Pharmacy Market Size To Reach $2.06 Trillion By 2030

Pharmacy Market Growth & Trends

The global pharmacy market size is anticipated to reach USD 2.06 trillion by 2030 and is anticipated to expand at a CAGR of 7.3% during the forecast period, according to a new report by Grand View Research, Inc. The rising prevalence of chronic diseases, increasing market penetration of online pharmacy services, and the entry of global retail companies into this market are primarily driving the growth.

Increasing investments by key market participants in improving presence across various regions, collaborations among companies, and rising adoption of online pharmacy services that offer convenience and cost savings are expected to fuel further growth of this market. The growing incident rate of accidents leading to higher demand for OTC drugs and the growth experienced by the prescription medicine segment, primarily due to enhanced diagnostic technologies and imaging techniques, are likely to develop strong growth opportunities over the forecast period.

Adoption of advanced technologies for enhanced processes and service delivery, availability of various software solutions developed for pharmacy industry participants, and increasing ubiquity of smartphone devices, which facilitates the growth of ePharmacy services, also contribute to the advancements experienced by this market. Collaborations among key companies, the growing digital footprint of online pharmacies, and the focus of numerous key market participants on enhancing global presence also influence this market.

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Pharmacy Market Report Highlights

• On the basis of products, the prescription segment dominated the global pharmacy industry and accounted for over 80% of the revenue share in 2024, owing to the rising occurrence of chronic illnesses such as cancer, diabetes, and cardiovascular diseases.

• The OTC segment is projected to experience the fastest growth over the forecast period.

• The retail pharmacy segment held the largest revenue share of the pharmacy industry, owing to the entry of multiple global retail companies in the pharmacy business, a vast network of retail pharmacy stores operated by key players, and the growth experienced by online retail pharmacy.

• The ePharmacy segment is anticipated to experience the fastest growth over the forecast period.

• North America dominated the global pharmacy industry with a revenue share of more than 50% in 2024, owing to various pharmaceutical manufacturing companies operating in the region and large retail pharmacy chains providing services across multiple locations, especially in the U.S.

Pharmacy Market Segmentation

Grand View Research has segmented the pharmacy market on the basis of product, type, and region:

Pharmacy Product Outlook (Revenue, USD Million; 2018 - 2030)

• Prescription

• OTC

Pharmacy Type Outlook (Revenue, USD Million; 2018 - 2030)

• Hospital Pharmacy

• Retail Pharmacy

  • Chain

  • Independent

  • Others

• ePharmacy

• Others

Pharmacy Region Outlook (Revenue, USD Million; 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

  • Sweden

  • Norway

  • Denmark

• Asia Pacific

  • Japan

  • China

  • India

  • Australia

  • South Korea

  • Thailand

• Latin America

  • Brazil

  • Argentina

• Middle East & Africa

  • South Africa

  • Saudi Arabia

  • UAE

  • Kuwait

List of Key Players in the Pharmacy Market

• CVS Health

• Boots Walgreens

• Walmart Inc.

• The Kroger Co.

• Rite Aid Corp.

• MCKESSON CORPORATION

• Well Pharmacy

• Humana

• Matsumotokiyoshi Co., Ltd.

• Apollo Pharmacy

• MedPlusMart.com

• Amazon