Fort Collins, Colorado, Sept. 26, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research Published a report titled, "Pharmacy Market Size, Growth, Share, Statistics Report, By Product Type (Prescription, OTC), By Pharmacy Type (Retail, E-Pharmacy), By Region, and Segment Forecasts, 2022-2032."
According to DataHorizzon Research, The pharmacy market size was valued at USD 1,123.1 Billion in 2022 and is expected to reach a market size of USD 1,740.7 Billion by 2032 with a CAGR of 4.6%. The global report on the pharmacy market comprehensively analyzes the latest trends and market conditions. It also covers the latest insights from the industry and delves into market opportunities. The world of medicine is constantly evolving, with new developments arising to meet the growing demand for diagnoses and treatments. One of the key players in this field is pharmacy, a branch of pharmacology that focuses on collecting, preparing, and dispensing drugs. With an aging population and an increased number of people suffering from diseases, the demand for pharmacy services is higher than ever.
Pharmacies are crucial in providing easy access to generic and branded medications, eliminating the need for a prescription. Retail chains have implemented smart solutions to simplify purchasing healthcare products for customers. In addition, hospitals and retail pharmacies have embraced technology by incorporating automation devices to offer efficient and accurate services while prioritizing patient safety. This has improved overall efficiency and accuracy in the delivery of healthcare services.
The expansion of the pharmacy market can be attributed to several key factors, including the global increase in chronic diseases, a rise in healthcare spending, innovative marketing strategies, and the growth of wellness stores. The development of hospital-based pharmacies is also contributing to this growth. Furthermore, increasing government funding and a growing elderly population are significant factors shaping the pharmacy market. Government initiatives and reimbursement policies are also crucial in this industry. Pharmacists are actively involved in enhancing patient care by ensuring drugs are prepared in a manner that is easy, effective, and palatable, thereby improving the lives of many individuals.
The pharmacy market is experiencing growth due to several factors, including advancements in medical technology and the development of new drugs, therapies, and treatment options. A rise in demand for personalized medications, vaccines, and treatments also contributes to this growth, particularly in light of the high number of individuals suffering from chronic and infectious diseases. Moreover, many nations are experiencing an increase in patients receiving treatment for chronic conditions, driven by a rise in per capita healthcare spending. Taken together, these factors suggest a bright future for the pharmacy industry.
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Report Snapshot:
| Report Title | Pharmacy Market |
| Market Size in 2022 | USD 1,123.1 Billion |
| Market Size by 2032 | USD 1,740.7 Billion |
| CAGR from 2023 to 2032 | 4.6% |
| Largest Market | North America |
| Forecast Period | 2023 to 2032 |
| Historic Period | 2021 |
| Base Year | 2022 |
| Report Scope & Coverage | Market Size, Market Estimations, Competitor Analysis, Trends and Growth Factors |
| By Product Type | Prescription, OTC |
| By Pharmacy Type | Retail, E-Pharmacy |
| Region | North America, Latin America, Europe, Middle East and Africa, and Asia Pacific |
| Countries Covered | U.S., Canada, Brazil, Mexico, UK, Germany, France, Italy, Spain, Saudi Arabia, South Africa, Japan, India, China, Australia, South Korea etc. |
| Major Market Players | Walgreens Boots Alliance, Inc., The Kroger Co., Well Pharmacy, CVS Health, Walmart, Cigna, Lloyd Pharmacy, Rite Aid Corp., Humana Pharmacy Solutions, Matsumoto Kiyoshi etc. |
Segmentation Overview:
The pharmacy market is segmented based on product type, pharmacy type, and region.
The pharmacy market worldwide is dominated mainly by the prescription segment, primarily driven by the high demand for prescription drugs. This demand results from the growing prevalence of chronic diseases and the aging population. As the number of individuals affected by chronic diseases continues to rise alongside the aging population, the need for prescription medications also continues to increase.
Retail pharmacy stores are the most popular type of pharmacy, as they are conveniently located in retail markets for easy access to physical medication purchases. They offer a wide range of products, including over-the-counter drugs, which attracts a diverse customer base and contributes to market growth.
The North American region holds the most significant market revenue share, with the United States spending significantly on healthcare. The investments made in healthcare also contribute to the growth of the pharmacy market overall. Additionally, the market has the potential for development due to the increasing trend of Over-the-counter (OTC) medications combined with prescription drugs.
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Key Developments in the Pharmacy Market:
- CVS Health has recently disclosed that its board of directors has given the green light for a quarterly dividend of sixty and a half cents ($0.605 cents) per share on the Corporation's Common Stock. This dividend will be paid out on November 1, 2023, to shareholders recorded as holders on October 20, 2023.
- Walgreens' CFO is leaving in mid-August to pursue a tech opportunity. The Global Controller will temporarily fill the role. The company is looking for a new CFO with healthcare industry experience.
Pharmacy Market Report Highlights:
- The pharmacy market size is expected to reach a market size of USD 1,740.7 Billion with a CAGR of 4.6% by 2032. Due to an aging population and increased illnesses, pharmacy services are in high demand. Retail chains and hospitals are using technology to offer efficient and safe services. The pharmacy market is growing due to innovative marketing, government funding, and medical advancements.
- The prescription segment dominates the pharmacy market due to the high demand for drugs caused by the growing prevalence of chronic diseases and the aging population. Retail pharmacy stores are popular due to their convenient location and diverse product offerings, including over-the-counter drugs.
- The US spends a lot on healthcare, leading to a significant market share in North America. OTC and prescription drug combinations are also driving pharmacy market growth.
- Some prominent players in the pharmacy market are Walgreens Boots Alliance, Inc., The Kroger Co., Well Pharmacy, CVS Health, Walmart, Cigna, Lloyd Pharmacy, Rite Aid Corp., Humana Pharmacy Solutions, and Matsumoto Kiyoshi.
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Pharmacy Market Report Segmentation:
Pharmacy Market, By Product Type (2023-2032)
- Prescription
- OTC
- Bio-based
Pharmacy Market, By Pharmacy Type (2023-2032)
- Retail
- E-Pharmacy
Pharmacy Market, By Region (2023-2032)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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