Pharmacy Market Size, Share & Trends Analysis Report By Product (Prescription, OTC), By Type (Retail Pharmacy, ePharmacy), By Region (North America, Europe), And Segment Forecasts, 2024 - 2030
Pharmacy Market Growth & Trends
The global pharmacy market size is anticipated to reach USD 2.06 trillion by 2030, growing at a CAGR of 7.28% from 2024 to 2030, according to a new report by Grand View Research, Inc. 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. Telepharmacy 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.
Pharmacy Market Report Highlights
- Based on product, prescription segment held the largest share in 2023. The growing number of prescriptions by healthcare professionals for the treatment of chronic conditions such as cancer, diabetes, and cardiovascular diseases is expected to drive the growth of the segment.
- Based on type, the retail pharmacy segment accounted for the largest revenue share in 2023. This growth is attributed to the increasing number of independent pharmacies and chains offering various services beyond prescription dispensing, such as vaccination services and health management programs. For instance, CVS Health provides health management programs such as diabetes care and chronic kidney disease (CKD) management, contributing to market expansion.
- North America dominated the market in 2023 due to factors such as the aging population, increasing demand for prescription medications, and the rise in the adoption of e-pharmacy services.
- In December 2023, Rite Aid Corp partnered with the Philadelphia Flyers. This partnership aimed to help strengthen Philadelphia Flyer’s brand awareness among fans and visitors to the arena.
- Chapter 1. Methodology and Scope
- 1.1. Market Segmentation & Scope
- 1.1.1. Market Definitions
- 1.2. Regional Scope
- 1.3. Estimates and Forecast Timeline
- 1.4. Research Methodology
- 1.5. Information Procurement
- 1.5.1. Purchased Database
- 1.5.2. GVR’s Internal Database
- 1.5.3. Secondary Sources & Third-Party Perspectives
- 1.5.4. Primary Research
- 1.6. Information Analysis
- 1.6.1. Data Analysis Models
- 1.7. Market Formulation & Data Visualization
- 1.8. Model Details
- 1.8.1. Commodity Flow Analysis
- 1.8.2. Volume Price Analysis
- 1.9. List of Secondary Sources
- 1.10. Objectives
- Chapter 2. Executive Summary
- 2.1. Market Snapshot
- 2.2. Segment Snapshot
- 2.3. Competitive Landscape Snapshot
- Chapter 3. Market Variables, Trends, & Scope
- 3.1. Market Lineage Outlook
- 3.1.1. Related/Ancillary Market Outlook
- 3.2. Market Trends and Outlook
- 3.3. Market Dynamics
- 3.3.1. Market Driver Analysis
- 3.3.1.1. Increasing prevalence of chronic diseases
- 3.3.1.2. Expanding health insurance coverage
- 3.3.1.3. Technological advancement
- 3.3.1.4. Increasing demand for specialty drugs
- 3.3.2. Market Restraint Analysis
- 3.3.2.1. Product Recalls and Lawsuits
- 3.3.2.2. Lack of trained staff
- 3.3.3. Industry Opportunities
- 3.3.4. Industry Challenges
- 3.4. Business Environment Analysis
- 3.4.1. Industry Analysis - Porter’s Five Forces Analysis
- 3.4.1.1. Supplier power
- 3.4.1.2. Buyer power
- 3.4.1.3. Substitution threat
- 3.4.1.4. Threat of new entrant
- 3.4.1.5. Competitive rivalry
- 3.4.2. PESTEL Analysis
- 3.5. COVID-19 Impact Analysis
- Chapter 4. Product Business Analysis
- 4.1. Pharmacy Market: Product Movement Analysis
- 4.2. Pharmacy Product Market: Segment Dashboard
- 4.3. Product Movement & Market Share Analysis, 2023 & 2030
- 4.4. Global Pharmacy Market Estimates & Forecast, by Product
- 4.5. Prescription
- 4.5.1. Prescription market, 2018 - 2030 (USD Billion)
- 4.6. OTC
- 4.6.1. OTC market, 2018 - 2030 (USD Billion)
- Chapter 5. Type Business Analysis
- 5.1. Pharmacy Market: Type Movement Analysis
- 5.2. Type Market: Segment Dashboard
- 5.3. Type Movement & Market Share Analysis, 2023 & 2030
- 5.4. Global Pharmacy Market Estimates & Forecast, by Type
- 5.5. Hospital Pharmacy
- 5.5.1. Hospital Pharmacy market, 2018 - 2030 (USD Billion)
- 5.6. Retail Pharmacy
- 5.6.1. Retail Pharmacy market, 2018 - 2030 (USD Billion)
- 5.6.2. Chain
- 5.6.2.1. Chain Pharmacy market, 2018 - 2030 (USD Billion)
- 5.6.3. Independent pharmacy
- 5.6.3.1. Independent pharmacy market, 2018 - 2030 (USD Billion)
- 5.6.4. Others
- 5.6.4.1. Others market, 2018 - 2030 (USD Billion)
- 5.7. ePharmacy
- 5.7.1. ePharmacy market, 2018 - 2030 (USD Billion)
- 5.8. Others
- 5.8.1. Others market, 2018 - 2030 (USD Billion)
- Chapter 6. Regional Business Analysis
- 6.1. Regional Market Share Analysis, 2023 & 2030
- 6.2. Regional Market Dashboard
- 6.3. Global Regional Market Snapshot
- 6.4. Market Size, & Forecasts Trend Analysis, 2018 to 2030:
- 6.5. North America
- 6.5.1. North America Pharmacy Market, 2018 - 2030 (USD Billion)
- 6.5.2. U.S.
- 6.5.2.1. Key country dynamics
- 6.5.2.2. Regulatory framework
- 6.5.2.3. Competitive scenario
- 6.5.2.4. U.S. pharmacy market estimates & forecast, 2018 - 2030 (USD Billion)
- 6.5.3. Canada
- 6.5.3.1. Key country dynamics
- 6.5.3.2. Regulatory framework
- 6.5.3.3. Competitive scenario
- 6.5.3.4. Canada pharmacy market estimates & forecast, 2018 - 2030 (USD Billion)
- 6.5.4. Mexico
- 6.5.4.1. Key country dynamics
- 6.5.4.2. Regulatory framework
- 6.5.4.3. Competitive scenario
- 6.5.4.4. Mexico pharmacy market estimates & forecast,, 2018 - 2030 (USD Billion)
- 6.6. Europe
- 6.6.1. Europe Pharmacy Market, 2018 - 2030 (USD Billion)
- 6.6.2. UK
- 6.6.2.1. Key country dynamics
- 6.6.2.2. Regulatory framework
- 6.6.2.3. Competitive scenario
- 6.6.2.4. UK pharmacy market estimates & forecast,, 2018 - 2030 (USD Billion)
- 6.6.3. Germany
- 6.6.3.1. Key country dynamics
- 6.6.3.2. Regulatory framework
- 6.6.3.3. Competitive scenario
- 6.6.3.4. Germany pharmacy market estimates & forecast, 2018 - 2030 (USD Billion)
- 6.6.4. France
- 6.6.4.1. Key country dynamics
- 6.6.4.2. Regulatory framework
- 6.6.4.3. Competitive scenario
- 6.6.4.4. France pharmacy market estimates & forecast, 2018 - 2030 (USD Billion)
- 6.6.5. Italy
- 6.6.5.1. Key country dynamics
- 6.6.5.2. Regulatory framework
- 6.6.5.3. Competitive scenario
- 6.6.5.4. Italy pharmacy market estimates & forecast, 2018 - 2030 (USD Billion)
- 6.6.6. Spain
- 6.6.6.1. Key country dynamics
- 6.6.6.2. Regulatory framework
- 6.6.6.3. Competitive scenario
- 6.6.6.4. Spain pharmacy market estimates & forecast, 2018 - 2030 (USD Billion)
- 6.6.7. Sweden
- 6.6.7.1. Key country dynamics
- 6.6.7.2. Regulatory framework
- 6.6.7.3. Competitive scenario
- 6.6.7.4. Sweden pharmacy market estimates & forecast, 2018 - 2030 (USD Billion)
- 6.6.8. Norway
- 6.6.8.1. Key country dynamics
- 6.6.8.2. Regulatory framework
- 6.6.8.3. Competitive scenario
- 6.6.8.4. Norway pharmacy market estimates & forecast, 2018 - 2030 (USD Billion)
- 6.6.9. Denmark
- 6.6.9.1. Key country dynamics
- 6.6.9.2. Regulatory framework
- 6.6.9.3. Competitive scenario
- 6.6.9.4. Denmark pharmacy market estimates & forecast, 2018 - 2030 (USD Billion)
- 6.7. Asia Pacific
- 6.7.1. Asia Pacific Pharmacy Market, 2018 - 2030 (USD Billion)
- 6.7.2. Japan
- 6.7.2.1. Key country dynamics
- 6.7.2.2. Regulatory framework
- 6.7.2.3. Competitive scenario
- 6.7.2.4. Japan pharmacy market estimates & forecast, 2018 - 2030 (USD Billion)
- 6.7.3. China
- 6.7.3.1. Key country dynamics
- 6.7.3.2. Regulatory framework
- 6.7.3.3. Competitive scenario
- 6.7.3.4. China pharmacy market estimates & forecast, 2018 - 2030 (USD Billion)
- 6.7.4. India
- 6.7.4.1. Key country dynamics
- 6.7.4.2. Regulatory framework
- 6.7.4.3. Competitive scenario
- 6.7.4.4. India pharmacy market estimates & forecast, 2018 - 2030 (USD Billion)
- 6.7.5. Australia
- 6.7.5.1. Key country dynamics
- 6.7.5.2. Regulatory framework
- 6.7.5.3. Competitive scenario
- 6.7.5.4. Australia pharmacy market estimates & forecast, 2018 - 2030 (USD Billion)
- 6.7.6. Thailand
- 6.7.6.1. Key country dynamics
- 6.7.6.2. Regulatory framework
- 6.7.6.3. Competitive scenario
- 6.7.6.4. Thailand pharmacy market estimates & forecast, 2018 - 2030 (USD Billion)
- 6.7.7. South Korea
- 6.7.7.1. Key country dynamics
- 6.7.7.2. Regulatory framework
- 6.7.7.3. Competitive scenario
- 6.7.7.4. South Korea pharmacy market estimates & forecast, 2018 - 2030 (USD Billion)
- 6.8. Latin America
- 6.8.1. Latin America Pharmacy Market Estimates & Forecast, 2018 - 2030 (USD Billion)
- 6.8.2. Brazil
- 6.8.2.1. Key country dynamics
- 6.8.2.2. Regulatory framework
- 6.8.2.3. Competitive scenario
- 6.8.2.4. Brazil pharmacy market estimates & forecast, 2018 - 2030 (USD Billion)
- 6.8.3. Argentina
- 6.8.3.1. Key country dynamics
- 6.8.3.2. Regulatory framework
- 6.8.3.3. Competitive scenario
- 6.8.3.4. Argentina pharmacy market estimates & forecast, 2018 - 2030 (USD Billion)
- 6.9. MEA
- 6.9.1. MEA Pharmacy Market Estimates & Forecast, 2018 - 2030 (USD Billion)
- 6.9.2. South Africa
- 6.9.2.1. Key country dynamics
- 6.9.2.2. Regulatory framework
- 6.9.2.3. Competitive scenario
- 6.9.2.4. South Africa pharmacy market estimates & forecast, 2018 - 2030 (USD Billion)
- 6.9.3. Saudi Arabia
- 6.9.3.1. Key country dynamics
- 6.9.3.2. Regulatory framework
- 6.9.3.3. Competitive scenario
- 6.9.3.4. Saudi Arabia pharmacy market estimates & forecast, 2018 - 2030 (USD Billion)
- 6.9.4. UAE
- 6.9.4.1. Key country dynamics
- 6.9.4.2. Regulatory framework
- 6.9.4.3. Competitive scenario
- 6.9.4.4. UAE pharmacy market estimates & forecast, 2018 - 2030 (USD Billion)
- 6.9.5. Kuwait
- 6.9.5.1. Key country dynamics
- 6.9.5.2. Regulatory framework
- 6.9.5.3. Competitive scenario
- 6.9.5.4. Kuwait pharmacy market estimates & forecast, 2018 - 2030 (USD Billion)
- Chapter 7. Competitive Landscape
- 7.1. Company Categorization
- 7.2. Strategy Mapping
- 7.2.1. Expansion
- 7.2.2. Merger & Acquisition
- 7.2.3. New Service Launch
- 7.2.4. Partnership/Collaborations
- 7.2.5. Others
- 7.3. Company market position analysis
- 7.4. Company Profiles/Listing
- 7.4.1. CVS Health
- 7.4.1.1. Overview
- 7.4.1.2. Financial Performance
- 7.4.1.3. Service Benchmarking
- 7.4.1.4. Strategic Initiatives
- 7.4.2. Boots Walgreens
- 7.4.2.1. Overview
- 7.4.2.2. Financial Performance
- 7.4.2.3. Service Benchmarking
- 7.4.2.4. Strategic Initiatives
- 7.4.3. Cigna
- 7.4.3.1. Overview
- 7.4.3.2. Financial Performance
- 7.4.3.3. Service Benchmarking
- 7.4.3.4. Strategic Initiatives
- 7.4.4. Walmart
- 7.4.4.1. Overview
- 7.4.4.2. Financial Performance
- 7.4.4.3. Service Benchmarking
- 7.4.4.4. Strategic Initiatives
- 7.4.5. Kroger
- 7.4.5.1. Overview
- 7.4.5.2. Financial Performance
- 7.4.5.3. Service Benchmarking
- 7.4.5.4. Strategic Initiatives
- 7.4.6. Rite Aid Corporation
- 7.4.6.1. Overview
- 7.4.6.2. Financial Performance
- 7.4.6.3. Service Benchmarking
- 7.4.6.4. Strategic Initiatives
- 7.4.7. Lloyd Pharmacy
- 7.4.7.1. Overview
- 7.4.7.2. Financial Performance
- 7.4.7.3. Service Benchmarking
- 7.4.7.4. Strategic Initiatives
- 7.4.8. Well Pharmacy
- 7.4.8.1. Overview
- 7.4.8.2. Financial Performance
- 7.4.8.3. Service Benchmarking
- 7.4.8.4. Strategic Initiatives
- 7.4.8.5. Strategic Initiatives
- 7.4.9. Humana Pharmacy Solutions
- 7.4.9.1. Overview
- 7.4.9.2. Financial Performance
- 7.4.9.3. Service Benchmarking
- 7.4.9.4. Strategic Initiatives
- 7.4.10. Matsumoto Kiyoshi
- 7.4.10.1. Overview
- 7.4.10.2. Financial Performance
- 7.4.10.3. Service Benchmarking
- 7.4.10.4. Strategic Initiatives
- 7.4.11. Apollo Pharmacy
- 7.4.11.1. Overview
- 7.4.11.2. Financial Performance
- 7.4.11.3. Service Benchmarking
- 7.4.11.4. Strategic Initiatives
- 7.4.12. MedPlusMart.com.
- 7.4.12.1. Overview
- 7.4.12.2. Financial Performance
- 7.4.12.3. Service Benchmarking
- 7.4.12.4. Strategic Initiatives
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