New York, April 10, 2023 (GLOBE NEWSWIRE) -- According to Market.us, the global pharmacy market generated a value of USD 1,108 Billion in 2022 and is estimated to reach 1,750 Billion by 2032, witnessing a CAGR of 4.8% from 2022 to 2032. Market growth has been positively affected by the rapid upgradation of existing pharmacies and their expansion to increase market penetration.
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Key Takeaway:
- By product type, the OTC segment is expected to have the highest CAGR during the forecast period because of the rising demand for OTC medications for diseases like flu, cough, and cold.
- By pharmacy type, the retail pharmacy segment dominated the market with a 57% share in 2022 because of the rise in independent pharmacies.
- By Distribution Channel, the hospital segment dominated the market due to increased hospitalizations during the COVID-19 pandemic.
- In 2022, North America dominated the market with the highest revenue share of 52.2%.
- Asia-Pacific is expected to grow at the highest CAGR between 2023-2032 due to the rapid growth in the pharmaceutical industry in the region.
Hospital and retail pharmacies are accepting many automation devices in order to improve patient safety and provide fast and accurate patient services. Automation systems are used extensively in automated prescription pick-up, automated pill counting, e-prescribing bar code verification, point-of-sale programs, and interactive voice response systems.
Factors affecting the growth of the pharmacy industry?
Several factors can affect the growth of the pharmacy industry. Some of these factors include:
- Increasing geriatric population: Aging increases the possibility of disorders like congestive heart failure, immune deficiencies, and autoimmune diseases.
- Rising chronic diseases: The increasing cases of chronic diseases like cancer, diabetes, etc., are increasing the patient population.
- Increasing healthcare expenditure: The increasing per capita healthcare expenditure in developing and developed countries is positively affecting market growth.
- Growing awareness about diseases: The increasing awareness about infectious diseases and chronic conditions is affecting the market growth positively.
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Top Trends in Global Pharmacy Market
COVID-19 regulations, which include quarantine, social distancing, and the fear of becoming infected, influenced the development of the pharmaceuticals market, which led to an increase in the adherence to centralized clinical trials. These factors affected clinical trials' effectiveness, productivity, and results. It increased demand for decentralized clinical trial processes, patient selection, enrolling to study the trial results, and enrollment.
The rising demand led to an increase in the adoption of AI-driven patient care models in pharmaceutical companies. In addition, AI-driven patient care models enable automated clinical trials.
Market Growth
The major factors driving the growth of the global pharmacy market are the increasing incidence of diseases. The increasing geriatric population, which is more prone to diseases and disorders, will affect the market positively.
Increasing awareness for diagnosis and treatment, reimbursement policies, and adherence to medication are the factors driving the market growth.
Regional Analysis
North America accounted for 52.2% of the total revenue share in 2022, which was the highest among all other regions. Most of the major players are from North America, like Walgreens Boots Alliance Healthcare Business, CVS Health Corporation, United Health Group, Rite Aid Corp, and Cigna.
The market's growth is also due to the increasing aging population. According to the US Census Bureau's June 2020 report, the number of people over 65 increased by 34.2% from 2010-2019. Because of this, the possibility of disorders like congestive heart failure, immune deficiencies, and autoimmune diseases has increased.
Market growth potential is driven by the rapidly increasing demand for OTC and prescription drugs. APAC is expected to be the fastest-growing market over the forecast period. The market is driven by the rapid growth of the Indian and Chinese pharmaceutical industries and generic medicines. The market may also be affected by the growing older population of Asian countries, such as Japan.
Competitive Landscape
Growth strategies and a solid product portfolio are key factors in strengthening the market position of Key players. Major players are focused on increasing their research and developing novel therapies to meet patient demand. There will also be an increase in revenue growth through increased collaborations and other factors, such as the acquisition of players to expand their portfolio. Different organizations ran different diabetes programs to raise awareness about diabetes and the medicines that are available.
There are many retail pharmacies, digital pharmacies, and medical stores that are available. Some of the key players in the market growth include Medly Pharmacy and Mortar Pharmacies, as well as Lloyd Pharmacy, Lloyd Pharmacy, Humana Pharmacy Solutions, and Amazon Pharmacy.
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 1,108 Billion |
| Market Size (2032) | USD 1,750 Billion |
| CAGR (from 2023 to 2032) | 4.8% |
| North America Revenue Share | 52.2% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
Patient numbers in the healthcare system have increased due to the increasing prevalence of chronic diseases like cancer and diabetes. The rising number of geriatric patients also increases age-related conditions like congestive heart disease, cardiovascular disorders, rheumatoid, and immune deficiencies.
The number of people suffering from chronic and infectious diseases is increasing, so the demand for personalized treatments, vaccines, and drugs is rising. In addition, the number of patients receiving treatment is also increasing due to rising per capita healthcare spending in developed and emerging countries.
Market Restraints
Before making vaccines or drugs available, they are rigorously tested for safety and efficacy through clinical trials. Clinical trials on a limited number of candidates are conducted briefly. Often, specific side effects are observed in patients at the initial trial stage due to age and immunological factors.
Market players are also affected by mislabeling, poor production, and potential contaminants. As a result, the drug was pulled from the market. It can affect their sales, reputation, customer relationships, and sales.
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Report Segmentation of the Pharmacy Market
Product Type Insight
In 2022, the prescription segment was responsible for the largest revenue share. Prescription medication demand is driven by the increasing aging population and stress from chronic diseases, which leads to segment growth. International Diabetes Association reports that 463 million people had diabetes in 2019. According to the American Heart Association reports, 126.6 million Americans died from cardiovascular disease between 2015 and 2018. The growth of this segment is due to a growing demand for prescription drugs that treat diseases such as diabetes, heart disease, respiratory disorders, blood disorders, and oncology.
Also, the OTC segment is expected to experience the highest CAGR over the forecast period. The growing demand for OTC medication for diseases such as colds, flu, and cough drives this segment.
Pharmacy Insight
The largest revenue share was earned by the retail pharmacy segment in 2022. The retail pharmacy segment is driven by the increase in independent pharmacies and chain pharmacies and the availability of medications in mass retailers and supermarkets in countries such as the US and the UK. The segment is also growing because of automation technologies like dispensing, packaging, and robots.
Many pharmacies saw an increase in revenue during the Covid-19 pandemic. Boots UK saw an increase in online sales by approximately 105% after a lockdown. According to CVS Health Corporation, there has been a 50% increase in digital refills for specialty products via apps. E-pharmacies offer many benefits, such as free shipping, confidentiality, discounts, and a wide range of offers. The segment is also growing due to the increasing use of digital technology in the healthcare industry, increased penetration of smartphones, and retailers opening online channels. The responsibility to ensure customer satisfaction increases with increasing customer volumes. During the pandemic, key pharmacies focused on providing medication, vaccines, and COVID-19 kits, which helped the market to grow positively.
Application Insight
Due to increasing patient visits to manage their diseases, the hospital pharmacy segment holds the largest market share. The segmental growth was also due to increased hospitalizations during the COVID-19 pandemic. This included an increase in ICU visits and Emergency departments.
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Market Segmentation
Based on Product Type
- Prescription
- OTC
Based on Pharmacy Type
- Retail
- ePharmacy
Based on Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Key Market Players
- Pfizer Inc.
- Johnson & Johnson
- GSK plc.
- Novartis AG
- Merck & Co., Inc.
- Sanofi Company Profile
- Hoffmann-La Roche Ltd.
- AstraZeneca Plc Company Profile
- Novo Nordisk A/S Company Profile
- Other Key players.
Recent Development of the Pharmacy Market
- Merck CO., Inc. was approved by the USFDA in June 2022 for the VAXNEUVANCE vaccine. This vaccine is used to treat invasive pneumococcal diseases in infants and children.
- May 2022, GGK plc. Acquired Affinivax, Inc. It is a biopharmaceutical company in the clinical stage. The company acquired Affinivax, Inc. to expand its vaccines R&D pipeline and geographic footprint in Boston.
- Johnson & Johnson Services received the European Commission (EC) approval of CARVYKTI in May 2022.
- Hoffman-Ltd. was approved by the USFDA in January 2022 to treat diabetic Macular Edema. In June 2022, Wuxi Biologics established the GMP (Good Manufacturing Practices) operation at its Wuxi, China facility for the new drug product DP5. The facility will offer a variety of volume delivery options through its Pre-filled Syringes (PFS) unit.
Browse More Related Reports:
- ePharmacy market is projected to achieve a valuation of USD 2,07,117.88 Mn by 2032 at a CAGR of 16.2%, from USD 46,148.37 Mn in 2022.
- Pharmacy Retailing Market was valued at USD 1038.6 Bn in 2022 and is projected to increase significantly USD 1499.8 Bn in 2032 at a CAGR of 5.8%
- Hospital-Acquired Infection Control Market was valued at USD 5.6 billion in 2021. It is expected to reach USD 7.75 billion by 2032.
- Mobile Hospitals Market is projected to reach a valuation of USD 786,620 Mn by 2032 at a CAGR of 22.3%, from USD 859,20 Mn in 2021.
- Hospital Linen Supply and Management Services market were worth USD 12,208 million in 2021 and estimated CAGR rate of 9.2% between 2023-2032.
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