The global U.S. Ophthalmic Compounding Pharmacies Market is estimated to be valued at US$ 241.67 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 create customized ophthalmic formulations for both animal and human use under a licensed pharmacist's supervision. They prepare compounded medicines tailored to meet individual patient needs requiring unique dosage forms, strengths, and combinations of ingredients not commercially available. This provides alternative treatment options to improve patient care. Compounding ophthalmic medication is crucial for patients who cannot use commercial eye drop formulations due to allergies, sensitivities, or intolerances to preservatives and inactive ingredients in manufactured drugs.
Market key trends:
One of the key trends in the U.S. ophthalmic compounding pharmacies market is the increasing demand for customized medications. Next generation biometrics is helping boost personalized healthcare. With growing prevalence of eye diseases such as glaucoma, retinal disorders, and allergies, demand for specialized ophthalmic compounds tailored to the specific needs of patients is rising. Compounded medications allow alternative treatment regimens better tolerated by patients who cannot take commercially available drugs. Pharmacists are leveraging new compounding technology and expertise to develop innovative dosage forms and solutions. This is expected to drive market growth over the forecast period.
Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate as the market requires licensed pharmacists and specialized equipment which requires high initial investments.
Bargaining power of buyers: The bargaining power of buyers is high due to presence of many players providing ophthalmic drugs and increased transparency of prices online.
Bargaining power of suppliers: The bargaining power of suppliers is low as there are many suppliers for active pharmaceutical ingredients (API) and other raw materials required for compounding ophthalmic drugs.
Threat of new substitutes: The threat of new substitutes is low as compounding personalized medication requires specialized skills and equipment.
Competitive rivalry: High as the key players compete on the basis of innovation, quality, and services.
Key Takeaways
Global U.S. Ophthalmic Compounding Pharmacies Market Size is expected to witness high growth, exhibiting CAGR of 5.0% over the forecast period, due to increasing prevalence of eye diseases. The market size for 2023 is US$ 241.67 Mn.
The western region dominates the U.S ophthalmic compounding pharmacies market owing to higher patient acceptance for customized medications and presence of major players. States like California and Texas are the fastest growing markets.
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'Brien Pharmacy, Tache Pharmacy, Northmark Pharmacy, Edge Pharma, and ImprimisRx. Fagron Sterile Services specializes in hormone replacement creams and topical medications for dermatology. ImprimisRx focuses on research and development for new formulations.
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