Global Pharmacy Market Size, Share, Growth Analysis, By Product(OTC and prescription), By Pharmacy (hospital pharmacy, retail pharmacy, e-pharmacy and others), By Region - Industry Forecast 2024-2031

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.