to witness the fastest growth led by rising geriatric population susceptible to chronic conditions in states like Florida.

Key players

Key players operating in the U.S. injectable compounding pharmacy market are PerkinElmer, LabLogic Systems Ltd., Hidex Oy, Intertechnique, LabLogic Systems Limited, AMETEK Inc, Beckman Coulter Inc, Berthold Technologies GmbH & Co. KG, Bio-Rad Laboratories Inc., and Hach. These players are focusing on new product launches and strategic collaborations to strengthen their market position.

*Note:
1.      Source: Coherent Market Insights, Public sources, Desk research
2.      We have leveraged AI tools to mine information and compile it