Pharmacy Market: A Prescription for Success

Pharmacy Industry Overview

The global pharmacy market size was estimated at USD 1.26 trillion in 2023 and is expected to grow at a CAGR of 7.28% from 2024 to 2030. The growing demand for specialty drugs globally and increasing prescription drug expenditure in developed countries are expected to drive the growth of the market over the forecast period. In addition, the growing prevalence of chronic diseases, majorly due to changes in lifestyle and a rapidly aging population, are supplementing the market growth.

The growing demand for prescription medications is contributing to the industry’s growth. As the demand for prescription drugs increases, pharmacies experience a surge in business due to the need for dispensing these medications. According to the National Health Service the current cost of an NHS prescription in England for 2024-2025 is USD 12.65 per item, an increase of USD 0.51 from the previous year. Prescription charges are usually reviewed annually. The cost has increased steadily in recent years, from USD 8.80 in 2015 – 2016 to USD 10.47 in 2024 – 2025.

Gather more insights about the market drivers, restrains and growth of the Pharmacy Market

The growing demand for prescription medications is contributing to the industry’s growth. As the demand for prescription drugs increases, pharmacies experience a surge in business due to the need for dispensing these medications. According to the National Health Service the current cost of an NHS prescription in England for 2024-2025 is USD 12.65 per item, an increase of USD 0.51 from the previous year. Prescription charges are usually reviewed annually. The cost has increased steadily in recent years, from USD 8.80 in 2015 – 2016 to USD 10.47 in 2024 – 2025.

Moreover, pharmacies are adopting digitalization programs to cater to the growing demand from consumers and provide improved accessibility to patients. 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 entered into a partnership with Microsoft to scale up retail personalization and loyalty programs using advanced machine learning, powered by Azure. Such digitalization and automation strategies are anticipated to drive the growth in the industry during the forecast period.

Pharmacy Market Segmentation

Grand View Research has segmented the global pharmacy market report based on product, type, and region.

Pharmacy Product Outlook (Revenue, USD Billion, 2018 – 2030)

• Prescription
• OTC

Pharmacy Type Outlook (Revenue, USD Billion, 2018 – 2030)

• Hospital Pharmacy
• Retail Pharmacy
o Chain
o Independent
o Others
• ePharmacy
• Others

Pharmacy Regional Outlook (Revenue, USD Billion, 2018 – 2030)

• North America
o U.S.
o Canada
o Mexico
• Europe
o UK
o Germany
o France
o Italy
o Spain
o Sweden
o Denmark
o Norway
• Asia Pacific
o Japan
o China
o India
o Australia
o Thailand
o South Korea
• Latin America
o Brazil
o Argentina
• MEA
o South Africa
o Saudi Arabia
o UAE
o Kuwait

Browse through Grand View Research’s Pharmaceuticals Industry Research Reports.

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Key Companies profiled:

• CVS Health
• Boots Walgreens
• Cigna
• Walmart
• Kroger
• Rite Aid Corp.
• Lloyd Pharmacy
• Well Pharmacy
• Humana Pharmacy Solutions
• Matsumoto Kiyoshi
• Apollo Pharmacy
• MedPlusMart.com

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Order a free sample PDF of the Pharmacy Market Intelligence Study, published by Grand View Research.