SEATTLE, June 24, 2021 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the U.S. injectable compounding pharmacy market is valued at US$ 1,317.9 million in 2021, and is projected to exhibit a CAGR of 7.3% over the forecast period (2021–2028).
Key Trends and Analysis of the U.S. Injectable Compounding Pharmacy Market:
The increasing incidence of chronic diseases is expected to propel growth of the U.S. injectable compounding pharmacy market over the forecast period. For instance, according to the American Cancer Society: 2020, there were approximately 19.3 million new cases of cancer worldwide, out of which, 1.8 million cancer cases were diagnosed in the U.S.
Moreover, major players in the market are focused on R&D and approval of new products, which is expected to drive the market growth over the forecast. For instance, in March 2021, Glenmark Pharmaceuticals Limited (Glenmark) received final approval by the U.S. FDA for Diltiazem Hydrochloride Extended-Release Capsules USP, 60 mg, 90 mg, and 120 mg, the generic version of Cardizem 1 SR Extended-Release Capsules, 60 mg, 90mg, and 120 mg.
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The companies in the market are focusing on facility expansion, which is expected to strengthen their product portfolio in the market, and this is expected to drive the market growth over the forecast period. For instance, on July 9, 2020, Nephron Pharmaceuticals Corporation announced that the company is planning to expand its facility in the Lexington County, South Carolina, U.S., by investing US$ 215 million.
Furthermore, key players operating in the market are focused on adopting partnership and collaboration strategies, in order to expand their product offerings in the markets. For instance, on October 28, 2020, QuVa Pharma, Inc. expanded its partnership with Kit Check to support its growing products portfolio that included embedded RFID tags, which helps in tracking the medicines i.e. from pharmacist to patients.
Key Market Takeaways:
The U.S. injectable compounding pharmacy market is expected to exhibit a CAGR of 7.3% over the forecast period, owing to implementation of novel technology in compounded drugs, in order to enhance the data on drug supply and usage. For instance, in 2019, Nephron 503B Outsourcing Facility implemented Kit Check Radio-Frequency Identification (RFID) tags on all of its prefilled syringe products. The tags ensure all products are identifiable throughout the supply chain, using tracking and automation tools.
Among pharmacy type, 503B pharmacies segment is estimated to account for largest market share in 2021, owing to due to the fact that 503B pharmacies can manufacture compounded sterile preparations (CSP) for a wide patient population. These include ophthalmic solutions, pain management medications, anesthesia, and numerous types of sterile injectable. Moreover, these pharmacies have the ability to scale up production based on high consumer demands, which helps in ensuring patient safety at a reasonable cost.
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Key players operating in the U.S. injectable compounding pharmacy 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., SCA Pharma, and Vertisis Custom Pharmacy.
Related Market Intelligence Reports:
U.S. 503B Compounding Pharmacies Market, by Molecule (Acetaminophen, Phenylephrine, Midazolam, Esmolol, Vancomycin, Epinephrine, Adenocaine, Fentanyl/Bupivacaine, Morphine, Amiodarone, Heparin, Ketamine, Dextrose, Hydromorphone, Bupivacaine, Lidocaine, BKK (Bupivacaine, Ketorolac, and Ketamine), RCK (Ropivacaine, Clonidine, and Ketorolac), RKK (Ropivacaine, Ketorolac, and Ketamine), and Other Molecules), and by Packaging (Vials, Prefilled Syringes, Ampoules, Syringes, and Others) - Size, Share, Outlook, and Opportunity Analysis, 2021 - 2028
Read more: https://www.coherentmarketinsights.com/market-insight/us-503b-compounding-pharmacies-market-4481
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