Pune, India, Feb. 01, 2022 (GLOBE NEWSWIRE) -- The US Pharmacy Market size was USD 534.21 billion in 2020. The market is projected to grow from USD 560.00 billion in 2021 to USD 861.67 billion by 2028 at a CAGR of 6.3% in the 2021-2028 period.
This information is published by Fortune Business Insights™, in its report, titled, “US Pharmacy Market, 2021-2028.”
According to our expert researchers, surging occurrence of aliments in the U.S., growing geriatric population, and rising healthcare spending are few of the prime aspects fueling the growth of the pharmaceuticals market in the country.
Industry Development
January 2021 – Optum (UnitedHealth Group) collaborated with Change Healthcare, to offer software and data analytics, technology-empowered facilities and research, advisory and revenue cycle management offerings to assist in making health care work refined for all.
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Growing Occurrence of Prolonged Disease and High Geriatric Population to Spur Demand
The amount of chronic disease-inflicted patients is promptly surging globally. There has been an incredible growth in the occurrences of chronic immune deficiencies, diabetes, and congestive heart failure among others. As per a record published by World Health Organization (WHO), chronic ailments impact nearly 133 million Americans, portraying 40% of the total population of the nation. Moreover, the growth in the geriatric population in the nation is also aiding the US Pharmacy Market growth.
Nevertheless, the difficulties linked with the usage of these are a prime aspects that are probable to obstruct the growth of this market in the upcoming years.
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Type, Therapy Class, and Setting are studied for the Market
On the basis of type, the market is segregated into branded and generics. Branded drugs held a leading market share in 2020. The rising number of regulatory approvals for drugs coupled with a strong pipeline of dominating players is majorly responsible for its highest market share during the forecast period.
In terms of therapy class, the market is classified into oncology, anti-diabetics, autoimmune diseases, respiratory, pain, nervous system disorders, dermatology, antihypertensive, mental health, HIV antivirals, multiple sclerosis, anticoagulants, other cardiovascular, ADHD, GI products, viral hepatitis, sex hormones, antibacterial, hormonal contraception, ophthalmology, and others.
By setting, the market is divided into retail pharmacies, mail order/online pharmacies, and others.
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Surging Consciousness Regarding Health amid COVID-19 Pandemic to Aid Market Growth
The COVID-19 pandemic has had an adverse sway on the pharmacy market. Vital players registered a considerable growth in their income levels from the pharmacy business due to the notable rise in the amount of patients gaining prescribed medicines at home during the COVID-19 lockdown. Furthermore, with the COVID-19 outbreak, the home care facilities attained more popularity, thereby sanctioning patients the safety of remaining in their houses and declining the threat of exposure to the virus. Henceforth, several local drugs perceived a rise in demand for delivery services and that resulted in an augmentation in prescription revenue.
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Competitive Landscape
Collaborations among Companies to Safeguard Their Brand Values in Global Market
Fundamental players in the market are incessantly rooting for efficient tactics to endorse their products and establish their positions in the market. One such tactic is to launch novel products by teaming up with other companies to expand their reach to end-users.
List of Key Players Covered in this Market Report
- CVS Health Corporation (Rhode Island, U.S.)
- Walgreens Boots Alliance, Inc. (Illinois, U.S.)
- Cigna (Express Scripts) (Connecticut, U.S.)
- UnitedHealth Group (Optum) (Minnesota, U.S.)
- Walmart Inc. (Arkansas, U.S.)
- The Kroger Company (Ohio, U.S.)
- Rite Aid Corporation (Pennsylvania, U.S.)
- Albertsons Companies, Inc. (Idaho, U.S.)
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Table Of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Prevalence of Chronic and Infectious Diseases in U.S., 2020
- Key Industry Developments - Mergers, Acquisitions and Partnerships, 2020
- Introduction of New Products / Approvals (By Major Players)
- Impact of COVID-19 on US Pharmacy Market
- US Pharmacy Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Branded
- Generics
- Market Analysis, Insights and Forecast – By Therapy Class
- Oncology
- Anti-diabetics
- Autoimmune diseases
- Respiratory
- Pain
- Nervous System Disorders
- Dermatology
- Antihypertensive
- Mental Health
- HIV Antivirals
- Multiple Sclerosis
- Anticoagulants
- Other Cardiovascular
- ADHD
- GI Products
- Viral Hepatitis
- Sex Hormones
- Antibacterial
- Hormonal Contraception
- Ophthalmology
- Others
- Market Analysis, Insights and Forecast – By Setting
- Retail Pharmacies
- Mail Order/Online Pharmacies
- Others (Non-retail Settings)
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