What Does the Historical and Current Pharmacies and Drug Stores Market Size Trend Indicate?
The pharmacies and drug stores market has seen considerable growth due to a variety of factors.
• In recent times, the market size for pharmacies and drug stores has significantly expanded. The industry which stands currently at $1334.37 billion in 2024 is projected to reach $1431.01 billion in 2025, this substantial growth, at a compound annual growth rate (CAGR) of 7.2%, can be linked to several factors. These factors include the growth in the aging population and their increasing healthcare demands, the widening coverage of health insurance, better awareness of preventive healthcare, the rise in chronic diseases, and the convenience of retail pharmacies.
What Will Be The Pharmacies and Drug Stores Market Size In The Future?
The pharmacies and drug stores market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for pharmacies and drug stores is anticipated to see robust growth in the future. The market is projected to expand to $1803.86 billion in 2029, growing at a compound annual growth rate (CAGR) of 6.0%.
Factors contributing to this growth during the forecast period include heightened use of telehealth and distance consultations, growth of health and wellness services, increased consumer attention to self-care, integration of pharmacies into healthcare networks, and alterations in healthcare behavior caused by the pandemic. Emerging trends for this period may include heightened focus on preventive care, fortification of supply chains, data security in healthcare, cooperation and collaborations, as well as sustainability measures.
What Are The Leading Drivers Of Growth In The Pharmacies and Drug Stores Market?
The expansion of the aging population and the rising awareness about health among worldwide citizens are predicted to propel the pharmacy and drugstore market. The elderly population is more prone to several diseases, making them heavily rely upon pharmacies and drug stores, indirectly influencing the market. Based on the Global Health and Aging report, the population aged 65 or over is expected to reach around 1.5 billion by 2050, with most growth taking place in developing countries. Certain health issues pose a threat to our healthcare system due to the increasing aged population. These health conditions, such as cancer, dementia, increased fall rates, obesity, and diabetes, are likely to rise due to the expanding aged population. This would subsequently increase the number of cases, thereby providing a growing customer base for the expansion of the pharmacies and drug stores market.
What are the Market Segments in the Pharmacies and Drug Stores Market?
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
Subsegments:
1) By Prescription Drugs: Brand-Name Drugs, Generic Drugs, Specialty Drugs
2) By OTC Drugs (Over-The-Counter): Analgesics, Cold And Allergy Medications, Digestive Health Products, Vitamins And Supplements, Skin Care Products
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What Trends are Shaping the Pharmacies and Drug Stores Market Size?
The growth of the pharmacy and drugstore market is primarily fueled by long working hours and the convenience of drive-through locations. Intense competition from mass merchandisers, supermarkets, and mail-order prescription services has necessitated drug stores to enhance their offerings with round-the-clock operations and drive-through services. The US Pharmacy Study evaluates customer satisfaction across major drug store chains, mass merchandisers, supermarkets, and mail-order pharmacies. The findings reveal that retail pharmacy businesses excel in providing patient-centric services, thereby boosting customer satisfaction. Such convenience factors are expected to propel the expansion of the pharmacy and the drugstore market.
Who Are the Key Players in the Pharmacies and Drug Stores Market?
Major companies operating in the pharmacies and drug stores market include:
• CVS Health Corporation
• Walgreens Boots Alliance Inc.
• Alliance Boots GmbH & Co. KG
• Rite Aid Corporation
• AS Watson Group
• Shoppers Drug Mart Corporation
• Matsumotokiyoshi Holdings Co. Ltd.
• MedPlus Health Services Inc.
• Diplomat Pharmacy Inc.
• Rexall Sundown Inc.
• PharMerica Corporation
• Kinney Drugs Inc.
• Bartell Drugs Inc.
• China Nepstar Holding Company Limited
• Progressive Care Inc.
• Lewis Drug Stores Inc.
• Grupo Casa Saba Sab De Cv
• Omnicare Inc.
• Dougherty's Pharmacy Inc.
• Medicap Pharma
• Apollo Pharmacy Limited
• Discount Drug Stores Inc.
• Good Neighbor Pharmacy
• Fred's Pharmacy Inc.
• Navarro Discount Pharmacies LLC
• Discount Drug Mart Inc.
• Kerr Drug Inc.
What are the Regional Insights into the Pharmacies and Drug Stores Market?
Asia-Pacific was the largest region in the pharmacies and drug stores market in 2024. North America was the second-largest region in the global pharmacies and drug stores market share. The regions covered in the pharmacies and drug stores market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
