Pharmacy Market Company Revenue Shares And Analysis Report 2028

Pharmacy Market Growth & Trends

The global pharmacy market size is expected to reach USD 1,422.1 billion by 2028, registering a CAGR of 4.3% during the forecast period, 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.

U.S. pharmacy market size, by product type, 2018 - 2028 (USD Billion)

Pharmacy Market Segmentation

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

Based on the Product Type Insights, the market is segmented into Prescription and OTC.

  • The prescription product type segment accounted for the largest revenue share of 82.6% in 2021. The increasing burden of chronic diseases and the growing aging population is driving the demand for prescription medications. According to the International Diabetes Association, 463 million adults were suffering from diabetes in 2019. The number of adults suffering from diabetes is estimated to increase to seven hundred million by 2045. According to the American Heart Association, 126.9 million Americans were suffering from cardiovascular disease between 2015 and 2018. Moreover, the global aging population is also increasing rapidly.
  • The OTC segment is estimated to witness the fastest CAGR during the forecast period. An increase in demand for OTC medications for diseases, such as upper respiratory medications, oral analgesics, and heartburn medications, is driving the segment growth. Increasing instances of cough, cold & flu are supporting the segment growth. Moreover, increasing demand for private-label OTC products, increasing availability of OTC products through online channels, growing cost of prescriptions, increasing trend of self-medication, and conversion of prescription medications to OTC medications is bolstering the segment growth.

Based on the Type Insights, the market is segmented into Hospital Pharmacy, Retail Pharmacy, ePharmacy, Others.

  • The retail pharmacy segment held the highest revenue share of 56.2% in 2021. The growing number of independent pharmacies and chains along with the availability of medications in supermarkets & mass retailers in countries, such as the U.S. and U.K., is driving the retail pharmacy segment. The presence of large chains, such as CVS Health, Boots Walgreens, Shoppers Drug Mart, Lloyd, and Well pharmacy, in a few countries, such as the U.S., Canada, the U.K., Australia, and Russia, is supporting the segment growth. Moreover, the rapid adoption of automation technologies, such as pharmacy robots, dispensing, and packaging systems, is driving the segment growth.
  • Many ePharmacies witnessed an increase in revenue growth in 2020 during the pandemic. For instance, online sales of Boots U.K. increased by 105% during the lockdown. CVS Health reported a 50% increase in digital refills in the specialty product category through apps. E-pharmacies have benefits, such as privacy & confidentiality, free shipping, discounts, reduction in purchase time, and a wide range of offers. Moreover, the high adoption of digital technologies by the healthcare industry, increasing penetration of smartphones, and a growing number of retailers introducing online channels are estimated to drive the segment growth.

Pharmacy Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Market Share Insights

  • January 2021: AmerisourceBergen and Walgreens Boots Alliance entered into a strategic alliance. Walgreens Boots Alliance Healthcare Business was acquired by AmerisourceBergen, enabling it to increase its focus on growing retail pharmacy business.

Key Companies Profile & Market Share Insights

Players operating in the market are adopting various strategies such as partnerships, collaborations, merger & acquisition, and product development to expand product portfolio and geographic presence.

Some of the prominent players operating in the global pharmacy market include,

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

Order a free sample PDF of the Pharmacy Market Intelligence Study, published by Grand View Research.

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