North America Compounding Pharmacies Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product (Oral Medications, Topical Medications, Suppositories, and Others) and Therapeutic Area (Pain Medications, Hormone Replacement Therapies, Dermatological Applications, and Others)
Market Introduction
North America includes the US, Canada, and Mexico. The market in North America held a significant share in the global market during the year 2020. The United States offers significant growth opportunities in the compounding pharmacies market, which is expected to drive the market’s growth at a considerable pace. Compounding pharmacy or compound pharmacy makes drugs prescribed by doctors for specific patients with needs that commercially available drugs can't meet. Pharmacists customize medication for skin conditions and rare diseases as per each patient's unique needs, as long as that drug is not available from a drug manufacturer. In the United States, as per the International Academy of Compounding Pharmacists (IACP), there are 56,000 community-based pharmacies and about half of them directly serve local patients and doctors. Moreover, as per IACP, 7,500 compounding pharmacies specialize in advanced compounding services; out of which 3,000 make sterile products. Compound drugs are exempt from FDA-approval as many compounding pharmacists mix up ingredients as per need. Therefore, these are regulated by state boards of pharmacy based on criteria set by the United States Pharmacopeia (USP) Convention. Most commonly compounded topicals are liquids, creams, ointments; others include lozenges, suppositories, and often capsules. However, Pills and tablets are not regularly compounded. Over the last ten years, the transmission of medications in alternative strengths, dosage forms, and flavors for infants and geriatric patients alone has driven a unique growth rate of compounding pharmacies. Apart from the advantages offered by compounding pharmacy, there are many start-ups that have been major reasons that specialty pharmacies are showing such a speedy growth as related to new opened pharmacy start-ups and pharmacies. Therefore, it has been estimated that about a 20% increase will be in the number of compounding pharmacies by 2020, and this trend will proceed further. Additionally, in the United States, compounding pharmacies account for more than 3% of all prescription drugs dispensed.
COVID-19 virus outbreak was first observed in December 2019 in Wuhan (China), and it has spread to ~100 countries across the world, with the World Health Organization (WHO) stating it as a public health emergency. The global impacts of COVID-19 are being felt across several markets. Although the healthcare sector had witnessed SARS, H1N1, and other outbreaks in the last few years, the severity of the COVID-19 has made the situation more complicated due to its mode of transmission. North America has been witnessing a growing number of COVID-19 cases since its outbreak. For instance, according to Worldometer, the number of cases increased to 30,081,657, with 547,234 deaths reported in the US as of March 22, 2021. The cases are also increasing in Mexico and Canada. In Mexico, the cases have reached 2,166,290, with 194,710 deaths. Similarly, in Canada, there are about 909,157 COVID cases, with 22,463 deaths reported so far. The COVID–19 pandemic outbreak has highly disrupted the socio-economy of various countries across the world. The majority of the people have lost their jobs during the pandemic. According to the Commonwealth Fund, the unemployment rate in mid-April 2020 was ~14.7%. In response to control the spread of the COVID–19 pandemic, many of the states-imposed lockdown resulting in the closing of many workplaces. It has dramatically slowed US economic activity in 2020. However, it has positively affected the few businesses in the US
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Market Overview and Dynamics
The compounding pharmacies market in North America is expected to grow from US$ 4,997.65 million in 2021 to US$ 7,786.73 million by 2028; it is estimated to grow at a CAGR of 6.5% from 2021 to 2028. Growing demand for compounding pharmacy during COVID-19; Due to the COVID-19 pandemic, the demand for compounding operations is increasing. The US FDA has released a note and allowed to compound certain hospital drugs used to treat patients on ventilators in response to soaring demand and shortage during the COVID-19 pandemic. As per new guidance, FDA policy applies to state-licensed pharmacies and federal facilities, which are regulated under Section 503A of the Federal Food, Drug, and Cosmetic Act. Due to increasing COVID-19 cases, on July 2020, Berkeley, CA-based Valor Compounding Pharmacy (Valor), has become a proactive partner in patient healthcare. The company produces medicines for patients as per their needs. Moreover, they designed several new programs, including flat-rate pricing for menopause, mental health, and erectile dysfunction; access to supplements to defend one's health from COVID-19; free shipping to patients' homes; and ValorConnect, after-hours support for doctors and patients to communicate with a pharmacist. Additionally, a newly-designed website provides interactive and user-friendly knowledge, providing to easily transfer or refill their medications and for physicians to prescribe online to Valor. This is bolstering the growth of the compounding pharmacies market.
Key Market Segments
Based on product, the market is segmented into oral medications, topical medications, suppositories, and others. In 2020, the oral medications segment held the largest share North America compounding pharmacies market. Based on therapeutic area, the market is divided into pain medications, hormone replacement therapies, dermatological applications, and others. In 2020, the pain medications segment held the largest share North America compounding pharmacies market.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the compounding pharmacies market in North America are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Avella specialty pharmacy; B.Braun Melsungen AG; Fagron, Inc; Fresenius Kabi AG; PharMEDium Healthcare Holdings, Inc; Triangle Compounding Pharmacy; US Compounding Inc; Vertisis Custom Pharmacy.
Reasons to buy report
- To understand the North America compounding pharmacies market landscape and identify market segments that are most likely to guarantee a strong return
- Stay ahead of the race by comprehending the ever-changing competitive landscape for North America compounding pharmacies market
- Efficiently plan M&A and partnership deals in North America compounding pharmacies market by identifying market segments with the most promising probable sales
- Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form North America compounding pharmacies market
- Obtain market revenue forecast for market by various segments from 2021-2028 in North America region.
NORTH AMERICA COMPOUNDING PHARMACIES MARKET SEGMENTATION
By Product
- Oral Medications
- Topical Medications
- Suppositories
- Others
By Therapeutic Area
- Pain Medications
- Dermatological Applications
- Hormone Replacement Therapies
- Others
By Country
- US
- Canada
- Mexico
Companies Mentioned
- Avella specialty pharmacy
- B.Braun Melsungen AG
- Fagron, Inc
- Fresenius Kabi AG
- PharMEDium Healthcare Holdings, Inc
- Triangle Compounding Pharmacy
- US Compounding Inc
- Vertisis Custom Pharmacy
1. Introduction
1.1 Scope of the Study
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 North America Compounding Pharmacies Market – By Product
1.3.2 North America Compounding Pharmacies Market – By Therapeutic Area
1.3.3 North America Compounding Pharmacies Market– By Country
2. North America Compounding Pharmacies Market– Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. North America Compounding Pharmacies Market– Market Landscape
4.1 Overview
4.2 PEST Analysis
4.2.1 North America PEST Analysis
4.3 Expert Opinion
5. North America Compounding Pharmacies Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Drug Shortage Crisis
5.1.2 Benefits of Compounded Medications
5.1.3 Increasing Adoption of Customized Medicine (Personalized Medicine)
5.2 Market Restraints
5.2.1 Product Recalls and Stringent Regulatory Requirements
5.3 Market Opportunities
5.3.1 Growing Demand for Compounding Pharmacy During COVID-19
5.4 Future Trends
5.4.1 Growing Outsourcing Facilities for Manufacturing and Sales of Products
5.5 Impact Analysis
6. Compounding Pharmacies Market– North America Analysis
6.1 North America Compounding Pharmacies Market Revenue Forecast and Analysis
7. North America Compounding Pharmacies Market Analysis – By Product
7.1 Overview
7.2 North America Compounding Pharmacies Market Revenue Share, by Product (2020 and 2028)
7.3 Oral Medications
7.3.1 Overview
7.3.2 Oral Medications: North America Compounding Pharmacies Market – Revenue and Forecast to 2028 (US$ Million)
7.4 Topical Medications
7.4.1 Overview
7.4.2 Topical Medications: North America Compounding Pharmacies Market – Revenue and Forecast to 2028 (US$ Million)
7.5 Suppositories
7.5.1 Overview
7.5.2 Suppositories: North America Compounding Pharmacies Market – Revenue and Forecast to 2028 (US$ Million)
7.6 Others
7.6.1 Overview
7.6.2 Others: North America Compounding Pharmacies Market – Revenue and Forecast to 2028 (US$ Million)
8. North America Compounding Pharmacies Market – By Therapeutic Area
8.1 Overview
8.2 Compounding Pharmacies Market, by Therapeutic Area, 2020 and 2028 (%)
8.3 Pain Medications
8.3.1 Overview
8.3.2 Pain Medications: North America Compounding Pharmacies Market – Revenue and Forecast to 2028 (US$ Million)
8.4 Hormone Replacement Therapies
8.4.1 Overview
8.4.2 Hormone Replacement Therapies: North America Compounding Pharmacies Market – Revenue and Forecast to 2028 (US$ Million)
8.5 Dermatological Applications
8.5.1 Overview
8.5.2 Dermatological Applications: North America Compounding Pharmacies Market – Revenue and Forecast to 2028 (US$ Million)
8.6 Others
8.6.1 Overview
8.6.2 Others: North America Compounding Pharmacies Market – Revenue and Forecast to 2028 (US$ Million)
9. North America Compounding Pharmacies Market Revenue and Forecasts to 2028 – Country Analysis
9.1 North America Compounding Pharmacies Market Revenue and Forecasts to 2028
9.1.1 North America Compounding Pharmacies Market Revenue and Forecasts to 2028 (US$ Mn)
9.1.2 North America Compounding Pharmacies Market Revenue and Forecasts to 2028, By Country (%)
9.1.3 US Compounding Pharmacies Market Revenue and Forecasts to 2028 (US$ Mn)
9.1.4 US Compounding Pharmacies Market Revenue and Forecasts to 2028 (US$ Mn)
9.1.4.1 US Compounding Pharmacies Market Revenue and Forecasts to 2028, By Product (US$ Mn)
9.1.4.2 US Compounding Pharmacies Market Revenue and Forecasts to 2028, By Therapeutic Area (US$ Mn)
9.1.5 Canada Compounding Pharmacies Market Revenue and Forecasts to 2028 (US$ Mn)
9.1.5.1 Canada Compounding Pharmacies Market Revenue and Forecasts to 2028 (US$ Mn)
9.1.5.2 Canada Compounding Pharmacies Market Revenue and Forecasts to 2028, By Product (US$ Mn)
9.1.5.3 Canada Compounding Pharmacies Market Revenue and Forecasts to 2028, By Therapeutic Area (US$ Mn)
9.1.6 Mexico Compounding Pharmacies Market Revenue and Forecasts to 2028 (US$ Mn)
9.1.6.1 Mexico Compounding Pharmacies Market Revenue and Forecasts to 2028 (US$ Mn)
9.1.6.2 Mexico Compounding Pharmacies Market Revenue and Forecasts to 2028, By Product (US$ Mn)
9.1.6.3 Mexico Compounding Pharmacies Market Revenue and Forecasts to 2028, By Therapeutic Area (US$ Mn)
10. Impact Of COVID-19 Pandemic on North America Compounding Pharmacies Market
10.1 North America: Impact Assessment of COVID-19 Pandemic
11. North America Compounding Pharmacies Market– Industry Landscape
11.1 Overview
11.2 Organic Developments
11.2.1 Overview
11.3 Inorganic Developments
11.3.1 Overview
12. Company Profiles
12.1 Fagron, Inc.
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Triangle Compounding Pharmacy
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 B.Braun Melsungen AG
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 PharMEDium Healthcare Holdings, Inc.
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 Fresenius Kabi AG
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Avella specialty pharmacy
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 Vertisis Custom Pharmacy
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 US Compounding Inc.
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
13. Appendix
13.1 About the Insight Partners
13.2 Glossary of Terms
LIST OF TABLES
Table 1. North America Compounding Pharmacies Market – Revenue and Forecast to 2028 (US$ million)
Table 2. US Compounding Pharmacies Market Revenue and Forecasts to 2028, By Product (US$ Mn)
Table 3. US Compounding Pharmacies Market Revenue and Forecasts to 2028, By Therapeutic Area (US$ Mn)
Table 4. Canada Compounding Pharmacies Market Revenue and Forecasts to 2028, By Product (US$ Mn)
Table 5. Canada Compounding Pharmacies Market Revenue and Forecasts to 2028, By Therapeutic Area (US$ Mn)
Table 6. Mexico Compounding Pharmacies Market Revenue and Forecasts to 2028, By Product (US$ Mn)
Table 7. Mexico Compounding Pharmacies Market Revenue and Forecasts to 2028, By Therapeutic Area (US$ Mn)
Table 8. Organic Developments Done By Companies
Table 9. Inorganic Developments Done By Companies
Table 10. Glossary of Terms, Compounding Pharmacies Market
LIST OF FIGURES
Figure 1. North America Compounding Pharmacies Market Segmentation
Figure 2. North America Compounding Pharmacies Segmentation, By Country
Figure 3. North America Compounding Pharmacies Market Overview
Figure 4. Oral Medications Held Largest Share of Product Segment in North America Compounding Pharmacies Market
Figure 5. US to Show Remarkable Growth During Forecast Period
Figure 6. North America: PEST Analysis
Figure 7. North America Compounding Pharmacies Market Impact Analysis of Drivers and Restraints
Figure 8. North America Compounding Pharmacies Market– Revenue Forecast and Analysis – 2020- 2028
Figure 9. North America Compounding Pharmacies Market Revenue Share, by Product (2020 and 2028)
Figure 10. Oral Medications: North America Compounding Pharmacies Market – Revenue and Forecast to 2028 (US$ Million)
Figure 11. Topical Medications: North America Compounding Pharmacies Market – Revenue and Forecast to 2028 (US$ Million)
Figure 12. Suppositories: North America Compounding Pharmacies Market – Revenue and Forecast to 2028 (US$ Million)
Figure 13. Others: North America Compounding Pharmacies Market – Revenue and Forecast to 2028 (US$ Million)
Figure 14. Compounding Pharmacies Market, by Therapeutic Area, 2020 and 2028 (%)
Figure 15. Pain Medications: North America Compounding Pharmacies Market – Revenue and Forecast to 2028 (US$ Million)
Figure 16. Hormone Replacement Therapies: North America Compounding Pharmacies Market – Revenue and Forecast to 2028 (US$ Million)
Figure 17. Dermatological Applications: North America Compounding Pharmacies Market – Revenue and Forecast to 2028 (US$ Million)
Figure 18. Others: North America Compounding Pharmacies Market – Revenue and Forecast to 2028 (US$ Million)
Figure 19. North America Compounding Pharmacies Market Revenue Overview, By Country, 2020 (US$ Mn)
Figure 20. North America Compounding Pharmacies Market Revenue and Forecasts to 2028, By Country (%)
Figure 21. US Compounding Pharmacies Market Revenue and Forecasts to 2028 (US$ Mn)
Figure 22. Canada Compounding Pharmacies Market Revenue And Forecasts to 2028 (US$ Mn)
Figure 23. Mexico Compounding Pharmacies Market Revenue and Forecasts to 2028 (US$ Mn)
Figure 24. Impact of COVID-19 Pandemic in North American Country Markets
- Avella specialty pharmacy
- B.Braun Melsungen AG
- Fagron, Inc
- Fresenius Kabi AG
- PharMEDium Healthcare Holdings, Inc
- Triangle Compounding Pharmacy
- US Compounding Inc
- Vertisis Custom Pharmacy
- To understand the North America compounding pharmacies market landscape and identify market segments that are most likely to guarantee a strong return
- Stay ahead of the race by comprehending the ever-changing competitive landscape for North America compounding pharmacies market
- Efficiently plan M&A and partnership deals in North America compounding pharmacies market by identifying market segments with the most promising probable sales
- Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form North America compounding pharmacies market
- Obtain market revenue forecast for market by various segments from 2021-2028 in North America region.