SEATTLE, June 25, 2021 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the U.S. 503B Compounding Pharmacies market is estimated to be valued at US$ 919.0 Million in 2021 and is expected to exhibit a CAGR of 7.3% during the forecast period (2021-2028).
Key Trends and Analysis of the U.S. 503B Compounding Pharmacies market:
Key trends in the U.S. 503B compounding pharmacies market include increasing drug shortage, rise in geriatric population, increasing product launches and approvals, and inorganic activities such as mergers and collaborations.
Increasing drug shortage in U.S is expected to drive the market growth of U.S. 503B Compounding Pharmacies over the forecast period. For instance, according to the report titled as 'Drug Shortages: Root Causes and Potential Solutions' by the Drug Shortages Task Force of the U.S. Food and Drug Administration 2019, the causes of drug shortages include lack of incentives to produce less profitable drugs as well as some logistical & regulatory challenges. Also in the report it is stated that, the hospitals have to pay more for branded drugs, other alternative drugs or to procure medications from compounding facilities, when there is a shortage in low-cost generic drugs. Thus, such instances can drive the market growth in the near future.
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Moreover, rise in geriatric population is another factor that drives the market for U.S 503B compounding pharmacies. For instance, according to the Centers for Disease Control and Prevention (CDC) 2020, a comparison of the age distribution of the population in the U.S. in the year 2020 and 2040 shows that the number of elderly population is expected to increase by 2040. The increasing demand for pain management therapies among geriatric patients suffering from chronic diseases is expected to aid in the growth of the market over the forecast period. For instance, according to the Progress in Neuro-Psychopharmacology and Biological Psychiatry Journal: 2019, chronic pain is highly prevalent among older adults suffering from chronic conditions. Additionally, according to the Centers for Disease Control and Prevention, (CDC): June 2020, in the year 2018, the highest number of pain management therapies were prescribed to the population in the age group of 60 years and above.
The increasing number of product approvals and launches are expected to drive growth of the market over the forecast period. For instance, in November 2020, Fagron Compounding Pharmacies launched new products i.e., Fentanyl Hydromorphone, and Midazolam as Intravenous bags (IV bags). Also, the company is planning to continue to expand its IV bag offerings to include hormones and chemicals such as oxytocin, Norepinephrine, and others.
However, rising product recalls by the market players and safety concerns associated with compound drugs is expected to hamper the growth of the market. For instance, on April 28, 2020, QuVa Pharma Inc. recalled the entire batch of R.E.C.K. (Ropivacaine, Epinephrine, Clonidine, Ketorolac) 50 ml in Sodium Chloride-60 ml BD syringe that were prepared using sterile Ketorolac obtained from Fresenius Kabi. On April 20, 2020, Fresenius Kabi recalled multiple lots of Ketorolac due to the presence of particulate matter in the reserve sample vials. Moreover, according to the Pew Charitable Trusts: 2018, Pew’s drug safety project has identified more than 73 reported compounding errors or potential errors associated with 1,562 adverse events, including 116 deaths in U.S., from 2001 to 2019. Therefore, the U.S. Food and Drug Administration (FDA) increased restrictions on the manufacturing of complex formulations, which is expected to hinder growth of the U.S. 503B compounding pharmacies market over the forecast period.
Key Market Takeaways:
Rising product launches, approvals and inorganic activities such as collaborations, and others are expected to drive growth of the U.S. 503B compounding Pharmacies market over the forecast period. For instance, in January 2020, QuVa Pharma, Inc., a 503B outsourcing compounding pharmacy expanded partnership with Smiths Medical to increase production capacity as well as to increase access of the hospitals for pre-filled CADD medication cassette reservoirs due to its increasing demand. This partnership is expected to increase the access of over 25 products that QuVa offers in the form of pre-filled CADD cassettes.
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Key players operating in the U.S. 503B compounding pharmacies market include Central Admixture Pharmacy Services, Inc., Nephron Pharmaceuticals Corporation, QuVa Pharma, Olympia Pharmacy, ASP Cares, Fagron Compounding Pharmacies, Athenex, Inc., Avella Specialty Pharmacy, Atlas Pharmaceuticals, Empower Pharmacy, Carie Boyd’S Prescription Shop, Edge Pharma, Imprimis NJOF, LLC, IntegraDose Compounding services, LLC, Wells Pharma of Houston, LLC, US Compounding Inc., and SCA Pharma
U.S. 503B compounding pharmacies Market, By Molecule:
BKK (Bupivacaine, Ketorolac, Ketamine)
RCK (Ropivacaine, Clonidine, Ketorolac)
RKK (Ropivacaine, Ketorolac, Ketamine)
U.S. 503B compounding pharmacies Market, By Packaging:
Related Market Intelligence Reports:
U.S. Compounding Pharmacies Market, By Medication (Oral Medication (Capsules, Tablets, Mixtures, Lollipops, Lozenges),Topical Medication(Gels, Ointments, Cream, Lotions), Mouthwashes, Suppositories), By Therapeutic Area (Pain Management, Hormone Replacement Therapy (HRT)), By Application (Medication for Adults, Medication for Veterinary, Medication for Children, Medication for Geriatric) - Size, Share, Outlook, and Opportunity Analysis, 2019 - 2027
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