Pharmacy Market to Exceed USD 2.2 Trillion with a CAGR of 7.3% by 2031

Pharmacy Market size was valued at around USD 1.25 trillion in 2023 to reach a value of USD 2.2 trillion by 2031, at a CAGR of 7.3% over the forecast period (2024-2031)
[https://www.skyquestt.com/report/pharmacy-market] size was valued at around USD 1.25 trillion in 2023 to reach a value of USD 2.2 trillion by 2031, at a CAGR of 7.3% over the forecast period (2024-2031). The pharmacy market has taken a big leap into digital transformation. To support this, several key participants are actively investing in key digital health topics like telemedicine, EHRs, and more for better patient management and their outcomes. The market is engaged in both over-the-counter medications and prescription medicines and is witnessing speedy changes. With the latest data, the market is valued in trillions and continues to progress owing to factors like the increasing chronic disease incidences, growing elderly population, and improvements in pharmaceutical technology and research.

The top trends impacting consultations and remote prescription management are telemedicine and telepharmacy. These trends are also significantly driven by COVID-19 pandemic and will continue to rise, which will enhance convenience and accessibility in the future. The pharmacy market is experiencing the integration of automation like robotic dispensing systems, enhancing patient safety, accuracy, and efficiency, along with automated medical management. It also aids address the lack of workforce and decreases human errors. Moreover, the heavy focus on health maintenance and preventive medicine are a few other trends in the market. Pharmacies are making efforts to expand their roles to comprise vaccinations, health screenings, and several wellness programs. The trends also include the rise of digital platforms and e-pharmacy for effective delivery of medicines. This convenience further fuels market growth.

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Enhancements in Digital Health Solutions, Personalized Medicine

The past decade has witnessed a notable growth in deployment of telepharmacy services, allowing remote consultations, prescription refills, and better medication handling. This has improved accessibility for consumers and streamlined its usage, making it a suitable solution. Integration of health monitoring apps and several wearables in routine lives of users is also supporting better management and personalized health tracking of different types of chronic illnesses. Also, there have been notable advancements in biosimilars since a greater number of drugs are gaining approvals, offering affordable treatments and medicines than costly biologics. Furthermore, the modernizations in pharmacogenomics help develop precise medicine choices on personal genetic profiles for better therapeutic outcomes and fewer side-effects.

In May 2023, Cardinal Health introduced advanced payment solutions by Square to aid autonomous pharmacies stay updated with customer payment choices, increase their operational efficiency, and access integrated software technologies for business.

In September 2022, AmerisourceBergen Corporation acquired PharmaLex Holding GmbH, for Euro 1.28 billion, subject to specific customary adjustments.

In February 2024, CenterWell Pharmacy introduced a novel mobile application that will allow customers to manage their prescriptions efficiently irrespective of location and time.

In September 2022, McKesson Corporation obtained Rx Savings Solutions (RxSS). This will allow McKesson's competencies to effectively address several medical barriers related to access, affordability, and adherence.

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This report covers the following segments:

A. Product Type

OTC

Prescription

B. Pharmacy

Hospital Pharmacy

Retail Pharmacy (Chain, Independent, Others)

E-Pharmacy and Others

The report covers the following players:

CVS Health Corporation

Walgreens Boots Alliance, Inc.

AmerisourceBergen Corporation

CVS Health Corporation

Walgreens Boots Alliance, Inc.

AmerisourceBergen Corporation

McKesson Corporation

Cardinal Health, Inc.

Rite Aid Corporation

OptumRx, Inc.

Humana Inc.

Groupe Pharmagest S.A.

MedImpact Healthcare Systems, Inc.

Maxor National Pharmacy Services, LLC

AllianceRx Walgreens Prime

Benzer Pharmacy

Kroger Health

HealthWarehouse.com, Inc.

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Shift Towards Highly Personalized and Technologically Enhanced Pharmacy Help Market Growth

In summary, advancements like telepharmacy, mRNA therapies, and e-pharmacies are changing the way medicines are managed, developed, and delivered. Also, the emphasis on the integration of data analytics and AI and sustainability are bettering patient outcomes. These trends present a shift towards a highly accessible, personalized, and technologically improved pharmacy market, enhancing well-being and overall healthcare delivery for patients.

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