Pharmacies and Drug Stores Market Outlook 2024-2033: Growth Trends & Forecast Analysis

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.

Market Overview -
A pharmacy is where one can get prescription medications. It may be located inside a grocery shop, drugstore, chemist, or other establishment. A drug store refers to a location whose major activity is the selling of pharmaceuticals, medicines, and pharmaceutical preparations. Drug stores have a regular prescription department and hire a registered pharmacist on-site at all times.

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Aging Population And Health Awareness Propel Pharmacy And Drugstore Market
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.

Competitive Landscape -
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.

Convenience And Extended Accessibility Boost The Pharmacy And Drugstore Market
Working long hours and drive-through locations are the major factors contributing to increasing the pharmacy and drugstore market growth. As competition has increased from mass merchandisers and supermarkets, as well as from direct mail prescription services, drug stores have been adding value in the form of 24-hour operations and drive-through pharmacies. The US Pharmacy Study measures customer satisfaction with their pharmacy experience across major chain drug stores, mass merchandisers, supermarkets, and mail-order pharmacies. The study shows that retail pharmacy businesses continue to shine when it comes to engaging patient-centric services that drive satisfaction. These convenience factors anticipate the growth of pharmacies and the drugstore market.

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Key Segments -
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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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