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.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
~8% |
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Regional Scope |
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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:
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By Product |
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By Pharmacy Type |
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By Application |
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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.
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 Pawar
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