by Market Overview:
Ophthalmic compounding pharmacies combine customized ingredients into sterile formulations of medications to meet specific patient needs unmet by commercially available FDA-approved drug products. Compounded ophthalmic preparations are commonly used to treat conditions such as dry eyes, glaucoma, infections, and allergies. They provide more palatable and tolerable alternatives to commercially available drugs and enable customized dose concentrations.
Market key trends:
Growing prevalence of eye diseases: The prevalence of various eye diseases such as cataracts, diabetic retinopathy, glaucoma, and age-related macular degeneration is steadily increasing in the U.S. population. This represents a significant driver for the demand of compounded ophthalmic medications. According to the Bright Focus Foundation, more than 120 million Americans suffer from eye diseases and it is estimated that the number of Americans with age-related macular degeneration will double to around 3 million by 2050.
Personalized formulations: Ophthalmic compounding enables pharmacists to customize medications for individual patient needs by adjusting ingredients, strengths, dosages, and delivery forms. This allows creation of optimized formulations that improve drug delivery and enhance patient compliance especially for pediatric patients and geriatrics. Compounded preparations are also suited for patients with sensitivities or allergies to preservatives and dyes commonly found in commercially available eye drops.
Porter’s Analysis
Threat of new entrants: New entrants face high capital requirements to enter this market due to stringent manufacturing and compliance regulations.
Bargaining power of buyers: Individual customers have low bargaining power due to specialized nature of medications however hospitals and clinics have significant bargaining power being large volume buyers.
Bargaining power of suppliers: Suppliers of active pharmaceutical ingredients and excipients have moderate bargaining power due to availability of substitute ingredients.
Threat of new substitutes: Threat of new substitutes is low as compounded medications are customized as per patient needs unlike commercial off-the-shelf drugs.
Competitive rivalry: Intense due to specialized services and focus on niche therapies.
SWOT Analysis
Strengths: Specialized expertise in compounding medications helps address unmet medical needs. Strong patient relationships and reliable service quality.
Weaknesses: High fixed costs deter entry of small players. Compounding activities are complex and compliance to GMP regulations increase operating expenses.
Opportunities: Growing geriatric population drives demand for customized formulations. Untapped rural markets offer scope for expansion.
Threats: Stringent regulations by FDA increases compliance burden. Reimbursement challenges and price controls affect profitability.
Key Takeaways
The U.S. Ophthalmic Compounding Pharmacies Market Share is expected to witness high growth, exhibiting CAGR of 5% over the forecast period, due to increasing prevalence of eye diseases. The market size for 2023 was US$ 219.2 Mn.
The western region dominates the U.S. market currently due to higher awareness and availability of specialized pharmacies. States like California, Texas and Florida contribute significantly to the regional market share.
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. Strategic partnerships for expanding therapeutic expertise and geographical reach have been observed among these players.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
