Injectable compounding pharmacy involve preparing customized medication for patients as per the doctor's prescription. It offers benefit over traditional oral medication by providing controlled and direct delivery of drugs into the bloodstream, bypassing the gastrointestinal tract and liver. The growing geriatric population prone to chronic diseases is driving the demand for injectable drugs.
The U.S. Injectable Compounding Pharmacy Market Size is estimated to be valued at US$ 1747.98 Mn in 2023 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:
Growing geriatric population has accelerated the growth of U.S. Injectable Compounding Pharmacy market. The elderly population aged 65 years and above has increased substantially in the U.S. in the past few decades. As per the U.S. Census Bureau, the 65 years and above population is projected to grow from 59 million in 2020 to 95 million by 2060. The vulnerable geriatric population is more prone to develop chronic and complex diseases requiring personalized medication. This is increasing the demand for customized injectable drugs prepared by compounding pharmacies as per the clinical requirement of individual patients. Thus, the rising prevalence of chronic diseases among aging population is a major factor augmenting the U.S. injectable compounding pharmacy market growth over the forecast period.
Segment Analysis
The U.S. injectable compounding pharmacy market is dominated by 503B outsourcing facilities sub segment. These 503B outsourcing facilities are commercial facilities that are engaged in large volume compounding and distribution of sterile medications. They face less stringent FDA regulations as compared to traditional compounding pharmacies. This provides them a cost advantage over traditional compounding pharmacies. Hence this sub segment continues to be the fastest growing and dominating sub segment in the given market.
Key Takeaways
The U.S. injectable compounding pharmacy market is expected to witness high growth over the forecast period. Rapidly aging population and increasing prevalence of chronic diseases in the country is driving the demand for compounding pharmacy services. The U.S. Injectable Compounding Pharmacy Market is estimated to be valued at US$ 1747.98 Mn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2024 to 2031.
Regional analysis
The Northeast region currently dominates the U.S. injectable compounding pharmacy market. States like New York and Pennsylvania have a significant number of 503B outsourcing facilities. Moreover, the aging population in the Northeastern states results in higher healthcare expenditures in the region. This coupled with increasing acceptance of personalized medication is expected to boost the market growth in the Northeast.
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., Hach. PerkinElmer is one of the leading players with significant market share. It offers a wide range of solutions for radioactive measurements and compounding. Other players like LabLogic Systems Ltd. and Bio-Rad Laboratories Inc. are also focusing on expanding their compounding product portfolio and production facilities to strengthen their position in this high growth market.
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