USD 1051.87 billion
Report ID:
SQMIG35I2105 |
Region:
Global |
Published Date: April, 2024
Pages:
219
|
Tables:
61 |
Figures:
75
Global Pharmacy Market size was valued at USD 1051.87 billion in 2022 and is poised to grow from USD 1097.10 billion in 2023 to USD 1536.46 billion by 2031, growing at a CAGR of 4.30% during the forecast period (2024-2031).
A few of the key factors propelling the worldwide pharmacy industry are the rising number of customers with ailments, the ageing population, and the widening range of prescriptions. India is the world's largest supplier of generic medications. Additionally, the Indian pharmaceutical industry meets 20% of the UK's total medication demand and 40% of the US's demand for generic drugs. It also meets more than 50% of the world's demand for various vaccinations. India is the third-largest pharmaceutical producer in the world by volume and the fourteenth-largest by value.
Additionally, there are 10.5 hundred manufacturing units and 3,000 drug manufacturing companies in the domestic pharmaceutical industry. India also holds a significant position in the global pharmaceutical industry. In order to improve patient safety and offer quick and accurate services to their patients, retail and hospital pharmacies are quickly using various automation equipment.
E-prescribing, point-of-sale applications, bar code verification, robotic dispensing, automated pill counting, interactive voice response systems, and automated prescription pick-up all make extensive use of automation systems. During the forecast period, these digitalization and automation tactics are anticipated to dominate the market. Pharmacies offer a range of patient care services and launch numerous initiatives to boost the sale of medications.
US Pharmacy Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 1051.87 billion
Largest Segment
Prescription
Fastest Growth
Prescription
Growth Rate
4.30% CAGR
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The pharmacy market is segmented into product type and pharmacy type. Product type Pharmacy Market is bifurcated into OTC and prescription. Pharmacy type Pharmacy Market is segmented into hospital pharmacy, retail pharmacy, e-pharmacy and others. Based on Region Pharmacy Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Pharmacy Market Analysis by Product
In 2021, the prescription product type segment's revenue share was the highest at 82.6%. The increased prevalence of chronic diseases and the ageing population are pushing up prescription drug demand. The rise of the prescription category is being driven by an increase in demand for prescription pharmaceuticals for treatments of oncology, diabetes, cardiovascular illness, respiratory diseases, antibiotics, and blood disorders. During the forecast period, it is predicted that the OTC segment would see the fastest CAGR. The segment is expanding as a result of rising demand for over-the-counter (OTC) treatments for illnesses like heartburn, oral analgesics, and medications for upper respiratory conditions. The rise of the segment is being supported by an increase in cough, cold, and flu cases. The desire for private-label OTC products, the expansion of OTC product availability through online channels, the rising expense of prescription drugs, the rise in the popularity of self-medication, and the conversion of prescription drugs to OTC drugs are all contributing to the segment's expansion.
Pharmacy Market Analysis by Pharmacy
In 2021, the retail pharmacy segment's sales share was 56.2%, which was the highest. The retail pharmacy industry is being driven by the rise of independent and chain pharmacies, as well as the availability of prescription drugs in mass merchants and supermarkets in nations like the United States and the United Kingdom. Large chains like CVS Health, Boots Walgreens, Shoppers Drug Mart, Lloyd, and Well pharmacy are present in select nations like the United States, Canada, the United Kingdom, Australia, and Russia, and their existence is assisting the segment's growth. Additionally, the category is expanding because of the quick uptake of automation technology such as pharmacy robots, dispensing systems, and packaging equipment.
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North America had the biggest revenue share (52.2%) in 2021. It is blamed on the existence of major, global companies including CVS Health, Boots Walgreens, Cigna, UnitedHealth Group, Walmart, Kroger, and Rite Aid Corp. To gain market share, these businesses are implementing a variety of initiatives and automation technologies. For instance, Rite Aid Corp. unveiled its Wellness Plus rewards programme, which grants customers considerable savings and benefits. Moreover, the industry is expanding thanks to the elderly population, which is expanding quickly. Additionally, the potential for market expansion is being driven by the quickly rising demand for OTC and prescription pharmaceuticals.
But during the forecast period, Asia Pacific is anticipated to have the quickest rate of growth. The demand for pharmacies in the region is being driven by the rapidly expanding pharmaceutical industries in China and India as well as the rising demand for generic drugs. Additionally, prominent pharmacies' aggressive expansion plans are promoting market expansion. For instance, the Indian pharmacy chain Generic Aadhar introduced an app in March 2021 to help customers purchase generic drugs and resell them at their store. Additionally, the growing elderly population in Asian nations like Japan is fuelling the market's expansion.
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Pharmacy Market Drivers
High Investments are Bolstering Demand for Pharmacy Infrastructure Development
Pharmacy Market Restraints
Players to Find Tough Competition
The pharmacy sector is expected to experience more competition in the years to come, particularly from big-box retailers, mail-order pharmacies, and online pharmacies. Payors have also experimented with consumer email ordering, such as by paying for a prescription supply shipped to the house for three months rather than the 30-day supply available at a physical pharmacy. Last but not least, online pharmacies are actively pursuing cash-paying customers by offering drugs at a discount. Retail medical stores face a threat from global corporations like Amazon joining the e-pharmacy market on numerous fronts. Additionally, Amazon intends to build real pharmacies. With such actions, Amazon will continue to be a pain in the list pharmacies' sides and cause irritation. This aspect could pose a serious threat to the growth of retail pharmacies.
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In order to diversify their product offerings and geographic reach, market participants are implementing a variety of methods, including alliances, partnerships, joint ventures, mergers and acquisitions, and product development. For instance, AmerisourceBergen and Walgreens Boots Alliance formed a strategic alliance in January 2021. AmerisourceBergen purchased Walgreens Boots Alliance Healthcare Business, allowing it to concentrate more on developing the retail pharmacy business. The two businesses are extending and increasing their commercial arrangements through this strategic cooperation.
Pharmacy Market Top Player's Company Profiles
Pharmacy Market Recent Developments
In May 2021, Pharm Easy announced the acquisition of Med Life, to expand offerings and customer base in India. This merger has helped the company to broaden its market presence and generate more revenue.
SkyQuest’s ABIRAWA (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, Due to the growing number of efforts supporting pharmacy, the pharmacy sector grew quickly throughout the pandemic. In addition, growing caseloads and local lockdowns boosted interest in internet pharmacies. The COVID-19 pandemic accelerated online pharmacies' uptake. Consumers will continue to use pharmacies after the pandemic because of the advantages of cost, accessibility, and convenience. In order to improve patient safety and offer quick and accurate services to their patients, retail and hospital pharmacies are quickly using various automation equipment. E-prescribing, point-of-sale applications, bar code verification, robotic dispensing, automated pill counting, interactive voice response systems, and automated prescription pick-up all make extensive use of automation systems.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 1051.87 billion |
Market size value in 2031 | USD 1536.46 billion |
Growth Rate | 4.30% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Pharmacy Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Pharmacy Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Pharmacy Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Pharmacy Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Product ID: SQMIG35I2105