Pharmacies and Drug Stores Market 2024 [Latest Trends]: Analysis Future Opportunity and Demand Forecast Year 2033

The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2033

The Business Research Company presents an extensive market research report on the Pharmacies and Drug Stores Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.

Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.

Market Sizing:

The pharmacies and drug stores market size has grown strongly in recent years. It will grow from $1224.73 billion in 2023 to $1304.99 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to population aging and healthcare needs, health insurance coverage expansion, preventive healthcare awareness, chronic disease prevalence, retail pharmacy convenience.

The pharmacies and drug stores market size is expected to see strong growth in the next few years. It will grow to $1662.63 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to growing telehealth and remote consultations, health and wellness services expansion, consumer focus on self-care, pharmacy integration in healthcare networks, pandemic-induced changes in healthcare behavior. Major trends in the forecast period include focus on preventive care, supply chain resilience, health data security, collaboration and partnerships, sustainability initiatives.

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Key Market Players:

Major companies operating in the pharmacies and drug stores market report are CVS Health Corporation, McKesson Corporation, AmerisourceBergen Corporation, Cardinal Health Inc., Walgreens Boots Alliance Inc., Alliance Boots GmbH & Co. KG, Rite Aid Corporation, AS Watson Group, Shoppers Drug Mart Corporation, Matsumotokiyoshi Holdings Co. Ltd., Phoenix Group Holdings Limited, 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., Medzone Incorporated, 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.

Market Drivers:

The growing aging population and increasing health consciousness among the global populace are likely to drive the pharmacy and drugstore market. The geriatric population is more vulnerable to acquiring several diseases that increase their dependence on pharmacies and drug stores, thus indirectly affecting the market. According to the Global Health and Aging report, the number of people aged 65 or older is projected to grow to nearly 1.5 billion in 2050, with most of the increase in developing countries. Certain health conditions are expected to be a challenge to our healthcare system with the increasing aging population. These conditions include cancer, dementia, an increase in the number of falls, obesity, and diabetes. Due to the increasing aging population, the number of cases is expected to increase, thus providing a growing customer base for the growth of the pharmacies and drug stores market.

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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

The report answers the following questions:
What are the primary factors propelling the market during the projected period?

In which region is the most substantial growth expected?

Which trend will take center stage in the upcoming period?

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