What is the global market size of Pharmacy Market?

Pharmacy Market size was valued at USD 1008.5 billion in 2021 and is poised to grow from USD 1051.87 billion in 2022 to USD 1473.11 billion by 2030, growing at a CAGR of 4.3% in the forecast period (2023-2030).

What is the key driver of Global Pharmacy Market?

Established market players have made substantial investments in providing innovative and outstanding service over the past few years, while pharmacies have focused heavily on boosting consumer happiness by providing health and wellness services. The availability of services for overall wellbeing is the main factor influencing overall consumer happiness. Overall consumer satisfaction is increasing as a result of the provision of these services. Currently, 86% of chain drug stores, 83% of superstore pharmacies, and 73% of mass merchandiser medical stores in the United States offer these services. On-time delivery via mail orders is a major concern for many pharmacies. When customers receive medications that a doctor has prescribed ready or delivered as promised, customer happiness is at its peak. The expansion of the industry is being driven by pharmacies' cutting-edge offerings.

What is the key market trend for Global Pharmacy Market?

The E-pharmacy market's rapid growth is a crucial factor driving the market. The introduction of e-pharmacies is being aided by a dramatic increase in online purchasing of pharmaceuticals during the COVID-19 epidemic, as well as increased acceptance of digital technologies. Furthermore, big e-commerce companies are venturing into the e-pharmacy industry, bolstering market growth prospects.

Which region accounted for the largest share in Global Pharmacy Market?

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.

Top Pharmacy Companies

Skyquest Technology's expert advisors have carried out comprehensive research and identified these companies as industry leaders in the Pharmacy Market. This Analysis is based on comprehensive primary and secondary research on the corporate strategies, financial and operational performance, product portfolio, market share and brand analysis of all the leading Pharmacy industry players.

Pharmacy Market Competitive Landscape

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

CVS Health Corporation
Walgreens Boots Alliance, Inc.
AmerisourceBergen Corporation
McKesson Corporation
Cardinal Health, Inc.
Express Scripts Holding Company
Cigna Corporation
Rite Aid Corporation
OptumRx, Inc.
Anthem, Inc.
Humana Inc.
Diplomat Pharmacy Inc.
Groupe Pharmagest S.A.
MedImpact Healthcare Systems, Inc.
Maxor National Pharmacy Services, LLC
AllianceRx Walgreens Prime
Benzer Pharmacy
Kroger Health
Fred's Inc.
HealthWarehouse.com, Inc.

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.

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FAQs

Global Pharmacy Market size was valued at USD 1.25 Trillion in 2024 and is poised to grow from USD 1.34 Trillion in 2025 to USD 2.36 Trillion by 2033, growing at a CAGR of 7.3% during the forecast period (2026–2033).

The global pharmacy market is a highly competitive global market driven by many international competitors. Prominent corporations with cutting-edge AI and ML technology are Google, IBM, Microsoft, and NVIDIA. To support a wide range of applications across industries, these pharmacy industry experts concentrate on creating cutting-edge algorithms, scalable platforms, and reliable infrastructure. Rapid advances in technology, strategic alliances, and large expenditures on research and development define the competitive environment. 'CVS Health Corporation (USA) ', 'AmerisourceBergen Corporation (USA) ', 'McKesson Corporation (USA) ', 'Cardinal Health, Inc. (USA) ', 'Rite Aid Corporation (USA) ', 'OptumRx, Inc. (USA) ', 'Humana Inc. (USA) ', 'Groupe Pharmagest S.A. (France) ', 'MedImpact Healthcare Systems, Inc. (USA) ', 'AllianceRx Walgreens Prime (USA) ', 'Benzer Pharmacy (USA) ', 'Kroger Health (USA) ', 'HealthWarehouse.com, Inc. (USA)'

Improvements in biotechnology are resulting in greater number of drug developments, mainly biosimilars and biologics that are more reliable and effective for specific health conditions. Moreover, customized and personalized genetic data is growing prominence, which is again impacting the demand for personalized medicines and products. These factors are propelling the pharmacy market growth.

Growing Demand for Personalized Medicines: Genomics testing, and targeted therapies are the leading pharmacy market trends. The increasing use of personalized therapies and treatments is gaining wide popularity, especially in chronic disease management and in oncology. Moreover, the development of biosimilars and biologics provides more efficient and customized treatment options, especially for complex health conditions.

Geographically, North America dominated the pharmacy market in the previous years and is expected to lead over the forecast period owing to the strong healthcare infrastructure and increased research and development investments. North America has high-tech healthcare systems with improved facilities and strong emphasis on pharmaceutical modernizations. Major investments are also seen in the region that directly impacts the exploration of novel medications and therapies, mainly in the United States. Further, robust regulatory framework ensures improved drug efficacy and safety that drives consumer confidence. The region also has an increased level of pharmaceutical spending, impacted by the growing cases of chronic illnesses. The key players profiled in the region include CVS Health, Walgreens Boots Alliance, Rite Aid Corporation, Humana, UnitedHealth Group (OptumRx), and more.

Top Pharmacy Companies

Pharmacy Market Competitive Landscape

FAQs

What is the global market size of Pharmacy Market?

Who are the key vendors in the Pharmacy Market?

What is the key driver of Pharmacy Market?

What is the key market trend for Pharmacy Market?

Which region accounted for the largest share in Pharmacy Market?

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