Pharmacy Market Size, Share, Demand | CAGR Of 7.29%

According to Nova One Advisor, the global Pharmacy market size was valued at USD 1.29 trillion in 2023 and is anticipated to reach around USD 2.61 trillion by 2033, growing at a CAGR of 7.29% from 2024 to 2033.

This can be attributed to the growing demand for prescription medications due to a trend towards the use of specialty medications, which account for a significant portion of prescription drug spending, and the increasing prevalence of chronic diseases. According to the Assistant Secretary for Planning and Evaluation statistics of September 2022, in 2021, specialty drugs accounted for more than 40% of overall retail drug spending and around 70% of the no-retail drug spending in the U.S.

Technological advancements have transformed the market in recent years. One of the most significant advancements is using Electronic Health Records (EHRs), which allow pharmacists to access and update patient medical information in real-time. This has improved the efficiency and accuracy of prescription filling, reduced errors, and improved patient safety. Another advancement is robotic dispensing systems, which can fill prescriptions quickly & accurately, freeing up time for pharmacists to provide additional patient care services. Tele pharmacy is another emerging technology that allows pharmacists to provide remote consultations and prescription filling services to patients in underserved areas. For instance, in November 2020, Amazon launched Amazon Pharmacy to sell prescription drugs in the U.S. Pharmacies are using automation systems and robots for packaging, labeling, filling, and dispensing to improve efficiency and reduce prescription filling time.

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Pharmacy Market Key Takeaways

• North America dominated the market with a share of 53.62% in 2023.
• The Asia Pacific market is expected to experience the fastest growth in the coming years.
• Based on product type, the prescription segment dominated the pharmacy market with the largest revenue share of 81.18% in 2023.
• The OTC segment is estimated to witness the fastest growth rate during the forecast period.
• The retail pharmacy segment held the highest revenue share of 55.13% in 2023.
• ePharmacy is estimated to be the fastest-growing segment during the forecast period.

Pharmacy Market By Regional Insights

North America dominated the market with a share of 53.62% in 2023. Growth can be attributed to the presence of large-scale multinational chains, such as Boots Walgreens, CVS Health, UnitedHealth Group, Cigna, Kroger, Walmart, and Rite Aid Corp. These players are leveraging diverse strategies and advance technologies to expand their presence and dominance. For instance, in March 2022, Rite Aid Corp. launched its Wellness + loyalty program, providing substantial savings and incentives to its valued customers.

U.S. Pharmacy Market Trends

The U.S. held the largest market share in 2023. Innovations in delivery methods and digital health technologies are enabling access to new and improved OTC and prescription drugs, further driving the growth. Furthermore, increasing demand for specialty drugs has influenced growth in drug utilization management services, such are prior authorization, step therapy, and quantity limits.

Europe Pharmacy Market Trends

Europe held a significant share in 2023. This growth is attributed to the increasing number of people with chronic diseases turning to online pharmacies for convenience and accessibility to medications, especially in rural areas.

The UK pharmacy market held a substantial revenue share in 2023. The imbalance of supply and demand, demographic changes, consolidation in the market, and a backlog of medical treatments are driving the demand for pharmacies in the UK. According to the Hutchings Consultants, the number of new buyers seeking to buy their own pharmacy increased by around 56.9% from March 2019/2020 to March 2020/2021.

The Germany pharmacy market held the largest share in Europe, in 2023. An aging population, increased demand for prescription drugs, and government regulations are expected to drive the growth of the market. ePharmacy has significantly impacted the market, making it easier for consumers to access a wider range of medications and healthcare products online. ePharmacies have gained a significant share, especially for non-urgent products such as weight loss or habit control.

Asia Pacific Pharmacy Market Trends

The Asia Pacific market is expected to experience the fastest growth in the coming years. The Asia-Pacific region is experiencing an aging population and a rise in chronic diseases such as diabetes, cancer, and cardiovascular diseases. This demographic shift is driving increased demand for the market.

The pharmacy market in China dominated the Asia Pacific market in 2023 and is expected to sustain dominance during the forecast period. Regulations such as allowing medicines on the National Reimbursement Drug List to be sold and reimbursed at both hospitals and retail pharmacies, and the recent deregulation of online prescription drug sales, are contributing to the growth of the industry in the country.

India pharmacy market is expected to exhibit the fastest growth rate during the forecast period. Key pharmacies are rapidly expanding their service lines to include ePharmacies, which is expected to boost the demand for pharmacies in the country. For instance, in March 2021, Generic Aadhar, an Indian pharmacy retail chain, launched a mobile app to enable customers to purchase generic medications and have them delivered to their local store.

Latin America Pharmacy Market Trends

Latin America market growth can be attributed to the growing dominance of pharmacy chains in many countries, with a handful of retailers now operating over three-quarters of pharmacies in markets such as Chile, Colombia, and Peru. This consolidation has been driven by strategies such as wholly owned outlets, franchises, and cooperatives.

The pharmacy market in Brazil is expected to grow at significant rate over the forecast period, owing to the demographic changes, the expansion of retail chains, and government efforts to improve healthcare access.

MEA Pharmacy Market Trends

The MEA market is expected to witness lucrative growth due to the use of advanced technologies such as AI and mobile apps enhancing efficiency, security, and user engagement in the ePharmacy ecosystem. The launch of ePharmacy platforms, leveraging digital transformation and increased internet penetration to provide convenient access to healthcare products and services is expected to drive the growth of the industry over the forecast period.

Saudi Arabia pharmacy market is expected to experience the fastest growth rate over the forecast period. The adoption of technologies such as Electronic Health Records (EHRs), pharmacy automation devices, medication dispensing technologies, and ePharmacy platforms is improving the efficiency and accessibility of services contributing to the growth of the market.

Pharmacy Market Top Key Companies:

The following are the leading companies in the pharmacy market. These companies collectively hold the largest market share and dictate industry trends.

• CVS Health
• Boots Walgreens
• Cigna
• Walmart
• Kroger
• Rite Aid Corp.
• Lloyd Pharmacy
• Well Pharmacy
• Humana Pharmacy Solutions
• Matsumoto Kiyoshi
• Apollo Pharmacy
• MedPlusMart.com

Recent Developments

• In January 2024, Kroger extended its partnership with Centene Corporation's pharmacy network. This extension aimed to provide patients with increased opportunities to save on essential prescriptions. The agreement ensured continued access to the Kroger Family of Pharmacies for approximately 700,000 Centene members in 2024.
• In April 2023, Rite Aid Corp launched a new three Rite Aid Pharmacies in Craigsville, Greenville, and Scottsville, Virginia. This initiative was part of a pilot program aimed at enhancing access to services in “pharmacy deserts” and underserved communities.
• In February 2022, Medicure Inc. subsidiary Marley Drug Pharmacy in the U.S. introduced its national direct-to-consumer ePharmacy platform, which allows Americans to purchase FDA-approved medications at reduced prices and receive home delivery across all 50 states.
• In January 2021, AmerisourceBergen and Walgreens Boots Alliance established a strategic partnership. AmerisourceBergen acquired Walgreens Boots Alliance's Healthcare Business, allowing Walgreens Boots Alliance to enhance its emphasis on expanding its retail operations. This collaboration involves extending and broadening their commercial agreements.

Pharmacy Market Report Segmentation

This report forecasts revenue growth at country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the Pharmacy market.

By Product?

• Prescription
• OTC

By Type?

• Hospital Pharmacy
• Retail Pharmacy
• Chain
• Independent
• Others
• ePharmacy
• Others

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)

Reasons to Purchase this Report

? Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors

? Provision of market value (USD Billion) data for each segment and sub-segment

? Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market

? Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region

? Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled

? Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players

? The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions

? Includes in-depth analysis of the market from various perspectives through Porter’s five forces analysis

? Provides insight into the market through Value Chain

? Market dynamics scenario, along with growth opportunities of the market in the years to come

? 6-month post-sales analyst support

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