U.S. Ophthalmic Compounding Pharmacies Market, by Drug (Mitomycin, Amphotericin, Fluconazole, Voriconazole, Tropicamide, Atropine Sulfate, Albumin 5%, Cyclosporine 0.5-2%, Moxifloxacin, Gentamicin, Vancomycin, Amikacin, Tobramycin, Tetracycline, Metronidazole, Acetylcysteine, Bevacizumab, Tacrolimus, Retinoic Acid, Carosine, Latanoprost, Dorzolamide, Brimonidine, Timolol, and Others), by Formulation (Eye Drops, Ointments, Injections, and Others), by Therapeutic Application (Dry Eyes, Glaucoma, Cataracts, Conjunctivitis, Age-related Macular Degeneration, Uveitis (Eye Inflammation), and Others), and by Pharmacy Type (503A and 503B), 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), as highlighted in a new report published by Coherent Market Insights.
The increasing prevalence of eye disorders is expected to drive growth of the U.S. ophthalmic compounding pharmacies market over the forecast period. For instance, according to the National Eye Institute, 2019, by the year 2050, the number of individuals in the U.S. suffering from cataract will double from 24.4 million in 2010 to about 50 million.
U.S. Ophthalmic Compounding Pharmacies Market – Impact of Coronavirus (COVID-19) Pandemic
COVID-19 pandemic has affected the economy in three main ways; 1) By directly affecting the production and demand; 2) By creating disruptions in distribution channels; and 3) By its financial impact on firms and financial markets. Supply chain and manufacturing activities in India, China, and the U.S. are disrupted due to global lockdown, while many countries such as Saudi Arabia, UAE, Egypt, and others are facing problems with regards to transportation of drugs from one place to another.
However, demand for ophthalmic compounding pharmacies has increased during the COVID-19 pandemic due to drug shortages, which is expected to drive the market growth over the forecast period. The key players are focused on launching new ophthalmic compounded drugs, which is expected to drive the market growth. For instance, in April 2020, the U.S. Food and Drug Administration (U.S. FDA) gave permission to some smaller compounders to make certain drugs that are in shortage during the COVID-19 pandemic. Earlier, the U.S. FDA had given permission to only registered outsourcing facilities to manufacture drugs due to drug shortages caused by supply chain disruptions for the treatment of patients during COVID-19 pandemic.
Browse 28 Market Data Tables and 41 Figures spread through 226 Pages and in-depth TOC on “U.S. Ophthalmic Compounding Pharmacies Market”- Forecast to 2028, U.S. Ophthalmic Compounding Pharmacies Market, by Drug (Mitomycin, Amphotericin, Fluconazole, Voriconazole, Tropicamide, Atropine Sulfate, Albumin 5%, Cyclosporine 0.5-2%, Moxifloxacin, Gentamicin, Vancomycin, Amikacin, Tobramycin, Tetracycline, Metronidazole, Acetylcysteine, Bevacizumab, Tacrolimus, Retinoic Acid, Carosine, Latanoprost, Dorzolamide, Brimonidine, Timolol, and Others), by Formulation (Eye Drops, Ointments, Injections, and Others), by Therapeutic Application (Dry Eyes, Glaucoma, Cataracts, Conjunctivitis, Age-related Macular Degeneration, Uveitis (Eye Inflammation), and Others), and by Pharmacy Type (503A and 503B)
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Moreover, increasing adoption of inorganic strategies such as collaborations by the key players operating in the market is also expected to drive growth of the U.S. ophthalmic compounding pharmacies market over the forecast period. For instance, in August 2020, New Drug Loft & VLS Pharmacy, a 503A compounding pharmacy that offers sterile and non-sterile compounded medications across ophthalmology, dermatology, pain management, and others, collaborated with A Silver Lining, LLC, a U.S.-based digital marketing agency to expand its business by increasing its presence on the digital platform. This collaboration would help New Drug Loft & VLS Pharmacy with better distribution of their ophthalmic compounding products.
Key Takeaways of the U.S. Ophthalmic Compounding Pharmacies Market:
- The U.S. ophthalmic compounding pharmacies market is expected to exhibit a CAGR of 5.0% during the forecast period due to increasing adoption of inorganic strategies such as agreements by the key players operating in the market, which is expected to drive growth of the market. For instance, in March 2021, Edge Pharma, a FDA registered 503B Outsourcing Facility, signed an agreement with Capstone Health Alliance, a group purchasing alliance of healthcare and non-healthcare members that delivers cost savings through the power of aggregation and collaboration, to supply Edge's unit-dose repackaged Mvasi (Bevicizumab-awwb) syringes to Capstone's 300 member hospitals.
- Among therapeutic application, conjunctivitis segment is expected to account for the largest market share in the U.S. ophthalmic compounding pharmacies market in 2021. The increasing number of viral conjunctivitis cases is expected to drive growth of the conjunctivitis segment over the forecast period. For instance, according to the U.S. News & World Report L.P., 2021, the majority of the 3 to 6 million cases of estimated conjunctivitis that occur annually in the U.S. are infectious and result from a viral or bacterial infection.
- Among pharmacy types, 503A pharmacies segment is expected to account for the largest market share in the U.S. ophthalmic compounding pharmacies market in 2021. The companies operating in the market are engaged in business development strategies such as acquisitions to expand their product portfolios, which can aid in the segment growth. For instance, in May 2020, Belmar Pharma Solutions, a manufacturer of compounded oral, sublingual, and topical dosage forms, acquired APS Pharmacy, a 503A pharmacy that manufactures patient-specific medications such as injectables, eye drops, and ointments, among others.
- Major players operating in the U.S. ophthalmic compounding pharmacies market include 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.
