U.S. OPHTHALMIC COMPOUNDING PHARMACIES MARKET ANALYSIS

U.S. Ophthalmic Compounding Pharmacies MarketSize and Trends

The U.S. ophthalmic compounding pharmacies market is estimated to be valued at US$ 219.2 million in 2021 and is expected to exhibit a CAGR of 5.0% during the forecast period (2021-2028).

Increasing drug shortage in the U.S. is expected to drive the market growth over the forecast period.

An increase in the ophthalmic drug shortage and thereby to meet its demand in the U.S., it is expected to drive the market growth over the forecast period. For instance, according to the report from the Department of Health and Human Services 2019,  the dosage form most offered by the 503B registered facilities was injectable, i.e., almost 53 U.S. outsourcing facilities were offering injectable compounding drugs in 2018. This was followed by the other sterile liquids, solids, semi-solids, and non-injectable sterile dosage forms.

Figure 2. U.S. Ophthalmic Compounding Pharmacies Market Share (%), by Pharmacy Type, 2021

Increasing prevalence of eye disorders is expected to drive the market growth during the forecast period.

The increasing prevalence of various eye disorders is expected to drive the market growth during the forecast period. For instance, according to the article published by the National Institute for Occupational Safety and Health (NIOSH) 2020, every day, around 2,000 U.S. workers with job related eye injuries require medical treatment.

U.S. Ophthalmic Compounding Pharmacies Market – Impact of Coronavirus (COVID-19) Pandemic

The coronavirus (COVID-19) pandemic and lockdown in various countries across the globe have impacted the financial status of businesses in all sectors. The private healthcare sector is one of the sectors which is majorly impacted by the COVID-19 pandemic.

The COVID-19 pandemic has negatively impacted the development, production, and supply of medicines and also affected the growth of the pharmaceutical businesses of various companies across the globe, as the COVID-19 pandemic has led to lockdowns in several countries globally. This lockdown has resulted in the closure of industrial establishments except for the manufacturing of essential commodities and disruption in the supply chain of pharmaceuticals and kits for diagnostic and therapeutic use.

However, key players are engaged in launching new products, in order to overcome the drug shortages during the COVID-19 pandemic. In order to meet the demand-supply gap that was hampered during COVID-19, it is expected to drive growth of the U.S. ophthalmic compounding pharmacies market over the forecast period. For instance, in December 2020, during the COVID-19 pandemic, Triangle Compounding Pharmacy, a company offering digital tools to help refill prescriptions, helped in providing pharmaceutical-grade hand sanitizer to front-line workers across the U.S. Triangle Compounding Pharmacy strengthened its already stringent infectious control measures to help slow the spread of COVID-19 and to protect customers and employees. Moreover, the Triangle Compounding Pharmacy asked its customers to have their prescriptions mailed or shipped.