Authored By: Sarah
21 Jun 2024

 Pharmacy Market to grow by USD 84.46 billion between 2023-2027

According to a research report “ Pharmacy Market” by Product (Prescription, OTC ) Ownership (Pharmacy chain, Independent ) Type (Retail pharmacy, Hospital pharmacy, Others ) Geography (North America)- Global Forecast to 2027 published by Technavio, the market size is estimated to grow by USD 84.46 billion at a CAGR of growth_momentum_prefix 3.01% during the forecast period. The US pharmacy market is experiencing significant growth due to demographic shifts, with the aging population driving increased demand for healthcare services and prescription drugs. Chronic conditions such as diabetes, hypertension, and arthritis are prevalent among this demographic, leading to a heightened focus on medication management and medical advice. Pharmacies are becoming integral to the healthcare system, offering value-added services like medication synchronization, immunizations, and treatment management to cater to the unique needs of elderly patients. This trend is expected to continue, making the pharmacy sector a lucrative business opportunity..

Browse market data tables, figures, and in-depth TOC on “Pharmacy Market” by Product (Prescription, OTC ) Ownership (Pharmacy chain, Independent ) Type (Retail pharmacy, Hospital pharmacy, Others ) Geography (North America) Global Forecast to 2027.

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By Product, the Prescription segment is projected to dominate the market size in 2024.

In the dynamic pharmacy market of the US, pharmacy chains represent a significant sector, delivering essential healthcare services and medication access to a vast population. Market segmentation in this industry is crucial, distinguishing chain pharmacies from independently owned ones. The latter, predominantly operated by pharmacists or small business proprietors, prioritize personalized care, community engagement, and direct customer interactions. Independent pharmacies cater to specific neighborhoods or regions, addressing the unique healthcare requirements of their local clientele. Due to their size, these pharmacies enjoy greater flexibility in tailoring services to accommodate individual patient needs and preferences.

By Ownership, Pharmacy chain  segment is expected to hold the largest market size for the year 2024.

In the pharmaceutical industry, prescription data serves as a valuable tool for market segmentation. By categorizing customers based on their therapeutic needs, businesses can optimize inventory, deliver targeted marketing efforts, and enhance overall customer satisfaction. Key therapeutic areas include cardiovascular health, mental health, respiratory diseases, and chronic pain management, among others. Effective segmentation enables pharmacies to offer a comprehensive range of prescription medications within each category, ensuring personalized treatment solutions for their clientele.

North America is forecasted to hold the largest market size by region in 2024.

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The Pharmacy Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Albertsons Companies Inc.
  • Cardinal Health Inc.
  • CVS Health Corp.
  • Humana Inc.
  • McKesson Corp.
  • Rite Aid Corp.
  • The Cigna Group
  • The Kroger Co.
  • UnitedHealth Group Inc.
  • Walgreens Boots Alliance Inc.
  • Walmart Inc.
.

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Research Analysis Overview

The pharmacy market encompasses a wide range of medical goods and healthcare products, including generic medicines and health supplements. The market size and growth trajectory are closely monitored by leading rating agencies such as ICRA and CRISIL. The market for pharmaceuticals, including OTC medications and prescription medications, is a significant contributor to the country's GDP. Key players in the market include API producers, ePharmacy platforms like PharmEasy, Pharmaca, and Medly Pharmacy, and retail pharmacy chains such as Microsoft's CVS Health. The integration of technology, digital solutions, and electronic health records has revolutionized the way medications are bought and sold, enabling seamless online transactions and remote consultations with pharmacists. National Health Services have also adopted technology to streamline their operations and improve patient care. The market for medications online continues to grow, with over-the-counter drugs and health supplements being popular categories. Overall, the pharmacy market is a dynamic and evolving sector that is essential to the healthcare ecosystem.

Market Research Overview

The pharmacy market encompasses a wide range of sectors, including pharmaceutical products and medical devices. In the pharmaceutical domain, there is a significant focus on the production of antiretroviral drugs for conditions like AIDS, as well as biologics, biosimilars, and vaccines. The pharmaceutical market is influenced by various predefined factors such as changing demographics, macroeconomic conditions, and underserved communities in rural areas and local special circumstances. The sector also includes API producers and retail pharmacy chains like Walgreens Boots Alliance, AmerisourceBergen, ePharmacy, PharmEasy, Pharmaca, and Medly Pharmacy. Technology plays a crucial role in this industry, with digital solutions such as Microsoft's offerings, electronic health records, and data analytics transforming the landscape. Pharmaceutical exports, generic medicines, and medical goods are essential components of this market, with industry associations like EY FICCI and ICRA providing representativeness and insights. Quality control, licensing, and adherence to regulations are essential aspects of this sector. Pharmacists and healthcare providers offer health screenings, health monitoring devices, supplements, vitamins, and preventive healthcare services. Exchange rates, S-curve method, GDP, and survey results are essential indicators for understanding market trends.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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