The Pharmacy Market is a crucial segment of the healthcare industry that deals with the preparation, dispensing, and appropriate use of medication. The market includes products related to pharmaceuticals such as prescription drugs, over-the-counter (OTC) drugs, and other healthcare products .
According to a report by MRFR, Pharmacy Market Size was valued at USD 1015.5 Billion in 2022. The Pharmacy market industry is projected to grow from USD 1062.2 Billion in 2023 to USD 1522.1 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.60% during the forecast period (2023 - 2032). The growing prevalence of chronic diseases such as cancer, diabetes, and cardiovascular diseases is expected to fuel the market growth .
The market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East Africa (MEA) . North America dominates the market due to the increasing prevalence of chronic diseases in the region. In Europe, the pharmacy market is expected to grow due to the increasing number of patients with chronic diseases such as cancer and diabetes. In Asia Pacific, the market is expected to grow due to the increasing prevalence of chronic diseases in countries like China and India. In Latin America, the pharmacy market is expected to grow due to increasing government initiatives for healthcare research activities. In MEA, the market is expected to grow due to increasing awareness about healthcare among people .
The pharmacy market is projected to register a CAGR of 6.4% in the next five years. The pharmacy market is highly impacted by the rise in the prevalence of chronic diseases due to an ageing population. Due to unhealthy food habits and lack of proper exercise, there has been a rise in chronic diseases such as diabetes and cardiovascular diseases. The geriatric population products segment will see the fastest growth as Europe faces the prospect of a rapidly aging population.
Segment Analysis
The global pharmacy market has been segmented based product type, pharmacy type, and application.
On the basis of product type, the market is segmented into prescription and OTC. The prescription segment dominated the market in 2022. The burden of chronic diseases and the ageing of the population are what are driving the demand for prescription medications.
Based on pharmacy type, the global pharmacy market has been segmented into retail and e-pharmacy. The retail category generated the most income in 2022. The growth of independent and chain pharmacies, as well as the accessibility of prescription medications in mass merchants and supermarkets in countries like the United States and the United Kingdom, are driving factors for the retail pharmacy sector.
Based on application, the global pharmacy market has been segmented into hospital-grade and personal use. The hospital-grade segment dominated the market in 2022. A steady supply of pharmaceuticals is required to meet the demands of the numerous individuals that healthcare facilities serve.
Regional Analysis
The global Pharmacy market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Pharmacy market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Pharmacy market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Pharmacy market comprises of Middle East, Africa, and Latin America.
The North America Pharmacy Market dominated this market in 2022 (45.80%). The long-standing hospitals, clinics, and pharmacies in North America serve as a highlight of the region's highly developed healthcare systems. These facilities include modern infrastructure, cutting-edge medical equipment, and skilled staff. The availability of cutting-edge medical facilities and services has increased demand for pharmaceutical products.
Moreover, the second-largest market share belongs to the pharmacy industry in Europe. Many European countries have comprehensive healthcare systems that provide for the needs of all inhabitants. Due to universal healthcare coverage, a significant portion of the population will always have access to medical services, including prescription medications. This comprehensive coverage increases the demand for medicinal products in the area.
Additionally, from 2023 to 2032, the Asia-Pacific pharmacy market is anticipated to experience the quickest CAGR growth. Due to increased urbanisation and changing lifestyles, chronic diseases like diabetes, cardiovascular disease, and respiratory conditions are becoming more common in the Asia-Pacific region. Long-term medication therapy is required to address these conditions, which increases demand for pharmaceutical products and promotes the growth of the pharmacy industry.
Furthermore, Latin America's pharmacy market is expanding significantly, propelled by factors like population expansion, rising healthcare costs, and growing public awareness of healthcare options. An assortment of individual and chain pharmacies make up the market, which places an emphasis on accessibility, price, and the development of the local healthcare system.
Key Findings of the Study
- The Asia-Pacific region accounted for the fastest-growing global market due to the chronic diseases like diabetes, cardiovascular diseases, and respiratory ailments are becoming more prevalent in the Asia-Pacific area as a result of rapid urbanization and shifting lifestyles.
- Based on application, the hospital-grade segment was attributed to holding the largest market in 2022.
- CVS Health, Boots Walgreens, Cigna, Walmart, Kroger, Rite Aid Corp., Lloyd Pharmacy, Well Pharmacy, Humana Pharmacy Solutions, Matsumoto Kiyoshi., and others.
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