Fagron N.V., and Fresenius Kabi Canada, among others, are the major players in the United States compounding pharmacies market.
The United States compounding pharmacies market has evolved into a million-dollar market and it is expected to grow at a CAGR of 6% in the forecast period of 2021-2026. As per the analysis by Expert Market Research, the market is expected to be driven by the increasing geriatric population and the growing demand for parenteral drug delivery in the United States.
As per the Population Reference Bureau, the geriatric population in the U.S. is expected to reach 24% of the total population by 2060. The population's longevity has risen as the birth rate has decreased and life expectancy has increased. Additionally, reasonable costs of compounding pharmacies have been profitable for the industry growth over the forecast period. A higher percentage of people are willing to go towards compounding pharmacies. The increasing demand to look healthier and younger has increased the demand for anti-ageing products across the U.S., favouring the market growth.
In pharmacy, compounding (performed in compounding pharmacies) refers to the custom formulation of medicine to suit a particular patient's requirement, which cannot be fulfilled through commercially available medications. People use drugs made by compounding pharmacies due to reasons, such as the need to be administered by a unique route, as a patient may be allergic to the commercial version of the drug, or the requirement of a particular dose that may not be available commercially. Medically necessary compounding is mentioned as "traditional" compounding. Compounding also can be finished medically for optional reasons, like the preference of flavour or texture or dietary restrictions. Compounding pharmacies are not uncommon anymore, and they are expected to integrate into everything we use over time seamlessly.
Hospital pharmacies typically use compounding medications for intravenous administration, whereas outpatient or community pharmacies typically use compounding medications for oral or topical administration. Thanks to the rising cost of compounding and drug shortages, some hospitals contract their compounding requirements to large-scale compounding pharmacies. Furthermore, the compounding pharmacies need to follow product regulation requirements issued by the government agencies like the Food and Drug Administration to meet the safety standards.
During the pandemic, the U.S. experienced a shortage of some of the drugs, which created hassle and challenges for healthcare facilities. Due to extensive lockdowns, the procurement of raw materials and manufacturing of drugs had become a challenge. However, with the increasing focus to overcome drug shortage, compounding pharmacies were taken into consideration as an effective source of drugs that are in short supply. As a result, the major industry players are trying to strengthen their position by expanding their global reach. They intend to achieve this by growing organically and making investments that complement their existing capabilities. Such developments are expected to help the United States compounding pharmacies market to grow further.
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Founded as Arseus NV, it was formerly the Professional Health Division of Omega Pharma and became an independent entity via an IPO on October 5, 2007. With more than 2500 employees, the company sells its products to over 200,000 customers in over 60 countries worldwide. The company generated turnover of € 535 million in 2019.
|Headquarters:||Toronto, Ontario (Canada)|
Fresenius Kabi Canada is a diverse supplier of high-quality, cost-effective pharmaceutical products and services across Canada. The company’s product portfolio comprises of intravenous specialty and generic medicines, parenteral nutrition, transfusion technologies, and infusion therapies, among others. The company has over 40,500 employees worldwide.
Fresenius Kabi AG is a wholly owned subsidiary of Fresenius SE & Co. KGaA , a Germany-based health care company.
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