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Pharmacy Market Size to Hit USD 1,522.1 Billion by 2030

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The global pharmacy market size was accounted at USD 1,009.5 billion in 2020 and is predicted to hit USD 1,522.1 billion by 2030, registering a CAGR of 4.8% during the forecast period 2022 to 2030.

Growth Factors

Rapid growth in the ePharmacy market is a major parameter driving the market. Drastic growth in the online purchases of medicines during the COVID-19 pandemic along with increasing adoption of digital technologies is supporting the adoption of ePharmacies. In addition, major eCommerce companies are entering the ePharmacy industry, thereby supporting market growth potential.

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The increasing number of people suffering from diseases, increasing aging population, and growing number of prescriptions are the key parameter driving the market. According to the National Health Services, the cost of prescriptions in the financial year 2020 – 21 increased by 3.46% as compared to 2019-20 in England. According to the Centers for Disease Control and Prevention, 45.7% of the population in the U.S. consumed at least one prescription drug between 2015 and 2018, while 21.3% of the population consumed three or more prescription drugs during the same period.

In this study, the years considered to estimate the market size of pharmacy are as follows:

  • History Year: 2019-2020
  • Base Year: 2021
  • Forecast Year 2022  to 2030

By Product Type Analysis

The prescription product type segment accounted for the largest revenue share of 82.6% in 2021. The increasing burden of chronic diseases and the growing aging population is driving the demand for prescription medications.

Increasing instances of cough, cold & flu are supporting the segment growth. Moreover, increasing demand for private-label OTC products, increasing availability of OTC products through online channels, growing cost of prescriptions, increasing trend of self-medication, and conversion of prescription medications to OTC medications is bolstering the segment growth.

By Pharmacy Type Analysis

The retail pharmacy segment held the highest revenue share of 56.2% in 2021. The growing number of independent pharmacies and chains along with the availability of medications in supermarkets & mass retailers in countries, such as the U.S. and U.K., is driving the retail pharmacy segment.

The rapid adoption of automation technologies, such as pharmacy robots, dispensing, and packaging systems, is driving the segment growth.Apart from dispensing a prescription, retail pharmacies are also offering vaccination services, health management services, and thereby fueling the market growth.

Many ePharmacies witnessed an increase in revenue growth in 2020 during the pandemic. For instance, online sales of Boots U.K. increased by 105% during the lockdown. CVS Health reported a 50% increase in digital refills in the specialty product category through apps.

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By Regional Analysis

In 2021, North America accounted for the highest revenue share of 52.2%. It is attributed to the presence of large-scale multinational chains, such as CVS Health, Boots Walgreens, Cigna, UnitedHealth Group, Walmart, Kroger, and Rite Aid Corp. These players are adopting various initiatives and automation technologies to increase market share. For instance, Rite Aid Corp. introduced its Wellness + rewards program, which offers significant discounts and rewards to its customers. Moreover, the rapidly growing aging population is supporting market growth.

According to the report published by the U.S. Census Bureau in June 2020, the geriatric population (aged above 65 years) increased by 34.2% from 2010 to 2019. Moreover, the rapidly growing demand for OTC and prescription drugs is driving market growth potential. However, Asia Pacific is anticipated to be the fastest-growing regional market during the forecast period. Rapid growth in the pharmaceutical industry in China, and India along with growing demand for generic medications is driving pharmacies demand in the region.

Moreover, rapid expansion plans undertaken by key pharmacies are supporting market growth. For instance, in March 2021, Generic Aadhar, a pharmacy retail chain in India, launched an app to get generic medications and sell them in its outlet. In March 2020, Chemist Warehouse, Australian Pharmacy, opened its new store in Christchurch, Australia. Growing disease burden and increasing healthcare spending are also supporting the market growth. Moreover, the increasing geriatric population in Asian countries, such as Japan, is further augmenting the market growth.

Key Players

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

Market Segmentation

  • By Product Type
    • Prescription
    • OTC
  • By Pharmacy Type
    • Hospital Pharmacy
    • Retail Pharmacy
      • Chain
      • Independent
      • Others
    • ePharmacy
    • Others
  • Regional
    • North America
      • U.S.
      • Canada
    • Europe
      • U.K.
      • Germany
      • France
      • Italy
      • Spain
      • Russia
    • Asia Pacific
      • Japan
      • China
      • India
      • Australia
    • Latin America
      • Mexico
      • Brazil
      • Argentina
    • Middle East & Africa
      • South Africa
      • Saudi Arabia
      • UAE

The pharmacy market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of pharmacy market for the base year 2021 and the forecast between 2022 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global pharmacy market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the pharmacy market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted pharmacy market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the pharmacy capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of pharmacy by regions (countries) and application.

Reasons to Purchase this Report:

– Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
– Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
– Market value USD Million and volume Units Million data for each segment and sub-segment
– Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
– Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2019-2021) and forecast (2022-2030);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
  • To strategically profile the key players and comprehensively analyze their growth strategies.

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Steve Robber

My name is Steve Robber, I’m the Owner of Market Stats News. Steve has served in many positions at various organizations for the past seven years. Currently he is an Author at Finance.Yahoo. Contact us for a free news publication, we look forward to speaking with you!

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