Pharmacy Market Size Worth $1,422.1 Billion By 2028 | CAGR 4.3%: Grand View Research, Inc.

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Jan 10, 2022, 05:05 ET

SAN FRANCISCO, Jan. 10, 2022 /PRNewswire/ -- The global pharmacy market size is expected to reach USD 1,422.1 billion by 2028, registering a CAGR of 4.3% from 2022 to 2028, according to a new report by Grand View Research, Inc. Rapid growth in the ePharmacy market is a major parameter driving the market. Drastic growth in the online purchases of medicines during the COVID-19 pandemic along with increasing adoption of digital technologies is supporting the adoption of ePharmacies. In addition, major eCommerce companies are entering the ePharmacy industry, thereby supporting market growth potential.

Key Insights & Findings from the report:

Prescription product type emerged as the leading application segment in 2021 with a revenue share of more than 82%
The retail pharmacy segment accounted for the maximum revenue share in 2021
Among all the regions, North America accounted for the largest revenue share in 2021, whereas Asia Pacific is projected to expand at the fastest CAGR during the forecast period
Major pharmacy chains are adopting various initiatives and awareness programs to increase market share
For instance, in November 2021, Walgreens announced that it will be offering Johnson & Johnson, Moderna, and Pfizer vaccine boosters in all its stores to individuals above 18 years of age
In November 2021, Hy-Vee Pharmacies announced the availability of COVID-19 boosters for all individuals aged above 18 years
Pharmacies are offering various services, such as blood pressure measurement, emergency contraception, glucose measurement, weight measurement, vaccination, cholesterol measurement, asthma management, hypertension management, and medicinal use review. This, in turn, is estimated to drive the market

Read 150 page market research report, "Pharmacy Market Size, Share & Trends Analysis Report By Product Type (Prescription, OTC), By Pharmacy Type (Retail, ePharmacy), By Region (North America, APAC), And Segment Forecasts, 2022 - 2028", by Grand View Research

For instance, in November 2020, Amazon launched an online pharmacy known as Amazon Pharmacy for selling prescription drugs in the U.S. Pharmacies are adopting different automation systems and robots for automated packaging, labeling, filling and dispensing to improve pharmacy efficiency and reduce prescription filling time. For instance, in January 2021, Walgreens Boots Alliance, announced a major investment in iA, an automation provider for hospital, retail, mail order, and federal healthcare pharmacies. Moreover, pharmacies are offering customized support and personalized services using Artificial Intelligence (AI) and mobile applications.

Many pharmacies have started introducing clinical programs for improving adherence to medications and enhancing health outcomes. In addition, they are increasing patient engagement with subscription and loyalty programs. Pharmacies are offering prescription refills over the internet through websites, mobile applications, and automated telephonic systems. Increasing adoption of automation technologies and digitalization initiatives by key players are driving the growth of the market.

Market Segmentation:

Grand View Research has segmented the global pharmacy market on the basis of product type, pharmacy type, and region:

Pharmacy Product Type Outlook (Revenue, USD Million, 2016 - 2028)

Prescription
OTC

Pharmacy Type Outlook (Revenue, USD Million, 2016 - 2028)

Hospital Pharmacy
Retail Pharmacy

Chain
Independent
Others

ePharmacy
Others

Pharmacy Regional Outlook (Revenue, USD Million, 2016 - 2028)

North America

U.S.
Canada

Europe

U.K.
Germany
France
Italy
Spain
Russia

Asia Pacific

Japan
China
India
Australia

Latin America

Brazil
Mexico
Argentina

Middle East & Africa

South Africa
Saudi Arabia
UAE

List of Key Players of Pharmacy Market

CVS Health
Boots Walgreens
Cigna
Walmart
Kroger
Rite Aid Corp.
Lloyd Pharmacy
Well Pharmacy
Humana Pharmacy Solutions
Matsumoto Kiyoshi

Check out more studies related to pharmacies, published by Grand View Research:

Telepharmacy Market – The global telepharmacy market is expected to witness growth from 2020 to 2027 due to the progression of technology and the increase in the prevalence of diseases. Telepharmacy provides consultation to patients that are living in remote locations thus ensuring access to quality health care service in medically backward and rural areas.
ePharmacy Market – The global ePharmacy market size was valued at USD 60.8 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 18.4% from 2021 to 2028. Rising penetration of the internet across the globe, improving digitalization of healthcare services, and an increasing number of tech-savvy consumers are the key factors boosting the market growth.

Browse through Grand View Research's coverage of the Global Pharmaceuticals Industry.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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