The report is titled as ‘503B Compounding Pharmacies Market: Opportunity Analysis and Future Assessment 2020-2028’. An overview of conceptual frameworks, analytical approaches of the 503B Compounding Pharmacies market is the main objective of the report, which further consists the market opportunity and insights of the data involved in the making of the respective market. 503B Compounding Pharmacies market is expected to grow with significant rate in the near future.
In 2020, U.S. 503B Compounding Pharmacies market was valued at US$ 866.3 Mn and expected to grow significantly at a CAGR of 7.3% over the forecast period
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Introduction
In the sphere of pharmacy, compounding can refer to the formulation of a custom compound or mixture of a medication to correspond to a special need of a patient that cannot be achieved with commercially available products. To quote the instance offered by Linda D. Bentley, JD, chair of the FDA practice group, a person is likely to be sensitized to one of the constituents in the commercial form of a drug. In such instances, a compounding pharmacy carried the capacity to make the appropriate form and dosage of the drug without any provoking constituents.
Given the fact that regulators have undertaken assigning higher scrutiny on compounding pharmacies subsequent incidents related to poor inadvertence by state boards of pharmacy, FDA has categorized these pharmacies into two segments: 503A and 503B. The FDA has specified 503B compounding pharmacies as those including outsourcing facilities that have the capability to generate large batches with or without prescriptions to put up for sale to healthcare facilities only for office use. Moreover, these pharmacies also possess the authority to use larger batches to lessen their manufacturing costs, shifting the savings over consumers.
Market Dynamics
In the present items, the growing prevalence of chronic diseases as well as growing geriatric population is majorly causing the increased drug shortage all around the world, ultimately boosting the demand of compounding pharmacies. To support that, as per the report by the U.S. Food and Drug Administration (FDA): Drug Shortages: Root Causes and Potential Solutions 2019, about 36.6% hospitals exclaimed that they had rescheduled non-urgent or emergent procedures and 56% of hospitals stated they had made amends in patient care or delayed therapy taking into account drug shortages. Owing to which, the 503B compounding pharmacies market is projected to rise significantly in the following years.
In addition to that, the U.S. FDA further published guidelines according to which the FDA will not be taking any action against outsourcing facilities. These regulations comprise conditions such as outsourcing facilities manufacturing compounding drugs that is largely a replicate of a certified drug. Such factors are further projected to propel the growth of the 503B compounding pharmacies market over the forecast period.
Furthermore, the leading players of the market are heavily engaged in organic activities such as partnerships and new product launches in order to overpower the increasing drug shortage problems. For instance, Piramal Critical Care (PCC), in July 2020, joined hands with Medivant Healthcare, a U.S. based pharmaceutical outsourcing facility, in the form of strategic partnership in order to address the serious shortage of injectable drugs in hospitals all across the United States. Attributing to such factors, the 503B compounding pharmacies market is expected to witness considerable growth in the coming years.
Reports & Insights Overview
The non-identical approach of Reports and Insights stands with conceptual methods backed up with the data analysis. The novel market understanding approach makes up the standard of the assessment results that give better opportunity for the customers to put their effort.
A research report on the 503B Compounding Pharmacies market by Reports and Insights is an in-depth and extensive study of the market based on the necessary data crunching and statistical analysis. It provides a brief view of the dynamics flowing through the market, which includes the factors that supports market and the factors that are acting as impedance for the growth of the market. Furthermore, the report includes the various trends and opportunities in the respective market in different regions for a better understanding of readers that helps to analyze the potential of the market.
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503B Compounding Pharmacies Market Segmentation
The U.S. 503B Compounding Pharmacies market is segmented on the basis of molecule, packaging, and compounding type
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)
- Other Molecules
By Packaging
- Vials
- Prefilled Syringes
- Ampoules
- Syringes
- Others
By Compounding Type
- Hormone Replacement Therapy (HRT)
- Men's Health Compounding
- Pain Management Compounding
- Pediatric Compounding
- Veterinary Compounding
- Geriatric Compounding
503B Compounding Pharmacies Market Key Players
Some of the key participating players in U.S. 503B Compounding Pharmacies market are:
- 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
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