Pharmacy Market Size, Share, Growth, Report By 2032

The global pharmacy market is expected to hit around US$ 1.78 trillion by 2032, poised to grow at a CAGR of 4.10% from 2023 to 2032.

Key Points

By product, the prescription product type segment has held highest revenue share of around 82.9% in 2022.
By pharmacy type, the retail pharmacy segment has held largest revenue share of around 56.5% in 2022.
By Region, the North America region has accounted revenue share of around 52.6% in 2022.

The E-pharmacy market’s rapid growth is a crucial factor driving the market. The introduction of e-pharmacies is being aided by a dramatic increase in online purchasing of pharmaceuticals during the COVID-19 epidemic, as well as increased acceptance of digital technologies. Furthermore, big e-commerce companies are venturing into the e-pharmacy industry, bolstering market growth prospects.

Many pharmacies have begun to implement clinical programs aimed at promoting medication adherence and improving health outcomes. They’re also using subscription and loyalty programs to boost patient involvement. Prescription refills are now available online through pharmacies’ websites, smartphone apps, and automated telephonic systems. The market is growing due to leading players’ increasing embrace of automation technology and digitalization activities.

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North America dominates the pharmacy market both in demand and drug development. Researchers from FLANKE estimated that the U.S. makes up about 55% of medication sales, but only 24 per cent of sales volume. A solid system that rewards innovation and the improvement of current treatments ensure a supportive pharmaceutics markets for open public companies.

About 3 of the 10 top drug manufacturers of pharmaceutical drugs are based in Europe. Swiss hosts the top two drug producers; Roche and Novartis. The eighth rank is held by France’s Sanofi. Amongst the geographic marketplaces, Europe is the number one cedar of pharmaceutical drugs, with shipments in 2020 totaling US$328.4 billion which accounts for 80.5 per cent of the global total. The nations around the world experiencing the most growth in phrases of pharmacy export products are Slovenia, Ireland in Europe, India and Italia. Europe is known for innovation as well, and there are many products in the R&D stages right now. One of the latest breakthrough enhancements to come out there of the region is Gavre to (pralsetinib) for the treatment of grownups with RET fusion-positive state-of-the-art non-small-cell lung cancer tumor, developed by Rocher. With such benefits India enjoys an important position in the global pharmaceutical drugs sector. This factor will strengthen India’s position in global pharmacy industry.

Table of Contents

Report Scope of the Pharmacy Market

Report Coverage	Details
Market Size	USD 1.78 Trillion by 2032
Growth Rate	CAGR of 4.10% from 2023 to 2032
Base Year	2022
Largest Market	North America
Fastest Growing Market	Asia Pacific
Forecast Period	2023 to 2032
Segments Covered	Product, Pharmacy, Application, Region

Pharmacy Market Dynamics

Driver

Availability of Health and Wellness services in Pharmacies Increasing Consumer Base of Pharmacies

Over the past few years established industry players have invested hugely in delivering innovative and superior service, while pharmacies are focusing significantly towards increasing customer satisfaction by offering health and wellness services. The key driver of overall customer satisfaction is the availability of overall wellness services. Supply of these services is showing improvement in overall customer satisfaction. These kinds of services are at present seen in 86% of chain drug stores, 83% of superstore pharmacies and 73% of mass merchandiser medical stores in U.S. Many pharmacies are focusing on on-time delivery through mail orders Customer satisfaction is highest when they get a health professional prescribed medicines ready/delivered when assured. Such innovative services provided by pharmacies are driving the market growth.

Restraint

Increasing competition From E-pharmacies to pose Major Threat for Retail Pharmacies

Competition in the pharmacy industry is projected to intensify in the approaching years, especially from big-box merchants and mail-order and online pharmacies. Payors also have piloted consumers email ordering, such as by covering a 3 month supply of medications sent to the home just a 30-day supply offered at a brick-and-mortar drug-store. Finally, Internet medical stores are aggressively focusing on cash-paying customers by providing medications at a lower cost.

The multinational companies such as Amazon entering in E-pharmacy segment is a menace to retail medical stores on multiple methodologies. Amazon entered into the health professional prescribed industry with their 2018 acquisition of PillPack and the 2020 launching of Amazon Pharmacy and an Amazon Excellent prescription discount profit. And furthermore Amazon is planning to create physical pharmacies. With such moves Amazon will still be a thorn in the side and tension on the underside line of list pharmacies. This factor may act as a major threat for the expansion of retail pharmacies.

Opportunity

Innovations in Technology Evolving Pharmacy Industry

Innovation in technology may provide promising opportunities for the market growth of pharmacy market during forecast time period. For years, researchers have been working on smart mirrors that utilize advanced cameras and customer’s breadth to detect health variations and smart toilets. Several companies are testing and developing basic home health care bots, and elderly workers in Japan are already wearing exoskeletons to help them perform manual labor.

Smartphones are progressing to the point where they can be used as point-of-care and home health diagnostic tools for ailments including urinary tract infections6 and diabetic eye disease. Labs have created an ingestible origami robot that can be swallowed and controlled to, for example, patch a wound, and are experimenting with xenobots, programmable organisms made from frog stem cells that could deliver medicine. As pharmaceutical are innovating and competing in the growing pharmacy market planning, adapting, and investing for the future offers lucrative opportunities.

Challenge

Low Margins for Pharmacy Owners Challenging Growth in Sales Value

Retail pharmacies are likely to face downward stresses on their profitability. Compensation is tightening and costs are on the rise for everything from wages to rent to more cumbersome certification and licensing requirements. In addition, medical stores have found themselves pushed to purchase new technology and products that can help keep them up to date and competitive. All this contributes to constantly shrinking margins that threaten long-term stability.

Some of the major players operating in the pharmacy industry are:

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

Segments Covered in the Report

By Product Type

Prescription
OTC

By Pharmacy Type

Retail
E-pharmacy

By Application

Hospital-grade
Personal Use

By Geography

North America
- U.S.
- Canada
Europe
- U.K.
- Germany
- France
Asia-Pacific
- China
- India
- Japan
- South Korea
- Malaysia
- Philippines
Latin America
- Brazil
- Rest of Latin America
Middle East & Africa (MEA)
- GCC
- North Africa
- South Africa
- Rest of the Middle East & Africa