Pharmacy Market to Witness Promising Growth Opportunities by 2024-2035

The pharmacy market size is projected to grow from $2.4 trillion in 2024 to $4.1 trillion by 2035, representing a CAGR of 5%, during the forecast period, 2024-2035.

The pharmacy market is broadly segmented on the basis of Market by Distribution by type of Pharmacy, Product Offered, Availability, Drug Molecule, Therapeutic Area and Key Geographical Regions.Revolutionizing pharmacy industry: unleashing the power of technological advancementsThe pharmacy industry is a vast and dynamic global market, valued at trillions of dollars, that offers a diverse array of products aimed at enhancing and preserving the health and well-being of the community. From drugs / pharmaceuticals to specialized hair and skincare products, the industry caters to the diverse needs and concerns of the consumers. The industry is marked by a continuous cycle of technical innovation, with the introduction of e-prescription, automated dispensing units / cabinets, medication therapy management, telehealth, remote patient monitoring and prescription drug monitoring programs, constantly shaping consumer demand and market dynamics. In addition, the online pharmacy industry is expanding significantly, with more consumers adopting online pharmacy platforms to purchase medicines, and other health and hygiene products. This is primarily driven by the discounted prices, free shipping options and doorstep delivery offered by these platforms. Further, consumers are increasingly seeking personalized services and offers from pharmacies owing to the advantages such as, increased convenience and potential savings.

Market landscape of leading players in the pharmacy industry. The key players in the pharmacy market are highly fragmented, featuring the presence of established companies, as well as emerging start-ups. Key Players: Ahold Delhaize, Albertsons, A.S. Watson, Bestway, Cardinal Health, Cigna (Express Scripts), COSMOS, Costco, CVS Health, Dirk Rossmann, Dr. Max, Good Neighbor Pharmacy, Health Mart, Kroger, Matsumoto Kiyoshi, Phoenix, Rite Aid, The Jean Coutu, Walmart, Walgreens Boots Alliance, and Well Pharmacy.

As can be observed in the figure, more than 70% of the key pharmacy players are large companies. Examples of some large companies in the domain include (in alphabetical order, no specific selection criteria) Ahold Delhaize, Apollo Pharmacy, CenterWell Pharmacy, Day Lewis Pharmacy, Dr. Max, Lloyd, Publix, Shoppers Drug Mart and Walgreens Boots Alliance. It is worth highlighting that 33% of the key pharmacy players engaged in this industry are publicly-listed companies; of these, close to 80% companies are headquartered in North America. Presently, Cigna, along with CVS Health and Walgreens Boots Alliance, capture the majority share of the global pharmacy market.

Research MethodologyOur analysts have performed an accurate examination of the various aspects of the global market leveraging avant-garde primary and secondary sources of data collection. The report has gathered the necessary data and information from several reliable sources. Additionally, the report offers many strategic recommendations for companies involved in this ever-growing business sector to help them attain a competitive edge in the Pharmacy Market.

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