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Soaring Demand Set to Propel Pharmacies and Healthcare Stores Market to $1897.79 Billion by 2029
Pharmacies and Healthcare Stores
Pharmacies and Healthcare Stores Market Size Growth Forecast: What to Expect by 2025?
The market size for pharmacies and healthcare stores has seen robust expansion in the recent past. The industry, which will escalate from a value of $1409.32 billion in 2024 to $1509.83 billion in 2025, predicts a compound annual growth rate (CAGR) of 7.1%. The significant growth during the historic period is attributed to the substantial economic progression in emerging markets, the increased expenditure on healthcare, flourishing FDI in retail, and the growth and evolution of the pharmaceuticals industry.
How Will the Pharmacies and Healthcare Stores Market Size Evolve and Grow by 2029?
The market size of pharmacies and healthcare stores is projected to experience substantial growth in the coming years, reaching a value of $1897.79 billion in 2029 with a compound annual growth rate (CAGR) of 5.9%. This growth trajectory in the forecasted period can be attributed to factors such as an aging population, an increased prevalence of diseases, a rising trend of franchise concepts, and the burgeoning popularity of Epharmacy. In addition, future trends also point towards the potential use of medicine vending machines to serve customers in remote areas, the development of advanced technological solutions to solidify market positioning, embracing novel technologies to enhance service, ensuring optimum stock availability to drive down costs, focusing on automation to streamline operations within the store and forming strategic partnerships with other firms to extend their geographical footprint and boost sales.
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What Drivers Are Propelling the Growth of Pharmacies and Healthcare Stores Market Forward?
The growth of the pharmacies and healthcare stores market is anticipated to be spurred on by the increasing elderly population. This demographic shift, characterized by a significant surge in individuals aged 65 and above, is caused by improved healthcare leading to longer lifespans, reducing birth rates, the maturing of the baby boomer generation, and enhanced living conditions promoting longevity and better health. Pharmacies and healthcare stores play a vital role in catering to the needs of the older population by offering necessary medicines, health check-ups, and bespoke consultations to manage age-related chronic conditions. For example, a projection by the United Nations, a US-based international body, in January 2023, indicated that the global population of those aged 65 and above would likely more than double, escalating from 761 million in 2021 to around 1.6 billion by 2050. Moreover, the population segment aged 80 and above displays an even faster growth rate. Hence, this upward trend in the elderly population is accelerating the expansion of the pharmacies and healthcare stores market.
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Which Emerging Trends Are Transforming the Pharmacies and Healthcare Stores Market in 2025?
Leading corporations in the pharmacies and healthcare stores sector are introducing innovative pharmacy outlets, such as digital pharmacy stores, to broaden their services and improve customer engagement. Digital pharmacy stores constitute online platforms or apps that provide the public with access to pharmaceutical services and goods through the internet. For example, in January 2024, Eli Lilly and Company, a pharmaceutical firm originating from the US, unveiled LillyDirect, a virtual healthcare platform developed to augment access to treatments for patients suffering from diabetes, obesity, and migraines. This platform includes a digital pharmacy allowing patients to request specific Lilly medications for home delivery at zero delivery charge, coupled with telehealth facilities for remote discussions with independent service providers. Moreover, LillyDirect provides educational materials and tools designed to guide patients in locating local healthcare professionals.
What Are the Key Segments in the Pharmacies and Healthcare Stores Market?
The pharmacies and healthcare stores market covered in this report is segmented -
1) By Type: Pharmacies And Drug Stores, Food (Health) Supplement Stores, Other Healthcare And Personal Care Stores
2) By Ownership: Retail Chain, Independent Stores
3) By drug type: Prescription Drugs, Over-The-Counter (OTC) Drugs
Subsegments:
1) By Pharmacies And Drug Stores: Retail Pharmacies, Chain Drug Stores, Independent Pharmacies
2) By Food (Health) Supplement Stores: Vitamin And Mineral Stores, Herbal Supplement Stores, Sports Nutrition Stores
3) By Other Healthcare And Personal Care Stores: Health And Wellness Stores, Personal Care Product Stores, Beauty Supply Stores
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Who Are the Key Players Shaping the Pharmacies and Healthcare Stores Market's Competitive Landscape?
Major companies operating in the pharmacies and healthcare stores market include Walgreens Boots Alliance Inc., CVS Health Corporation, McKesson Corporation, The Kroger Company, Rite Aid Corporation, Loblaw Companies Limited, Welcia Holdings Co., Ltd., Dirk Rossmann GmbH, TSURUHA Holdings, Inc., Albertsons Companies, Inc., JD Health, Sinopharm Group Company, Shanghai Pharmaceuticals, Yifeng Pharmacy, Tongrentang Group, Shanghai Modern Pharmaceutical, Kangmei Pharmaceutical, Jumei International Holding, GlaxoSmithKline (GSK), Nordic Pharma Group, Phoenix Pharma Group, Bayer, DocMorris, Medpex, Zentiva, Rigla Pharmacy Chain, Erka Pharm, Doz Pharma, Costco Wholesale, Thumbay Pharmacy, Aster Pharmacy, Al Manara Pharmacy, Supercare Pharmacy, Tadawi Group, Nahdi Medical Company, Chemipal Ltd., Dis-Chem, Medirite Courier Pharmacy Service, Alphapharm, United Company of Pharmacists, MedSource Group Ltd, Goodlife Pharmacy
What Geographic Markets Are Powering Growth in the Pharmacies and Healthcare Stores Market?
North America was the largest region in the pharmacies and healthcare stores market in 2024. Western Europe was the second-largest region in the pharmacies and healthcare stores market. The regions covered in the pharmacies and healthcare stores market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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