The U.S. Ophthalmic Compounding Pharmacies Market is
estimated to be valued at US$ 241.67 Mn or Mn in 2023 and is expected to
exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as highlighted in
a new report published by Coherent Market Insights.
Market Overview:
Ophthalmic compounding pharmacies combine prescribed ingredients into
customized medications to meet specific needs of patients. They compound
topical medications such as eye drops, ointments, and creams used in the
treatment of glaucoma, dry eyes, infections, and allergies. The customized
medications are alternatives for patients who are unable to use commercially
available products due to allergy or intolerance.
Market Dynamics:
Increasing preference for personalized medication is a key driver boosting
growth of the U.S. ophthalmic compounding pharmacies market. Customized
formulations allow doctors to precisely tailor medication dosages and
therapeutic ingredients based on individual patient's medical history and
requirements. For example, compounded formulas are prepared without
preservatives for sensitive individuals allergic to preservatives in
manufactured medications.
Rising geriatric population is another factor augmenting market value. Older
individuals are more prone to various eye diseases such as glaucoma, cataracts,
and age-related macular degeneration. According to Population Reference Bureau,
number of U.S. residents aged 65 years or older is projected to double from 52
million in 2018 to 95 million by 2060. Growing cases of ophthalmic conditions
among the aging population will significantly drive demand for compounded eye
formulations over the forecast period.
Segment
Analysis
The U.S. ophthalmic compounding pharmacies market can be segmented as per
product type into ointments, gels, solutions, suspensions, eye drops and
others. Among these, the eye drops segment dominates the market as eye drops
provide targeted delivery of medication to the eye and are preferred for
treating many ophthalmic conditions like glaucoma, infections etc.
PEST Analysis
Political: The ophthalmic compounding pharmacies market is regulated by the
U.S. Food and Drug Administration and adheres to cGMP regulations. This ensures
quality and safety of compounded preparations.
Economic: Rising healthcare spending in the U.S. is expected to drive the
growth of this market. The number of individuals seeking eye care, especially
the aging population, is increasing which presents market opportunities.
Social: Increased awareness about various ophthalmic conditions and treatments
available is encouraging people to seek early medical help. This is positively
impacting the demand for tailored ophthalmic preparations.
Technological: Advancements in compounding equipment allow preparation of
medications in sterile and precise formulations. This leads to accurate dosing
and improves efficacy.
Key Takeaways
Global
U.S. Ophthalmic Compounding Pharmacies Market Size is expected to
witness high growth, exhibiting a CAGR
of 5.0% over the forecast period, due to increasing prevalence of eye
diseases and aging population. The U.S. market size for ophthalmic compounding
pharmacies was valued at US$ 241.67 Mn in 2023 and is projected to reach US$
347.67 Mn by 2030.
Regionally, the Western region generates the highest demand for compounded
ophthalmic preparations in the U.S. due to high penetration of specialist
pharmacies coupled with rising cases of eye complications among the elderly
population.
Key players operating in the U.S. ophthalmic compounding pharmacies market are
Fagron Sterile Services US, New Drug Loft & VLS Pharmacy, Nora Apothecary,
Lifecare Pharmacy, Avella Specialty Pharmacy, Triangle Compounding Pharmacy,
O€TMBrien Pharmacy, Tache Pharmacy, Northmark Pharmacy, Edge Pharma, and
ImprimisRx. These players are increasingly focusing on developing wide-ranging
personalized formulations through constant innovations to cater to the
diversified needs of customers.
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