According to Nova one advisor, the global Pharmacy market was valued at USD 1,073.23 billion in 2021 and it is expected to hit around USD 1,627.74 billion by 2030 with a CAGR of 4.7% during the forecast period 2022 to 2030.

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Key Takeaways:

• By product type, the U.S. Pharmacy market was valued at USD 510.1 Billion in 2021 and expected to witness growth at a CAGR of 2.4% from 2022 to 2030.
• Prescription product type emerged as the leading application segment in 2021 with a revenue share of more than 82%
• The retail pharmacy segment accounted for the maximum revenue share in 2021
• Among all the regions, North America accounted for the largest revenue share in 2021, whereas Asia Pacific is projected to expand at the fastest CAGR during the forecast period
• Major pharmacy chains are adopting various initiatives and awareness programs to increase market share
• For instance, in November 2021, Walgreens announced that it will be offering Johnson & Johnson, Moderna, and Pfizer vaccine boosters in all its stores to individuals above 18 years of age
• In November 2021, Hy-Vee Pharmacies announced the availability of COVID-19 boosters for all individuals aged above 18 years
• Pharmacies are offering various services, such as blood pressure measurement, emergency contraception, glucose measurement, weight measurement, vaccination, cholesterol measurement, asthma management, hypertension management, and medicinal use review. This, in turn, is estimated to drive the market

Report Scope of the Pharmacy Market

Report Coverage	Details
Market Size	US$ 1,627.74 Billion by 2030
Growth Rate	CAGR of 4.7% from 2022 to 2030
Largest Market	North America
Fastest Growing Market	Asia Pacific
Base Year	2021
Forecast Period	2022 to 2030
Segments Covered	Product, Pharmacy, Application and Region,
Companies Mentioned	CVS Health, Boots Walgreens,Well Pharmacy, Cigna, Walmart, Kroger, Rite Aid Corp., Lloyd Pharmacy, Humana Pharmacy Solutions, Matsumoto Kiyoshi

 

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.

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.

For instance, in November 2020, Amazon launched an online pharmacy known as Amazon Pharmacy for selling prescription drugs in the U.S. Pharmacies are adopting different automation systems and robots for automated packaging, labeling, filling and dispensing to improve pharmacy efficiency and reduce prescription filling time. For instance, in January 2021, Walgreens Boots Alliance, announced a major investment in iA, an automation provider for hospital, retail, mail order, and federal healthcare pharmacies. Moreover, pharmacies are offering customized support and personalized services using Artificial Intelligence (AI) and mobile applications.

Many pharmacies have started introducing clinical programs for improving adherence to medications and enhancing health outcomes. In addition, they are increasing patient engagement with subscription and loyalty programs. Pharmacies are offering prescription refills over the internet through websites, mobile applications, and automated telephonic systems. Increasing adoption of automation technologies and digitalization initiatives by key players are driving the growth of the market.

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Regional Insights

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.

Some of the prominent players in the Pharmacy Market include:

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

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global Pharmacy market

By Product Type

• Prescription
• OTC

By Pharmacy Type

• Retail
• E-pharmacy

By Application

• Hospital-grade
• Personal Use

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