The global pharmacy market size was estimated at USD 1,009.5 billion in 2020, and is predicted to reach around USD 1,522.1 billion by 2030, growing at a CAGR of 4.8% from 2022 to 2030.
The global pharmacy market size was estimated at USD 1,009.5 billion in 2020, and is predicted to reach around USD 1,522.1 billion by 2030, growing at a CAGR of 4.8% from 2022 to 2030.
Growth Factors
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.
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The increasing number of people suffering from diseases, increasing aging population, and growing number of prescriptions are the key parameter driving the market. According to the National Health Services, the cost of prescriptions in the financial year 2020 - 21 increased by 3.46% as compared to 2019-20 in England. According to the Centers for Disease Control and Prevention, 45.7% of the population in the U.S. consumed at least one prescription drug between 2015 and 2018, while 21.3% of the population consumed three or more prescription drugs during the same period.
By Product Type Analysis
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.
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.
Report Coverage
| Report Scope | Details |
| Market Size | US$ 1,522.1 billion by 2030 |
| Growth Rate | CAGR of 4.8% From 2022 to 2030 |
| Largest Market | North America |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
| Segments Covered | Product Type, Pharmacy Type |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Companies Mentioned | CVS Health; Boots Walgreens; Cigna; Walmart; Kroger; Rite Aid Corp.; Lloyd Pharmacy; Well Pharmacy; Humana Pharmacy Solutions; Matsumoto Kiyoshi |
By Pharmacy Type Analysis
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 rapid adoption of automation technologies, such as pharmacy robots, dispensing, and packaging systems, is driving the segment growth. Apart from dispensing a prescription, retail pharmacies are also offering vaccination services, health management services, and thereby fueling the market 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.
By Regional Analysis
North America accounted for the highest revenue share of 52.2%. It is attributed to the presence of large-scale multinational chains, such as CVS Health, Boots Walgreens, Cigna, UnitedHealth Group, Walmart, Kroger, and Rite Aid Corp.
Key Players
- CVS Health
- Boots Walgreens
- Cigna
- Walmart
- Kroger
- Rite Aid Corp.
- Lloyd Pharmacy
- Well Pharmacy
- Humana Pharmacy Solutions
- Matsumoto Kiyoshi
Market Segmentation
- By Product Type
- Prescription
- OTC
- By Pharmacy Type
- Hospital Pharmacy
- Retail Pharmacy
- Chain
- Independent
- Others
- ePharmacy
- Others
- Regional
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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