The Pharmacies and Drug Stores Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Pharmacies and Drug Stores Global Market Report 2024, The pharmacies and drug stores market size has grown strongly in recent years. It will grow from $1224.73 billion in 2023 to $1304.99 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to population aging and healthcare needs, health insurance coverage expansion, preventive healthcare awareness, chronic disease prevalence, retail pharmacy convenience.
The pharmacies and drug stores market size is expected to see strong growth in the next few years. It will grow to $1662.63 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to growing telehealth and remote consultations, health and wellness services expansion, consumer focus on self-care, pharmacy integration in healthcare networks, pandemic-induced changes in healthcare behavior. Major trends in the forecast period include focus on preventive care, supply chain resilience, health data security, collaboration and partnerships, sustainability initiatives.
The growing aging population and increasing health consciousness among the global populace are likely to drive the pharmacy and drugstore market. The geriatric population is more vulnerable to acquiring several diseases that increase their dependence on pharmacies and drug stores, thus indirectly affecting the market. According to the Global Health and Aging report, the number of people aged 65 or older is projected to grow to nearly 1.5 billion in 2050, with most of the increase in developing countries. Certain health conditions are expected to be a challenge to our healthcare system with the increasing aging population. These conditions include cancer, dementia, an increase in the number of falls, obesity, and diabetes. Due to the increasing aging population, the number of cases is expected to increase, thus providing a growing customer base for the growth of the pharmacies and drug stores market.
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The pharmacies and drug stores market covered in this report is segmented –
1) By Drug Type: Prescription Drugs, OTC drugs
2) By Type: Community Pharmacy, Hospital Pharmacy, Clinical Pharmacy, Industrial Pharmacy, Compounding Pharmacy, Consulting Pharmacy, Ambulatory Care Pharmacy, Regulatory Pharmacy, Home Care Pharmacy
3) By Product Type: Skin Care, Cold and Flu, Dental, Weight Loss, Vitamins, Other Product Types
Working long hours and drive-through locations are the major factors contributing to increasing the pharmacy and drugstore market growth. As competition has increased from mass merchandisers and supermarkets, as well as from direct mail prescription services, drug stores have been adding value in the form of 24-hour operations and drive-through pharmacies. The US Pharmacy Study measures customer satisfaction with their pharmacy experience across major chain drug stores, mass merchandisers, supermarkets, and mail-order pharmacies. The study shows that retail pharmacy businesses continue to shine when it comes to engaging patient-centric services that drive satisfaction. These convenience factors anticipate the growth of pharmacies and the drugstore market.
The pharmacies and drug stores market report table of contents includes:
- Executive Summary
- Pharmacies and Drug Stores Market Characteristics
- Pharmacies and Drug Stores Market Trends And Strategies
- Pharmacies and Drug Stores Market – Macro Economic Scenario
- Global Pharmacies and Drug Stores Market Size and Growth
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- Global Pharmacies and Drug Stores Market Competitive Benchmarking
- Global Pharmacies and Drug Stores Market Competitive Dashboard
- Key Mergers And Acquisitions In Pharmacies and Drug Stores Market
- Pharmacies and Drug Stores Market Future Outlook and Potential Analysis
- Appendix
Top Major Players :
- CVS Health Corporation
- McKesson Corporation
- AmerisourceBergen Corporation
- Cardinal Health Inc.
- Walgreens Boots Alliance Inc.
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