Global Pharmacy Market is Anticipated to Expand at Moderate 7.3% CAGR through 2031 | SkyQuest Technology
From $1.25 Trillion in 2023 to $2.2 Trillion by 2031: The Pharmacy Market Poised for 7.3% Growth
Westford, USA, Sept. 30, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that the Pharmacy market will attain a value of USD 2.2 trillion by 2031, with a CAGR of 7.3% over the forecast period (2024-2031). Rapidly increasing demand for pharmaceuticals and drugs around the world is projected to bolster pharmacy market growth. Rising investments in healthcare infrastructure development and the launch of new pharmacy chains are also expected to promote market development in the future.
Browse in-depth TOC on “Pharmacy Market”
- Pages – 219
- Tables – 61
- Figures – 75
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Pharmacy Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 1.25 trillion |
| Estimated Value by 2031 | $ 2.2 trillion |
| Growth Rate | Poised to grow at a CAGR of 7.3% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, Pharmacy Type, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Growing number of e-pharmacies |
| Key Market Drivers | Rising sales of pharmaceuticals and drugs |
Pharmacy Market Segmental Analysis
Global Pharmacy Market is segmented by Product Type and Pharmacy Type, and region.
Based on Product Type, the market is segmented into OTC and prescription.
Based on Pharmacy Type, the market is segmented into Hospital Pharmacy, Retail Pharmacy (Chain, Independent, Others), E-Pharmacy and Others.
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Prescription Products Account for a Dominant Share
Increasing demand for prescription drugs to treat various diseases is projected to help the prescription product type segment lead the global market development. The exclusive availability of prescription drugs in pharmacies is what allows this segment to hold a prominent chunk of the global pharmacy market share.
Growing Digitization is Projected to Bolster the Popularity of e-Pharmacies in the Future
Rapid digitization and the growing preference of consumers to shop online are projected to bolster the demand for e-pharmacy. Ease of accessibility and faster delivery times are key e-pharmacy benefits projected to bolster future market growth. The boom in e-commerce activity and launch of new e-pharmacy will also bolster revenue generation going forward.
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Presence of Key Pharmacy Chains Help North America Dominate Market
North America has a highly developed healthcare infrastructure and is also home to some of the most prominent pharmacy companies in the world, which make it the leading market in the world. Growing demand for prescription medication and high patient spending potential allow this region to maintain its dominance. Canada and the United States are the most opportune markets in this region.
Pharmacy Market Insights:
Drivers
- Rising sales of drugs and pharmaceuticals
- High investments in healthcare infrastructure development
- Expanding aging population and their need for novel medications
Restraints
- Intense competition owing to presence of multiple market players
- High costs of drugs
Prominent Players in Pharmacy Market
- CVS Health Corporation
- Walgreens Boots Alliance, Inc.
- AmerisourceBergen Corporation
- CVS Health Corporation
- Walgreens Boots Alliance, Inc.
- AmerisourceBergen Corporation
- McKesson Corporation
- Cardinal Health, Inc.
- Rite Aid Corporation
- OptumRx, Inc.
- Humana Inc.
- Groupe Pharmagest S.A.
- MedImpact Healthcare Systems, Inc.
- Maxor National Pharmacy Services, LLC
- AllianceRx Walgreens Prime
- Benzer Pharmacy
- Kroger Health
- HealthWarehouse.com, Inc.
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Key Questions Answered in Pharmacy Market Report
- What drives the global Pharmacy market growth?
- Who are the leading Pharmacy providers in the world?
- Which region leads the demand for Pharmacy in the world?
This report provides the following insights:
Analysis of key drivers (growing sales of pharmaceuticals, investments in healthcare infrastructure development, growing aging population), restraints (high costs of drugs, intense competition among market players), and opportunities (increasing demand for e-pharmacies), influencing the growth of Pharmacy market.
- Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
- Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the Pharmacy market.
- Market Development: Detailed analysis of potential regions where the market has potential to grow.
- Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.
- Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.
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Related Reports –
E-pharmacy Market is growing at a CAGR of 19.5% in the forecast period (2024-2031)
E-Prescription Market is growing at a CAGR of 26.8% in the forecast period (2024-2031)
Pharmacy Inventory Management Software Solutions Market is growing at a CAGR of 10.12% in the forecast period (2024-2031)
Healthcare Information Systems Market is growing at a CAGR of 13.3% in the forecast period (2024-2031)
Prescription Drugs Market is growing at a CAGR of 8.90% in the forecast period (2024-2031)
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