Global Pharmacy Market Highlights Over 2023 - 2033
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
~8% |
The global pharmacy market is estimated to garner a significant revenue by the end of 2033 by 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.
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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.
Global Pharmacy Market: Growth Drivers and Challenges
Growth Drivers
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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.
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Worldwide Escalation in Chronic Diseases – For instance, the probability of developing a chronic disease was increased by 59% by 2020.
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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.
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Surge in Approved Prescription Drugs – For instance, in the United States, more than 20,000 prescription drugs had approved for selling until 2020.
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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
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.
Major Macro-Economic Indicators Impacting the Market Growth
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Global Pharmacy Market 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.
The global pharmacy market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Market Segmentation
Our in-depth analysis of the global pharmacy market includes the following segments:
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By Product |
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By Pharmacy Type |
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By Application |
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Top Featured Companies Dominating the Global Pharmacy Market
- 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
