US Pharmacy Market Size to Surpass USD 861.67 Billion by 2028, exhibiting a CAGR of 6.3%
As per the report by Fortune Business Insights, the global US pharmacy market size is projected to reach USD 861.67 Billion in 2028, at a CAGR of 6.3% during the forecast period, 2021-2028
US Pharmacy Market
Pune, India, Sept. 04, 2023 (GLOBE NEWSWIRE) — The U.S. pharmacy market is projected to grow from USD 560.00 billion in 2021 to USD 861.67 billion by 2028 at a CAGR of 6.3% during the forecast period 2021-2028. Surging occurrence of aliments in U.S., and rising healthcare spending are few of the prime aspects fueling the growth of pharmaceuticals market.
This information is published by Fortune Business Insights™, in its report, titled, “U.S. Pharmacy Market, 2021-2028.”
Key Takeaways:
- The increasing penetration and literacy regarding internet usage are anticipated to boost the overall market in the region.
- By Type, Branded drugs accounted for a dominating market share in 2020.
- Segment is anticipated to grow with the highest growth rate during the forecast period
- The retail pharmacies segment held the major share in 2020
- The mail-order/online pharmacies segment is anticipated to witness lucrative CAGR over the forecast period.
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Industry Development
January 2021 – Optum (UnitedHealth Group) collaborated with Change Healthcare, to offer software and data analytics, technology-empowered facilities and research, advisory and revenue cycle management offerings to assist in making health care work refined for all.
Discover the Leading Players Featured in the Report:
“Companies leading the US Pharmacy market are CVS Health Corporation (Rhode Island, U.S.), Walgreens Boots Alliance, Inc. (Illinois, U.S.), Cigna (Express Scripts) (Connecticut, U.S.), UnitedHealth Group (Optum) (Minnesota, U.S.), Walmart Inc. (Arkansas, U.S.), The Kroger Company (Ohio, U.S.), Rite Aid Corporation (Pennsylvania, U.S.), Albertsons Companies, Inc. (Idaho, U.S.)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 6.3% |
| 2028 Value Projection | USD 861.67 Billion |
| Base Year | 2020 |
| Market Size in 2021 | USD 560.00 Billion |
| Historical Data | 2017 to 2019 |
| No. of Pages | 74 |
| Segments covered | Type, Therapy Class, and Setting |
Browse Complete Report Details: https://www.fortunebusinessinsights.com/u-s-pharmacy-market-106306
Segmentation
Type, Therapy Class, and Setting are studied for the Market
On the basis of type, the market is segregated into branded and generics. Branded drugs held a leading market share in 2020. The rising number of regulatory approvals for drugs coupled with a strong pipeline of dominating players is majorly responsible for its highest market share during the forecast period.
In terms of therapy class, the market is classified into oncology, anti-diabetics, autoimmune diseases, respiratory, pain, nervous system disorders, dermatology, antihypertensive, mental health, HIV antivirals, multiple sclerosis, anticoagulants, other cardiovascular, ADHD, GI products, viral hepatitis, sex hormones, antibacterial, hormonal contraception, ophthalmology, and others.
By setting, the market is divided into retail pharmacies, mail order/online pharmacies, and others.
By Type
- Branded
- Generics
By Therapy Class
- Oncology
- Anti-diabetics
- Autoimmune diseases
- Respiratory
- Pain
- Nervous System Disorders
- Dermatology
- Antihypertensive
- Mental Health
- HIV Antivirals
- Multiple Sclerosis
- Anticoagulants
- Other Cardiovascular
- ADHD
- GI Products
- Viral Hepatitis
- Sex Hormones
- Antibacterial
- Hormonal Contraception
- Ophthalmology
- Others
By Setting
- Retail Pharmacies
- Mail Order/Online Pharmacies
- Others (Non-retail Settings)
Quick Buy – US Pharmacy Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/106306
Drivers and Restraints
Growing Occurrence of Prolonged Disease and High Geriatric Population to Spur Demand
The amount of chronic disease-inflicted patients is promptly surging globally. There has been an incredible growth in the occurrences of chronic immune deficiencies, diabetes, and congestive heart failure among others. As per a record published by World Health Organization (WHO), chronic ailments impact nearly 133 million Americans, portraying 40% of the total population of the nation. Moreover, the growth in the geriatric population in the nation is also aiding the U.S. pharmacy market growth.
Nevertheless, the difficulties linked with the usage of these are a prime aspects that are probable to obstruct the growth of this market in the upcoming years.
Competitive Landscape
Collaborations among Companies to Safeguard Their Brand Values in Global Market
Fundamental players in the market are incessantly rooting for efficient tactics to endorse their products and establish their positions in the market. One such tactic is to launch novel products by teaming up with other companies to expand their reach to end-users.
FAQ’s
How big is the pharmacy market in the US?
The US Pharmacy Market size was 534.21 billion in 2020. It is expected to reach USD 861.67 billion by 2028.
What is the market trend in US pharmacy?
The US Pharmacy Market will exhibit a CAGR of 6.3% during the forecast period, 2021-2028
Speak to Analyst: https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/u-s-pharmacy-market-106306
Major Table of Content:
- Introduction
- Executive Summary
- Market Dynamics
- Key Insights
- U.S. Pharmacy Market Analysis, Insights and Forecast, 2017-2028
- Competitive Analysis
- Strategic Recommendations
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