July 19, 2024
Ophthalmic Compounding Pharmacies Market

U.S. Ophthalmic Compounding Pharmacies Market Is Estimated To Witness High Growth Owing To Rising Prevalence Of Eye Diseases

The 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 provide customized medications and formulations for various eye diseases and conditions. Compounded ophthalmic medications are prepared according to patient-specific needs and doctor’s prescriptions. These pharmacies prepare creams, gels, ointments, and suspensions for conditions such as dry eyes, glaucoma, infections, allergies, inflammation, and more. Compounding pharmacists consult with physicians and patients to develop optimal compounded formulations.

Market Dynamics:
Growth of the U.S. ophthalmic compounding pharmacies market is majorly driven by rising prevalence of eye diseases in the country. According to the National Eye Institute, glaucoma, cataracts, and diabetic retinopathy are among the leading causes of blindness in the U.S. This has increased demand for effective drugs to treat various ophthalmic conditions. Furthermore, benefits offered by compounded ophthalmic medications over conventional drugs is also boosting market growth. Compounded medications allow developing formulations based on individual needs, which is more effective than standardized drugs. These customized formulas are also suitable for patients who are allergic or intolerant to preservatives and dyes in conventional drugs.

SWOT Analysis

Strength: The U.S. ophthalmic compounding pharmacies market benefits from a large aged population base that requires frequent eye care. Compounding pharmacies offer customized medications suits for individual patient needs. They provide specialized drugs not commercially available for rare conditions.

Weakness: Compounding pharmacies face significant regulatory pressures to meet strict quality standards. Large chain pharmacies have more resources for regulatory compliance which small compounders may find challenging. Dependence on reimbursement policies of insurance providers also affects their business.

Opportunity: Rising incidence of eye diseases such as glaucoma, macular degeneration and diabetic retinopathy is driving the need for specialized ophthalmic drugs. Growing geriatric population prone to eye ailments will augment demand.

Threats: Stringent regulations and quality compliance requirements raise operating costs for compounding pharmacies. Failure to meet standards can result in license cancellation. Price controls and reimbursement caps imposed by insurance providers impact profits.

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 disorders among the expanding geriatric population base. According to estimates, over 5 million Americans aged above 65 years are affected by age-related macular degeneration alone. This is a leading cause of blindness and visual impairment among the elderly.

Regional analysis:

The U.S. market dominates the North American ophthalmic compounding pharmacies sector accounting over 90% market share. This can be attributed to the large population base, increased focus on specialized healthcare services and robust insurance coverage facilitating access to compounded medication. States such as California and Florida having sizeable elderly demographics are major revenue generators. Moreover, the presence of leading pharmacies and availability of advanced facilities for compounding further support market growth within the country.

Key players:

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.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it