Pharmacy Market Size & Share, by Product (Prescription, OTC); Type (Retail, e-Pharmacy); Application (Hospital Grade, Personal Use) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2033

  • Report ID: 4435
  • Published Date: Feb 13, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2033

Pharmacy Market size is poised to surpass a significant revenue by the end of 2033, growing at a CAGR of 8% over the forecast period, i.e., 2023-2033. Further, the market generated a notable revenue in the year 2022. The growth of the market is primarily attributed to the rising count of various type of diseases, and significant upsurge in variety of prescriptions worldwide. For instance, in 2019, the total number of prescriptions dispensed in England was 1.14 billion. This was an upsurge of 0.98% (10 million) over the past year's figure of 1.109 billion.

Pharmacy market renders the marketing of various drugs, medical devises to consumers and healthcare professionals. Since the outbreak of pandemic, the number of visitors have increased as a result of more awareness regarding health, hygiene, and so on. Therefore, numerous pharmacies including retail, and hospital grade have been adopting automation devices to provide swift services to patients. Now, various kind of automation systems are broadly used in pharmacies in the form of robotic dispensing, automated pill counting, bar code verification and so on. Thus, the adoption of automation is leading up the pharmacy market growth over the forecast period. For instance, Walgreens Boots Alliance is using automation technique to fill more prescriptions for customers in Dallas area since first quarter of 2022. Each robot is capable of filling 300 prescriptions in an hour.


Pharmacy Market
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Pharmacy Sector: Growth Drivers and Challenges

Growth Drivers

  • Rising Geriatric Population – Growing age have a significant impact on the likelihood of developing certain medical disorders. Numerous health problems that regularly plague the elderly people have a negative impact on their general quality of life. Thus, swiftly increasing geriatric population is leading the pharmacy market growth. According to the World Health Organization (WHO), there were approximately 1 billion people aged 60 and older in 2019. This number is expected to increase by nearly 1.4 billion by 2030 and 2.1 billion by 2050.
  • Worldwide Escalation in Chronic Diseases – For instance, the probability of developing a chronic disease was increased by 59% by 2020.
  • Upsurge in Autoimmune Disorders – For instance, all autoimmune diseases affect approximately 4% of the US population, that denotes nearly 10 million people in the region.
  • Surge in Approved Prescription Drugs – For instance, in the United States, more than 20,000 prescription drugs had approved for selling until 2020.  
  • Global Increase in Healthcare Expenditure - As per the World Bank data, global healthcare expenditure was expanded by 9.83% in 2019.

Challenges

  • Hurdles Associated with the Use of Vaccines and Drugs
  • Stringent Policies of Government
  • Product Recalls and Lawsuit Filing Threat

Pharmacy Market: Key Insights

Base Year

2022

Forecast Year

2023-2033

CAGR

~8%

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of Middle East and Africa)
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Pharmacy Segmentation

Product (Prescription, OTC)

The global pharmacy market is segmented and analyzed for demand and supply by product into prescription, and OTC, out of which the prescription segment is projected to significantly grow over the forecast period on the back of the globally increasing burden of chronic diseases i.e., cancer, diabetes, and significantly growing geriatric population. According to the World Health Organization (WHO), there are nearly 422 million diabetics worldwide, and diabetes is the leading cause of 1.5 million annual fatalities.

Our in-depth analysis of the global market includes the following segments:

     By Product

  • Prescription
  • OTC

     By Pharmacy Type

  • Retail Pharmacy
  • e-Pharmacy

      By Application

  • Hospital Grade
  • Personal Use

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Pharmacy Industry - Regional Synopsis

Regionally, the global pharmacy market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America is projected to hold the largest market share by the end of 2033 backed by the existence of major international pharmacy chains, significantly growing use of over-the-counter prescription drugs, rise in chronic disorders, rapidly growing geriatric population, and expanding healthcare expenditure in the region. For instance, in the United States, approximately 9 out of 10 people use OTC medications on regular basis, which is amounting more than 261 million users.

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Pharmacy Market Size
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Companies Dominating the Pharmacy Landscape

top-features-companies
    • CVS Health Corporation
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Walmart Inc.
    • Walgreens Boots Alliance, Inc.
    • The Kroger Co.
    • Rite Aid Corp.
    • UnitedHealth Group
    • Well Pharmacy
    • Albertsons Companies, Inc.
    • LloydsPharmacy Limited
    • Cigna

In the News

  • Walgreens Boots Alliance, Inc. has completed the previously announced majority share acquisition of CareCentrix, Inc. People with complex or chronic conditions are anticipated to benefit more from this partnership as they move out from the hospitals.

  • Walmart Inc. announced the acquisition of Volt Systems to improve its store insights and decision making in order to anticipate customer needs better.

Author Credits:  Radhika Gupta, Shivam Bhutani


  • Report ID: 4435
  • Published Date: Feb 13, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Rising geriatric population, worldwide escalation in chronic diseases, upsurge in autoimmune disorders, and surge in approved prescription drugs are some major factors driving the growth of the market.

The market is anticipated to attain a CAGR of 8% over the forecast period, i.e., 2023-2033.

Hurdles associated with the use of vaccines and drugs, stringent policies of government, and product recalls and lawsuit filing threat are estimated to hamper the market growth.

The market in North America is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.

The major players in the market are CVS Health Corporation, Walmart Inc., Walgreens Boots Alliance, Inc., The Kroger Co., Rite Aid Corp., and others.

The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by product, pharmacy type, application, and by region.

The prescription segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
Pharmacy Market Report Scope
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