Pharmacy Market Size, Share & Trends Report

Pharmacy Market Size, Share & Trends Analysis Report By Product Type (Prescription, OTC), By Pharmacy Type (Retail, ePharmacy), By Region (North America, APAC), And Segment Forecasts, 2022 - 2028

  • Report ID: GVR-4-68039-701-1
  • Number of Pages: 150
  • Format: Electronic (PDF)
  • Historical Range: 2016 - 2020
  • Industry: Healthcare
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GVR Report cover Pharmacy Market Size, Share & Trends Report

Pharmacy Market Size, Share & Trends Analysis Report By Product Type (Prescription, OTC), By Pharmacy Type (Retail, ePharmacy), By Region (North America, APAC), And Segment Forecasts, 2022 - 2028

  • Report ID: GVR-4-68039-701-1
  • Number of Pages: 150
  • Format: Electronic (PDF)
  • Historical Range: 2016 - 2020
  • Industry: Healthcare

Report Overview

The global pharmacy market size was valued at USD 1,008.5 billion in 2020 and is projected to expand at a compound annual growth rate (CAGR) of 4.3% from 2021 to 2028. 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.

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

Rapid expansion and upgradation of existing pharmacies to increase market penetration are positively impacting the market growth. For instance, in 2020, Rite Aid Corp. opened two new stores, relocated five stores, and completed store remodeling to get 1,826 remodeled stores in the fiscal year 2020. Retail and hospital pharmacies are rapidly adopting various automation devices to increase patient safety and provide rapid & accurate services to their patients. Automation systems are widely used in e-prescribing, point-of-sale programs, bar code verification, robotic dispensing, automated pill counting, interactive voice response systems, and automated prescription pick-up.

According to a survey conducted by Pharmacy Purchasing and Products on pharmacy automation devices in 2019, 84.0% of the hospital pharmacies have adopted or planned to adopt automated dispensing cabinets. Moreover, pharmacies are adopting various digitalization programs to cater to the growing consumer demand and form a profitable business model. For instance, CVS Health introduced a Digital Transformation program to personalize the healthcare experience using artificial intelligence, machine learning, data, and analytics. Moreover, in December 2021, the company announced a partnership with Microsoft to scale up retail personalization and loyalty programs using advanced machine learning by using Azure.

Such digitalization and automation strategies are estimated to drive the market during the forecast period. Pharmacies are providing various patient care services and introducing various initiatives to promote medication sales. According to an article published in National Community Pharmacy Association (NCPA) Digest in 2019, 77% of the pharmacies offered medication therapy management, 76% offered immunizations for flu, 69% offered immunization for non-flu conditions, 57% offered blood pressure monitoring, and 56% provided compounding services.

Moreover, collaborative drug therapy agreements were offered by 39% of pharmacies, diabetes training by 33%, ostomy supplies by 32%, smoking cessation by 23%, patient education classes by 16%, asthma management by 13%, and weight management by 11%. Moreover, the pharmacies also started offering COVID-19 testing and vaccination services. CVS Health acquired eight million new customers through COVID-19 testing in 2020. Pharmacies are adopting innovative strategies for different functions, such as fulfilling prescriptions. For instance, Walgreens Boots Alliance introduced micro-fulfillment centers for supporting prescription shipping demand.

 

COVID-19 Global Pharmacy market impact: 6.4% growth in revenue growth

Pandemic Impact

Post COVID Outlook

The global market increased by 6.4% from 2019 to 2020

In 2021, the market will witness an increase by 5.4% from 2020 owing to rising initiatives for automation and digitalization

The ePharmacy segment gained rapid traction during the pandemic due to the increasing number of initiatives supporting ePharmacy. Moreover, increased caseloads along with regional lockdowns augmented the demand for online pharmacies

The COVID-19 pandemic increased the adoption of online pharmacies. Post-pandemic, consumers will continue adopting ePharmacies owing to benefits, such as affordability, accessibility, and convenience

Key pharmacies were focused on providing testing kits, vaccination, and medications for COVID-19 during the pandemic

Increasing strategic initiatives undertaken by key stakeholders in the global industry along with the rising aging population and disease burden is estimated to drive market growth

 

The company plans to introduce twenty-two micro-fulfillment centers in the U.S. by the end of 2020. Moreover, key stakeholders are also adopting strategies, such as acquisitions, partnerships, and collaborations, for expanding its distribution channel and market share.  For instance, in June 2021, Medly Pharmacy, a digital pharmacy, announced its plans to acquire Pharmaca, a pharmacy chain to expand its presence in thirty different markets. In May 2021, PharmEasy, an online pharmacy, acquired Medlife, an ePharmacy, to gain a higher market share and expand its presence in the industry. With this acquisition, PharmEasy holds 60% to 70% of the ePharmacy market in India.

Product Type Insights

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.

According to the United Nations, there were more than 703 million adults above 65 years of age, globally. This is estimated to increase to 1.5 billion by 2050. Increasing demand for prescription drugs for therapies, such as diabetes, cardiovascular disease, respiratory diseases, antibiotics, blood disorders, and oncology, is driving the growth of the prescription segment. 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. For example, in February 2020, the U.S. FDA converted prescription medications Voltaren Arthritis Pain, a diclofenac sodium topical gel; Pataday Twice Daily Relief by Alcon and Once Daily Relief by Alcon for OTC.

Pharmacy Type Insights

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.

Apart from dispensing a prescription, retail pharmacies are also offering vaccination services, health management services, and thereby fueling the market growth. For instance, CVS Health offers various health management programs, such as a diabetes program for its 1.4 million customers, Chronic Kidney Disease(CKD) care management to more than 7.5 million eligible members, and an oncology care program to more than 125 provider systems in 2020. ePharmacy is estimated to be the fastest-growing segment during the forecast period. Retail sales increased rapidly during the COVID-19 pandemic.

Global pharmacy market share, by pharmacy type, 2021 (%)

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 agrowing number of retailers introducing online channels are estimated to drive the segment growth.

Regional Insights

In 2021, 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. These players are adopting various initiatives and automation technologies to increase market share. For instance, Rite Aid Corp. introduced its Wellness + rewards program, which offers significant discounts and rewards to its customers. Moreover, the rapidly growing aging population is supporting market growth.

According to the report published by the U.S. Census Bureau in June 2020, the geriatric population (aged above 65 years) increased by 34.2% from 2010 to 2019. Moreover, the rapidly growing demand for OTC and prescription drugs is driving market growth potential. However, Asia Pacific is anticipated to be the fastest-growing regional market during the forecast period. Rapid growth in the pharmaceutical industry in China, and India along with growing demand for generic medications is driving pharmacies demand in the region.

Moreover, rapid expansion plans undertaken by key pharmacies are supporting market growth. For instance, in March 2021, Generic Aadhar, a pharmacy retail chain in India, launched an app to get generic medications and sell them in its outlet. In March 2020, Chemist Warehouse, Australian Pharmacy, opened its new store in Christchurch, Australia. Growing disease burden and increasing healthcare spending are also supporting the market growth. Moreover, the increasing geriatric population in Asian countries, such as Japan, is further augmenting the market growth.

Key Companies & 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. For instance, In 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. Through this strategic partnership, the two companies are extending and expanding their commercial agreements. Some of the key players operating in the global pharmacy market are:

  • CVS Health

  • Boots Walgreens

  • Cigna

  • Walmart

  • Kroger

  • Rite Aid Corp.

  • Lloyd Pharmacy

  • Well Pharmacy

  • Humana Pharmacy Solutions

  • Matsumoto Kiyoshi

Pharmacy Market Report Scope

Report Attribute

Details

Market size value in 2022

USD 1061.4 billion

Revenue forecast in 2028

USD 1,422.1 billion

Growth rate

CAGR of 4.3% from 2021 to 2028

Base year for estimation

2021

Historical data

2016 - 2020

Forecast period

2022 - 2028

Quantitative units

Revenue in USD million/billion and CAGR from 2021 to 2028

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Product type, pharmacy type, region

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

U.S.; Canada; U.K.; Germany; France; Spain; Italy; Russia; Japan; China; Australia; India; Brazil; Mexico; Argentina; South Africa; UAE; Saudi Arabia

Key companies profiled

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

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope

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Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For the purpose of this study, Grand View Research, Inc. has segmented the global pharmacy market report on the basis of product type, pharmacy type, and region:

  • Product Type Outlook (Revenue, USD Million, 2016 - 2028)

    • Prescription

    • OTC

  • Pharmacy Type Outlook (Revenue, USD Million, 2016 - 2028)

    • Hospital Pharmacy

    • Retail Pharmacy

      • Chain

      • Independent

      • Others

    • ePharmacy

    • Others

  • Regional Outlook (Revenue, USD Million, 2016 - 2028)

    • North America

      • U.S.

      • Canada

    • Europe

      • U.K.

      • Germany

      • France

      • Italy

      • Spain

      • Russia

    • Asia Pacific

      • Japan

      • China

      • India

      • Australia

    • Latin America

      • Mexico

      • Brazil

      • Argentina

    • Middle East & Africa

      • South Africa

      • Saudi Arabia

      • UAE

Frequently Asked Questions About This Report

Table of Contents

Chapter 1 Pharmacy Market: Methodology and Scope
                 1.1 Market Segmentation and Scope
                 1.2 Market Definition
                 1.3 Research Methodology
                       1.3.1 Information Procurement
                             1.3.1.1 Purchased database:
                             1.3.1.2 GVR’s internal database
                       1.3.2 Primary Research:
                 1.4 Research Scope and Assumptions
                 1.5 List to Data Sources
Chapter 2 Pharmacy Market: Executive Summary
                 2.1 Global Pharmacy Market Outlook
                 2.2 Global Pharmacy Market Segment Outlook
                 2.3 Global Pharmacy Market Competitive Insight
                 2.4 Global Pharmacy Snapshot
Chapter 3 Pharmacy Market Variables, Trends, & Scope
                 3.1 Pharmacy Market Snapshot
                 3.2 Penetration and Growth Prospect Mapping
                 3.3 Market Dynamics
                       3.3.1 Market Driver Analysis
                       3.3.2 Market Restraint Analysis
                       3.3.3 Industry Challenges
                       3.3.2 Market Opportunity Analysis
                 3.4 Global Pharmacy Market Analysis Tools
                       3.4.1 Industry Analysis - Porter’s
                             3.4.1.1 Bargaining power of the suppliers
                             3.4.1.2 Bargaining power of the buyers
                             3.4.1.3 Threats of substitution
                             3.4.1.4 Threats from new entrants
                             3.4.1.5 Competitive rivalry
                       3.4.2 PESTEL Analysis
                             3.4.2.1 Political landscape
                             3.4.2.2 Economic and Social landscape
                             3.4.2.3 Technology landscape
                             3.4.2.4 Legal landscape
                             3.4.2.5 Technology landscape
                 3.5 Impact of COVID - 19 on Pharmacy Market
Chapter 4 Pharmacy Market: Competitive Analysis
                 4.1 Recent Developments & Impact Analysis, By Key Market Participants
                 4.2 Company/Competition Categorization (Key innovators, market leaders, emerging players)
                 4.3 Vendor Landscape
                       4.3.1 Public Companies
                             4.3.1.1 Company Market Position Analysis
                             4.3.1.2 Company Market Ranking, By Region
                       4.3.2 Private Companies
                             4.3.2.1 Regional network map
                             4.3.2.2 Company market position analysis
Chapter 5 Pharmacy Market: Product Type Estimates & Trend Analysis
                 5.1 Definitions & Scope
                 5.2 Global Pharmacy Market: Product Type Market Share Analysis, 2021 and 2028
                 5.3 Prescription
                       5.3.1 Prescription market estimates and forecasts, 2016 - 2028 (USD Million)
                 5.4 OTC
                       5.4.1 OTC market estimates and forecasts, 2016 - 2028 (USD Million)
Chapter 6 Pharmacy Market: Pharmacy Type Estimates & Trend Analysis
                 6.1 Definitions & Scope
                 6.2 Global Pharmacy Market: Pharmacy Type Market Share Analysis, 2021 and 2028
                 6.3 Hospital Pharmacy
                       6.3.1 Hospital pharmacy market estimates and forecasts, 2016 - 2028 (USD Million)
                 6.4 Retail Pharmacy
                       6.4.1 Retail pharmacy market estimates and forecasts, 2016 - 2028 (USD Million)
                       6.4.2 Chain pharmacy market estimates and forecasts, 2016 - 2028 (USD Million)
                       6.4.3 Independent pharmacy market estimates and forecasts, 2016 - 2028 (USD Million)
                       6.4.4 Others pharmacy market estimates and forecasts, 2016 - 2028 (USD Million)
                 6.5 ePharmacy
                       6.5.1 ePharmacy market estimates and forecasts, 2016 - 2028 (USD Million)
                 6.6 Others
                       6.6.1 Other market estimates and forecasts, 2016 - 2028 (USD Million)
Chapter 7 Pharmacy Market: Regional Estimates & Trend Analysis, By Product type and Pharmacy type
                 7.1 Global Pharmacy Market: Regional Movement Analysis, 2021 and 2028
                 7.2 North America
                       7.2.1 North America Pharmacy market estimates and forecasts, by Product Type, and Pharmacy Type, 2016 - 2028 (USD Million)
                       7.2.2 U.S.
                             7.2.2.1 U.S. Pharmacy market estimates and forecasts, by Product Type, and Pharmacy Type, 2016 - 2028 (USD Million)
                       7.2.3 Canada
                             7.2.3.1 Canada Pharmacy market estimates and forecasts, by Product Type, and Pharmacy Type, 2016 - 2028 (USD Million)
                 7.3 Europe
                       7.3.1 Europe Pharmacy market estimates and forecasts, by Product Type, and Pharmacy Type, 2016 - 2028 (USD Million)
                       7.3.2 U.K.
                             7.3.2.1 U.K. Pharmacy market estimates and forecasts, by Product Type, and Pharmacy Type, 2016 - 2028 (USD Million)
                       7.3.3 Germany
                             7.3.3.1 Germany Pharmacy market estimates and forecasts, by Product Type, and Pharmacy Type, 2016 - 2028 (USD Million)
                       7.3.4 France
                             7.3.4.1 France Pharmacy market estimates and forecasts, by Product Type, and Pharmacy Type, 2016 - 2028 (USD Million)
                       7.3.5 Italy
                             7.3.5.1 Italy Pharmacy market estimates and forecasts, by Product Type, and Pharmacy Type, 2016 - 2028 (USD Million)
                       7.3.6 Spain
                             7.3.6.1 Spain Pharmacy market estimates and forecasts, by Product Type, and Pharmacy Type, 2016 - 2028 (USD Million)
                       7.3.6 Russia
                             7.3.6.1 Russia Pharmacy market estimates and forecasts, by Product Type, and Pharmacy Type, 2016 - 2028 (USD Million)
                 7.4 Asia Pacific
                       7.4.1 Asia Pacific Pharmacy market estimates and forecasts, by Product Type, and Pharmacy Type, 2016 - 2028 (USD Million)
                       7.4.2 Japan
                             7.4.2.1 Japan Pharmacy market estimates and forecasts, by Product Type, and Pharmacy Type, 2016 - 2028 (USD Million)
                       7.4.3 China
                             7.4.3.1 China Pharmacy market estimates and forecasts, by Product Type, and Pharmacy Type, 2016 - 2028 (USD Million)
                       7.4.4 India
                             7.4.4.1 India Pharmacy market estimates and forecasts, by Product Type, and Pharmacy Type, 2016 - 2028 (USD Million)
                       7.4.5 Australia
                             7.4.5.1 Australia Pharmacy market estimates and forecasts, by Product Type, and Pharmacy Type, 2016 - 2028 (USD Million)
                 7.5 Latin America
                       7.5.1 Latin America Pharmacy market estimates and forecasts, by Product Type, and Pharmacy Type, 2016 - 2028 (USD Million)
                       7.5.2 Brazil
                             7.5.2.1 Brazil Pharmacy market estimates and forecasts, by Product Type, and Pharmacy Type, 2016 - 2028 (USD Million)
                       7.5.3 Mexico
                             7.5.3.1 Mexico Pharmacy market estimates and forecasts, by Product Type, and Pharmacy Type, 2016 - 2028 (USD Million)
                       7.5.4 Argentina
                             7.5.4.1 Argentina Pharmacy market estimates and forecasts, by Product Type, and Pharmacy Type, 2016 - 2028 (USD Million)
                 7.6 MEA
                       7.6.1 MEA Pharmacy market estimates and forecasts, by Product Type, and Pharmacy Type, 2016 - 2028 (USD Million)
                       7.6.2 South Africa
                             7.6.2.1 South Africa Pharmacy market estimates and forecasts, by Product Type, and Pharmacy Type, 2016 - 2028 (USD Million)
                       7.6.3 Saudi Arabia
                             7.6.3.1 Saudi Arabia Pharmacy market estimates and forecasts, by Product Type, and Pharmacy Type, 2016 - 2028 (USD Million)
                       7.6.4 UAE
                             7.6.4.1 UAE Pharmacy market estimates and forecasts, by Product Type, and Pharmacy Type, 2016 - 2028 (USD Million)
Chapter 8 Competitive Landscape
                 8.1 CVS Health
                       8.1.1 Company overview
                       8.1.2 Financial performance
                       8.1.3 Product benchmarking
                       8.1.4 Strategic initiatives
                 8.2 Boots Walgreens
                       8.2.1 Company overview
                       8.2.2 Financial performance
                       8.2.3 Product benchmarking
                       8.2.4 Strategic initiatives
                 8.3 Cigna
                       8.3.1 Company overview
                       8.3.2 Financial performance
                       8.3.3 Product benchmarking
                       8.3.4 Strategic initiatives
                 8.4 Walmart
                       8.4.1 Company overview
                       8.4.2 Financial performance
                       8.4.3 Product benchmarking
                       8.4.4 Strategic initiatives
                 8.5 Kroger
                       8.5.1 Company overview
                       8.5.2 Financial performance
                       8.5.3 Product benchmarking
                       8.5.4 Strategic initiatives
                 8.6 Rite Aid Corporation
                       8.6.1 Company overview
                       8.6.2 Financial performance
                       8.6.4 Product benchmarking
                       8.6.4 Strategic initiatives
                 8.7 Lloyd Pharmacy
                       8.7.1 Company overview
                       8.7.2 Financial performance
                       8.7.3 Product benchmarking
                       8.7.4 Strategic initiatives
                 8.8 Well Pharmacy
                       8.8.1 Company overview
                       8.8.2 Financial performance
                       8.8.3 Product benchmarking
                       8.8.4 Strategic initiatives
                 8.9 Humana Pharmacy Solutions
                       8.9.1 Company overview
                       8.9.2 Financial performance
                       8.9.3 Product benchmarking
                       8.9.4 Strategic initiatives
                 8.10 Matsumoto Kiyoshi
                       8.10.1 Company overview
                       8.10.2 Financial performance
                       8.10.3 Product benchmarking
                       8.10.4 Strategic initiatives


List of Tables

TABLE 1 List of Abbreviation
TABLE 2 North America pharmacy market, by product type, 2016 - 2028 (USD Million)
TABLE 3 North America pharmacy market, by pharmacy type, 2016 - 2028 (USD Million)
TABLE 4 U.S. pharmacy market, by product type, 2016 - 2028 (USD Million)
TABLE 5 U.S. pharmacy market, by pharmacy type, 2016 - 2028 (USD Million)
TABLE 6 Canada pharmacy market, by product type, 2016 - 2028 (USD Million)
TABLE 7 Canada pharmacy market, by pharmacy type, 2016 - 2028 (USD Million)
TABLE 8 Europe pharmacy market, by product type, 2016 - 2028 (USD Million)
TABLE 9 Europe pharmacy market, by pharmacy type, 2016 - 2028 (USD Million)
TABLE 10 U.K. pharmacy market, by product type, 2016 - 2028 (USD Million)
TABLE 11 U.K. pharmacy market, by pharmacy type, 2016 - 2028 (USD Million)
TABLE 12 Germany pharmacy market, by product type, 2016 - 2028 (USD Million)
TABLE 13 Germany pharmacy market, by pharmacy type, 2016 - 2028 (USD Million)
TABLE 14 Spain pharmacy market, by product type, 2016 - 2028 (USD Million)
TABLE 15 Spain pharmacy market, by pharmacy type, 2016 - 2028 (USD Million)
TABLE 16 France pharmacy market, by product type, 2016 - 2028 (USD Million)
TABLE 17 France pharmacy market, by pharmacy type, 2016 - 2028 (USD Million)
TABLE 18 Italy pharmacy market, by product type, 2016 - 2028 (USD Million)
TABLE 19 Italy pharmacy market, by pharmacy type, 2016 - 2028 (USD Million)
TABLE 20 Russia pharmacy market, by product type, 2016 - 2028 (USD Million)
TABLE 21 Russia pharmacy market, by pharmacy type, 2016 - 2028 (USD Million)
TABLE 22 Asia Pacific pharmacy market, by product type, 2016 - 2028 (USD Million)
TABLE 23 Asia Pacific pharmacy market, by pharmacy type, 2016 - 2028 (USD Million)
TABLE 24 Japan pharmacy market, by product type, 2016 - 2028 (USD Million)
TABLE 25 Japan pharmacy market, by pharmacy type, 2016 - 2028 (USD Million)
TABLE 26 China pharmacy market, by product type, 2016 - 2028 (USD Million)
TABLE 27 China pharmacy market, by pharmacy type, 2016 - 2028 (USD Million)
TABLE 28 India pharmacy market, by product type, 2016 - 2028 (USD Million)
TABLE 29 India pharmacy market, by pharmacy type, 2016 - 2028 (USD Million)
TABLE 30 Australia pharmacy market, by product type, 2016 - 2028 (USD Million)
TABLE 31 Australia pharmacy market, by pharmacy type, 2016 - 2028 (USD Million)
TABLE 32 Latin America pharmacy market, by product type, 2016 - 2028 (USD Million)
TABLE 33 Latin America pharmacy market, by pharmacy type, 2016 - 2028 (USD Million)
TABLE 34 Brazil pharmacy market, by product type, 2016 - 2028 (USD Million)
TABLE 35 Brazil pharmacy market, by pharmacy type, 2016 - 2028 (USD Million)
TABLE 36 Mexico pharmacy market, by product type, 2016 - 2028 (USD Million)
TABLE 37 Mexico pharmacy market, by pharmacy type, 2016 - 2028 (USD Million)
TABLE 38 Argentina pharmacy market, by product type, 2016 - 2028 (USD Million)
TABLE 39 Argentina pharmacy market, by pharmacy type, 2016 - 2028 (USD Million)
TABLE 40 MEA pharmacy market, by product type, 2016 - 2028 (USD Million)
TABLE 41 MEA pharmacy market, by pharmacy type, 2016 - 2028 (USD Million)
TABLE 42 South Africa pharmacy market, by product type, 2016 - 2028 (USD Million)
TABLE 43 South Africa pharmacy market, by pharmacy type, 2016 - 2028 (USD Million)
TABLE 44 Saudi Arabia pharmacy market, by product type, 2016 - 2028 (USD Million)
TABLE 45 Saudi Arabia pharmacy market, by pharmacy type, 2016 - 2028 (USD Million)
TABLE 46 UAE pharmacy market, by product type, 2016 - 2028 (USD Million)
TABLE 47 UAE pharmacy market, by pharmacy type, 2016 - 2028 (USD Million)
TABLE 48 List of key market players, by products and financial information


List of Figures

FIG. 1 Pharmacy market summary, 2020 (USD Millions)
FIG. 2 Pharmacy market trends & outlook
FIG. 3 Pharmacy market segmentation
FIG. 4 Market driver relevance analysis (Current & future impact)
FIG. 5 Market Restraint relevance analysis (Current & future impact)
FIG. 6 Penetration & growth prospect mapping
FIG. 7 SWOT Analysis, By Factor (political & legal, economic and technological)
FIG. 8 Porter’s Five Forces Analysis
FIG. 9 Pharmacy market, product type outlook key takeaways (USD Million)
FIG. 10 Pharmacy market: Product Type movement analysis (USD Million)
FIG. 11 Pharmacy market estimates and forecasts for prescription, 2016 - 2028 (USD Millions)
FIG. 12 Pharmacy market estimates and forecasts for OTC, 2016 - 2028 (USD Millions)
FIG. 13 Pharmacy market, pharmacy type outlook key takeaways (USD Millions)
FIG. 14 Pharmacy market: Pharmacy type movement analysis (USD Million)
FIG. 15 Pharmacy market estimates and forecasts for hospital pharmacy, 2016 - 2028 (USD Million)
FIG. 16 Pharmacy market estimates and forecasts in retail pharmacy, 2016 - 2028 (USD Million)
FIG. 17 Pharmacy market estimates and forecasts in chain pharmacy, 2016 - 2028 (USD Million)
FIG. 18 Pharmacy market estimates and forecasts in independent pharmacy, 2016 - 2028 (USD Million)
FIG. 19 Pharmacy market estimates and forecasts in other retail pharmacy, 2016 - 2028 (USD Million)
FIG. 20 Pharmacy market estimates and forecasts in ePharmacy, 2016 - 2028 (USD Million)
FIG. 21 Pharmacy market estimates and forecasts in other pharmacy type, 2016 - 2028 (USD Million)
FIG. 22 Regional market place: Key takeaways
FIG. 23 Pharmacy market: Regional movement analysis (USD Million)
FIG. 24 North America pharmacy market estimates and forecasts, 2016 - 2028 (USD Million)
FIG. 25 U.S. pharmacy market estimates and forecasts, 2016 - 2028 (USD Million)
FIG. 26 Canada pharmacy market estimates and forecasts, 2016 - 2028 (USD Million)
FIG. 27 Europe pharmacy market estimates and forecasts, 2016 - 2028 (USD Million)
FIG. 28 U.K. pharmacy market estimates and forecasts, 2016 - 2028 (USD Million)
FIG. 29 Germany pharmacy market estimates and forecasts, 2016 - 2028 (USD Million)
FIG. 30 Spain pharmacy market estimates and forecasts, 2016 - 2028 (USD Million)
FIG. 31 France pharmacy market estimates and forecasts, 2016 - 2028 (USD Million)
FIG. 32 Italy pharmacy market estimates and forecasts, 2016 - 2028 (USD Million)
FIG. 33 Russia pharmacy market estimates and forecasts, 2016 - 2028 (USD Million)
FIG. 34 Asia Pacific pharmacy market estimates and forecasts, 2016 - 2028 (USD Million)
FIG. 35 Japan pharmacy market estimates and forecasts, 2016 - 2028 (USD Million)
FIG. 36 China pharmacy market estimates and forecasts, 2016 - 2028 (USD Million)
FIG. 37 India pharmacy market estimates and forecasts, 2016 - 2028 (USD Million)
FIG. 38 Australia pharmacy market estimates and forecasts, 2016 - 2028 (USD Million)
FIG. 39 Latin America pharmacy market estimates and forecasts, 2016 - 2028 (USD Million)
FIG. 40 Brazil pharmacy market estimates and forecasts, 2016 - 2028 (USD Million)
FIG. 41 Mexico pharmacy market estimates and forecasts, 2016 - 2028 (USD Million)
FIG. 42 Argentina pharmacy market estimates and forecasts, 2016 - 2028 (USD Million)
FIG. 43 MEA pharmacy market estimates and forecasts, 2016 - 2028 (USD Million)
FIG. 44 South Africa pharmacy market estimates and forecasts, 2016 - 2028 (USD Million)
FIG. 45 Saudi Arabia pharmacy market estimates and forecasts, 2016 - 2028 (USD Million)
FIG. 46 UAE pharmacy market estimates and forecasts, 2016 - 2028 (USD Million)
FIG. 47 Strategic Framework

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Market Segmentation

  • Pharmacy Product Type Outlook (Revenue, USD Million, 2016 - 2028)
    • Prescription
    • OTC
  • Pharmacy Type Outlook (Revenue, USD Million, 2016 - 2028)
    • Hospital Pharmacy
    • Retail Pharmacy
      • Chain
      • Independent
      • Others
    • ePharmacy
    • Others
  • Pharmacy Regional Outlook (Revenue, USD Million, 2016 - 2028)
    • North America
      • North America pharmacy market, by product type
        • Prescription
        • OTC
      • North America pharmacy market, by pharmacy type
        • Hospital Pharmacy
        • Retail Pharmacy
          • Chain
          • Independent
          • Others
        • ePharmacy
        • Others
      • U.S.
        • U.S. pharmacy market, by product type
          • Prescription
          • OTC
        • U.S. pharmacy market, by pharmacy type
          • Hospital Pharmacy
          • Retail Pharmacy
            • Chain
            • Independent
            • Others
          • ePharmacy
          • Others
      • Canada
        • Canada pharmacy market, by product type
          • Prescription
          • OTC
        • Canada pharmacy market, by pharmacy type
          • Hospital Pharmacy
          • Retail Pharmacy
            • Chain
            • Independent
            • Others
          • ePharmacy
          • Others
    • Europe
      • Europe pharmacy market, by product type
        • Prescription
        • OTC
      • Europe pharmacy market, by pharmacy type
        • Hospital Pharmacy
        • Retail Pharmacy
          • Chain
          • Independent
          • Others
        • ePharmacy
        • Others
      • U.K.
        • U.K. pharmacy market, by product type
          • Prescription
          • OTC
        • U.K. pharmacy market, by pharmacy type
          • Hospital Pharmacy
          • Retail Pharmacy
            • Chain
            • Independent
            • Others
          • ePharmacy
          • Others
      • Germany
        • Germany pharmacy market, by product type
          • Prescription
          • OTC
        • Germany  pharmacy market, by pharmacy type
          • Hospital Pharmacy
          • Retail Pharmacy
            • Chain
            • Independent
            • Others
          • ePharmacy
          • Others
      • France
        • France pharmacy market, by product type
          • Prescription
          • OTC
        • France pharmacy market, by pharmacy type
          • Hospital Pharmacy
          • Retail Pharmacy
            • Chain
            • Independent
            • Others
          • ePharmacy
          • Others
      • Italy
        • Italy pharmacy market, by product type
          • Prescription
          • OTC
        • Italy pharmacy market, by pharmacy type
          • Hospital Pharmacy
          • Retail Pharmacy
            • Chain
            • Independent
            • Others
          • ePharmacy
          • Others
      • Spain
        • Spain pharmacy market, by product type
          • Prescription
          • OTC
        • Spain pharmacy market, by pharmacy type
          • Hospital Pharmacy
          • Retail Pharmacy
            • Chain
            • Independent
            • Others
          • ePharmacy
          • Others
      • Russia
        • Russia pharmacy market, by product type
          • Prescription
          • OTC
        • Russia pharmacy market, by pharmacy type
          • Hospital Pharmacy
          • Retail Pharmacy
            • Chain
            • Independent
            • Others
          • ePharmacy
          • Others
    • Asia Pacific
      • Asia Pacific pharmacy market, by product type
        • Prescription
        • OTC
      • Asia Pacific pharmacy market, by pharmacy type
        • Hospital Pharmacy
        • Retail Pharmacy
          • Chain
          • Independent
          • Others
        • ePharmacy
        • Others
      • Japan
        • Japan pharmacy market, by product type
          • Prescription
          • OTC
        • Japan pharmacy market, by pharmacy type
          • Hospital Pharmacy
          • Retail Pharmacy
            • Chain
            • Independent
            • Others
          • ePharmacy
          • Others
      • China
        • China pharmacy market, by product type
          • Prescription
          • OTC
        • China pharmacy market, by pharmacy type
          • Hospital Pharmacy
          • Retail Pharmacy
            • Chain
            • Independent
            • Others
          • ePharmacy
          • Others
      • India
        • India pharmacy market, by product type
          • Prescription
          • OTC
        • India pharmacy market, by pharmacy type
          • Hospital Pharmacy
          • Retail Pharmacy
            • Chain
            • Independent
            • Others
          • ePharmacy
          • Others
      • Australia
        • Australia pharmacy market, by product type
          • Prescription
          • OTC
        • Australia pharmacy market, by pharmacy type
          • Hospital Pharmacy
          • Retail Pharmacy
            • Chain
            • Independent
            • Others
          • ePharmacy
          • Others
    • Latin America
      • Latin America pharmacy market, by product type
        • Prescription
        • OTC
      • Latin America pharmacy market, by pharmacy type
        • Hospital Pharmacy
        • Retail Pharmacy
          • Chain
          • Independent
          • Others
        • ePharmacy
        • Others
      • Mexico
        • Mexico pharmacy market, by product type
          • Prescription
          • OTC
        • Mexico pharmacy market, by pharmacy type
          • Hospital Pharmacy
          • Retail Pharmacy
            • Chain
            • Independent
            • Others
          • ePharmacy
          • Others
      • Brazil
        • Brazil pharmacy market, by product type
          • Prescription
          • OTC
        • Brazil pharmacy market, by pharmacy type
          • Hospital Pharmacy
          • Retail Pharmacy
            • Chain
            • Independent
            • Others
          • ePharmacy
          • Others
      • Argentina
        • Argentina pharmacy market, by product type
          • Prescription
          • OTC
        • Argentina pharmacy market, by pharmacy type
          • Hospital Pharmacy
          • Retail Pharmacy
            • Chain
            • Independent
            • Others
          • ePharmacy
          • Others
    • Middle East & Africa
      • Middle East & Africa pharmacy market, by product type
        • Prescription
        • OTC
      • Middle East & Africa pharmacy market, by pharmacy type
        • Hospital Pharmacy
        • Retail Pharmacy
          • Chain
          • Independent
          • Others
        • ePharmacy
        • Others
      • South Africa
        • South Africa pharmacy market, by product type
          • Prescription
          • OTC
        • South Africa pharmacy market, by pharmacy type
          • Hospital Pharmacy
          • Retail Pharmacy
            • Chain
            • Independent
            • Others
          • ePharmacy
          • Others
      • Saudi Arabia
        • Saudi Arabia pharmacy market, by product type
          • Prescription
          • OTC
        • Saudi Arabia pharmacy market, by pharmacy type
          • Hospital Pharmacy
          • Retail Pharmacy
            • Chain
            • Independent
            • Others
          • ePharmacy
          • Others
      • UAE
        • UAE pharmacy market, by product type
          • Prescription
          • OTC
        • UAE pharmacy market, by pharmacy type
          • Hospital Pharmacy
          • Retail Pharmacy
            • Chain
            • Independent
            • Others
          • ePharmacy
          • Others

Report content

Qualitative Analysis

  • Industry overview
  • Industry trends
  • Market drivers and restraints
  • Market size
  • Growth prospects
  • Porter’s analysis
  • PESTEL analysis
  • Key market opportunities prioritized
  • Competitive landscape
    • Company overview
    • Financial performance
    • Product benchmarking
    • Latest strategic developments

Quantitative Analysis

  • Market size, estimates, and forecast from 2016 to 2028
  • Market estimates and forecast for product segments up to 2028
  • Regional market size and forecast for product segments up to 2028
  • Market estimates and forecast for application segments up to 2028
  • Regional market size and forecast for application segments up to 2028
  • Company financial performance
What questions do you have? Get quick response from our industry experts. Request a Free Consultation

Research Methodology

A three-pronged approach was followed for deducing the pharmacy market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for pharmacy market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.

  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.

  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.

  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.

  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of pharmacy market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Pharmacy Market Categorization:

The pharmacy market was categorized into three segments, namely product type (Prescription, OTC), pharmacy type (Hospital, Retail, ePharmacy), and regions (North America, Europe, Asia Pacific, Latin America, Middle East and Africa)

Segment Market Methodology:

The pharmacy market was segmented into product type, pharmacy type, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The pharmacy market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into eighteen countries, namely, the U.S.; Canada; the UK; Germany; France; Spain; Italy; Russia; Japan; China; Australia; India; Brazil; Mexico; Argentina; South Africa; UAE; Saudi Arabia.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Pharmacy market companies & financials:

The pharmacy market was analyzed via companies operating in the sector. Key market players analyzed include CVS Health; Boots Walgreens; Cigna; Walmart; Kroger; Rite Aid Corp.; Lloyd Pharmacy; Well Pharmacy; Humana Pharmacy Solutions; Matsumoto Kiyoshi

Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Pharmacy Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Pharmacy Market Report Assumptions:

  • The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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