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Institutional Pharmacies in the US - Industry Market Research Report

Institutional Pharmacies in the US - Industry Market Research Report

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Institutional Pharmacies in the US - Industry Market Research Report
Institutional Pharmacies in the US

Institutional pharmacies are described as the portion of a facility where medical services are administered to occupants within said facility. These pharmacies are typically located within general and medical hospitals, nursing care facilities and assisted living communities, among others. Since industry demand is dictated by macro-level demographic, legislative and economic trends, the industry remains highly insulated from large fluctuations within the domestic business environment. Demand from hospitals and nursing facilities is influenced by the aging domestic population, which has expanded precipitating a similar momentum in industry demand. Heightened levels of funding for federal and state healthcare programs, such as Medicare and Medicaid, enables a larger proportion of the resident population to access care, bolstering industry revenue. Over the past five years, industry revenue has been rising an annualized 5.6% and is expected to reach $23.7 billion in 2023. This includes growth of 9.0% in 2023 alone. In 2020, due to the pandemic, demand for medicines flourished, which helped boost revenue for institutional pharmacies.

This industry comprises pharmacies that provide a range of services to residents of nursing homes, hospitals or hospice environments that do not have an onsite pharmacy. In addition to providing pharmaceuticals, institutional pharmacies also provide consulting services, which include monitoring the control, distribution and administration of drugs and assisting with regulation compliance.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.

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