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Pharmacy Market

2025-08-1200

Report Overview

The global pharmacy market size is expected to be worth around USD 1,750 billion by 2032 from USD 1,108 billion in 2022, growing at a CAGR of 4.8% during the forecast period from 2022 to 2032.

The Key factors that boosted the market are the rising aging population, the increasing number of prescriptions, and the increasing number of people suffering from diseases. According to the National Health Services, in the financial year 2020-2021, the cost of medications rose by 3.5% compared with the reports in 2019-2020 in England.

In the US, around 45.6% of the population consumed no less than one prescription drug between 2015-2018, according to the Centers for Disease Control and Prevention report.

Rapid upgradation and expansion of current pharmacies to enhance market penetration have positively impacted the pharmacy market’s growth. Significantly, in the fiscal year 2020, Rite Aid Corp.

relocated five stores, opened two new stores and completed the remodeling of stores to achieve 1,824 remodeled stores. In addition, hospital pharmacies and Retail are rapidly accepting various automation devices to enhance patient safety and provide accurate and rapid patient services.

For example, automation systems are vastly used in automated prescription pick-up, e-prescribing bar code verification, automated pill counting, point-of-sale programs, and interactive voice response systems.

Global-Pharmacy-Market

Key Takeaways

Product Type Analysis

The prescription segment accounted for the highest revenue share in 2021. The factor that drives the demand for prescription medications is the growing aging population and the rising stress of chronic diseases, which leads to segment growth.

According to the International Diabetes Association, in 2019, 463 million adults had diabetes. As per the reports American Heart Association, between 2015-2018, 126.6 million Americans suffered from cardiovascular disease. Furthermore, the global geriatric population is also expanding rapidly.

Therefore, increased demand for prescription drugs for therapies, such as cardiovascular disease, respiratory disorders, blood disorders, oncology, and diabetes, is a crucial factor for the segment’s growth.

The OTC segment is also estimated to have the highest CAGR during the forecast period. The rising demand for OTC medications for diseases, such as oral analgesics, heartburn medications, and upper respiratory medications, drives the segment’s growth. Also, increasing viral infections due to flu, cough, and cold support the segment’s growth.

Pharmacy Type

In 2022, the retail pharmacy was a leading segment and collected the largest revenue share. The rise in the number of independent pharmacies and chains with the accessibility to medications in mass retailers as well as supermarkets in countries like The US and the UK drives the retail pharmacy segment.

Due to large chains like Well pharmacy, CVS Health, UnitedHealth Group, Kroger, Rite Aid Corporation, Shoppers Drug Mart, Albertsons Companies, Walgreens Boots Alliance, and Lloyd Pharmacy in various countries, like the UK, Russia, Australia, The US, and Canada, the pharmacy market size is rising which results in pharmacy market growth.

Furthermore, implementing automation technologies, like dispensing, packaging systems, and robots are driving the segment’s growth. CVS Health Corporation offers different health management programs and services to lower disease burden or stress.

In 2020, so many pharmacies witnessed an enhancement in revenue growth during the Covid-19 pandemic. Specifically, online sales of Boots UK enhanced by around 105% during a lockdown. According to CVS Health, there is a 50% growth in digital refills in the specialty product category through apps.

E-pharmacies have various benefits, such as free shipping, privacy and confidentiality, discounts, a vast range of offers, and reduced purchase time. Furthermore, the increase in implementation of digital technologies by the healthcare industry, a growing amount of retailers introducing online channels, and increasing penetration of smartphones are enhancing the segment’s growth. As the customer volume increases, the responsibility for customer satisfaction also increases.

Key pharmacies were focused on providing medications, vaccinations, and kits for COVID-19 during the pandemic. In the global industry, key stakeholders undertaking strategic initiatives, along with the increasing disease burden and the rising aging population, it estimates to drive pharmacy market growth.

Global-Pharmacy-Market-by-pharmacy-type

Distribution Channel

As per the distribution channel, the market is segmented into hospital pharmacies, retail pharmacies, and online pharmacies. The hospital pharmacies segment holds the major share in the market due to the increasing patient visits to treat disease conditions. Also, the segmental growth was due to increased hospitalizations during the COVID-19 pandemic, specifically in Emergency departments and Intensive Care Units (ICU).

On the contrary, the rising preference of patients toward specialty clinics is growing due to the growing adoption of technological advancements with specialized treatment and care in specialty clinics. These are some main factors contributing to the retail pharmacies’ growth.

The online pharmacy segment is expected to have the largest CAGR over the forecast period due to the penetration of online websites and portals, such as Walmart, Amazon, and others, into this industry.

Key Market Segments

Based on Product Type

Based on Pharmacy Type

Based on Distribution Channel

Drivers

Growth in the prevalence of chronic conditions

The growing global prevalence of chronic conditions like diabetes, cancer, and others results in an increased patient population in the healthcare system. Also, the rising geriatric population is leading to a growing prevalence of age-related disorders like cardiovascular disorders, congestive heart failure, rheumatoid arthritis, immune deficiencies, viral hepatitis, oncology, anti-diabetes, autoimmune diseases, and others.

With the growing awareness and prevalence of infectious diseases and chronic conditions among people, the patient population requiring personalized therapies, vaccines, and drugs is also rising. Moreover, growing per capita healthcare expenditure in emerging and developed countries increase the number of patients undergoing treatment.

Restraints

Some Side effects may be seen in patients due to some factors.

The vaccines and drugs are vigorously tested for efficacy and safety through clinical trials before making them available. However, wherever clinical trials are performed on a small number of candidates for a short period, most of the time, specific side effects are seen in the patients at an initial stage because of their age, immunological factors, and other factors.

Also, because of mislabeling, poor manufacturing of the products, or potential contaminants, the drug was recalled from the market, hampers the market players’ brand value. It affects their sales, reputation, and customer relationships.

Trends

Some of the factors mentioned below were responsible for the pharmacy market’s growth.

Due to the factors such as COVID-19 restrictions, including quarantine, social distancing, etc., and fear of getting infected, the pharmaceuticals market led to enhance adherence to decentralized clinical trials.

These factors hindered the clinical trials’ productivity, efficacy, and outcomes. It increased demand for decentralized clinical trial processes, patient selection, and enrollment to study the trial outcomes.

The growing demand increased the corporation among pharmaceutical companies with Al-driven companies to enable patient care delivery models and Al-driven companies to enable automated clinical trials.

Regional Analysis

North America dominates the global pharmacy market.

North America accounted for the largest revenue share of 52.2% among the other countries in 2022. Large-scale chains like Walgreens Boots Alliance Healthcare Business, CVS Health Corporation, United Health Group, Rite Aid Corp, and Cigna approve it.

These key players apply different strategies and initiatives to enhance their market share. Furthermore, the senior population is responsible for the growth of the market.

As per the report published by the US Census Bureau in June 2020, the population above 65 increased from 34.2% between 2010-2019. The rapidly growing demand for prescription drugs and OTC drives market growth potential.

Despite that, APAC is expected to be the fastest-growing regional market during the forecast period. Due to the rapid growth in the pharmaceutical industry and generic medications in India and China, the market can be driven in this region.

Another factor that may cause the market is the rising older population in Asian countries like Japan.

Global-Pharmacy-Market-Regional-Analysis

Key Regions

Key Players Analysis

The factors that strengthen the market position of Key players are growth strategies and a strong product portfolio. The major players focus on enhancing their research and development process of novel therapies to meet the demand of the patient population.

Additionally, growing collaborations and other factors, such as acquiring players to strengthen their portfolio, are major factors through which there will be an increase in revenue growth. Various diabetes program was run by different organizations that spread awareness about diabetes and diabetes medicines.

Several retail pharmacy businesses, medical stores, and digital pharmacies are in the market. Medly Pharmacy, Mortar Pharmacies, Lloyd Pharmacy, Humana Pharmacy Solutions, Amazon Pharmacy, Kroger Rite Aid Corp., CVS Pharmacy, Boots U.K., Matsumoto Kiyoshi, Walgreens Boots Alliance, Inc., and others are a few key companies that contribute to the market growth.
Below are some of the most prominent global pharmacy market players.

Market Key Players

Key Industry Development

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