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Pharmacy Market CAGR is Estimated to be 5% by 2035, Due To The Growing Demand For Effective Treatment Options For Various Chronic Diseases | Roots Analysis
Recent trends in the global pharmacy industry showcase a growing emphasis on personalized treatments, sustainability and rise in the number of online pharmacies. Consumers are increasingly seeking personalized services and offers from pharmacies owing to the advantages such as, increased convenience and potential savings. Recently, sustainability emerged as one of the key focus areas in the pharmacy industry with pharmacists taking proactive steps towards minimizing the environmental impact of medicines. It is worth mentioning that the online pharmacy market size is expanding significantly, with more consumers adopting online pharmacy platforms to purchase of medicines and other health and hygiene products. This is primarily driven by the discounted prices, free shipping options and doorstep delivery offered by such pharmacies.
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Pharmacy Market Segments
Based on the type of pharmacy, the market is segmented into retail pharmacy, e-pharmacy, hospital pharmacy and other pharmacies.
1. The retail pharmacy segment is likely to dominate the pharmacy market, capturing 48% of the overall market share, by 2035.
2. The e-pharmacy segment is anticipated to be the fastest growing segment in this industry, with annualized rate (CAGR) of 6.3%, during the forecast period.
Based on the type of product offered, the market is segmented into drugs / pharmaceuticals, medical devices and other pharmacy products.
1. The drugs / pharmaceuticals market segment is likely to dominate the pharmacy market, capturing 63% of the overall market share, by 2035.
2. The medical devices segment is anticipated to be the fastest growing segment in this industry, with annualized rate (CAGR) of 6.2%, during the forecast period.
Based on availability, the market is segmented into prescription products and over-the-counter products.
1. The prescription products market segment is likely to dominate the pharmacy market, capturing 70% of the overall market share, by 2035.
2. The over-the-counter products segment is anticipated to be the fastest growing segment in this industry, with annualized rate (CAGR) of 5.2%, during the forecast period.
Based on the type of drug, the market is segmented into branded / patented drugs and generic drugs.
1. The branded / patented drugs market segment is likely to capture the majority (80%) share of the drugs / pharmaceuticals market in the overall pharmacy market in 2024.
2. The generic drugs segment is anticipated to be the fastest growing segment in this industry, with annualized rate (CAGR) of 4.9%, during the forecast period.
Based on the type of drug molecule, the market is segmented into small molecules and biologics.
1. The small molecules market segment is likely to capture the majority (75%) share of the drugs / pharmaceuticals market in the overall pharmacy market in 2024.
2. The biologics segment is anticipated to be the fastest growing segment in this industry, with annualized rate (CAGR) of 8.2%, during the forecast period.
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Based on the type of e-pharmacy platform, the market is segmented into app-based and web-based platforms.
1. The app-based platforms market segment is likely to capture the majority (60%) share of the e-pharmacy market in the overall pharmacy market in 2024.
2. The web-based platforms segment is anticipated to be the fastest growing segment in this industry, with annualized rate (CAGR) of 6.9%, during the forecast period.
Based on the therapeutic area, the market is segmented into oncological disorders, cardiovascular disorders, neurological disorders, infectious diseases, metabolic disorders, respiratory disorders, dermatological disorders, genetic disorders, autoimmune / inflammatory disorders and other disorders.
1. The oncological disorders market segment is likely to dominate the pharmacy market, capturing 17% of the overall market share, by 2035.
2. The genetic disorders segment is anticipated to be the fastest growing segment in this industry, with annualized rate (CAGR) of 5.9%, during the forecast period.
Pharmacy Market Regional Outlook
Based on the geographical regions, the pharmacy market can be segmented into five major regions, including North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America. Led by the US, North America is anticipated to capture the majority share of the pharmacy market in 2024. The growth of the pharmacy market in North America is driven by the growing prevalence of chronic diseases in the North American population, financial capacity to invest in advanced healthcare technologies and infrastructure, and partnerships and collaborations established by various stakeholders in this region.
Key Report Takeaways
1. More than 70% of the key pharmacy players are large companies with more than 500 employees; of these, close to 45% of the players are publicly-listed companies
2. In order to gain competitive advantage, companies are continuously upgrading their capabilities in order to advance their pharmacy products and service portfolios
3. Value chain analysis, a strategic blueprint that streamline processes, harnesses innovation and ensures seamless delivery of cutting-edge pharmaceuticals and medical devices to patients across the globe
4. Driven by the rising prevalence of chronic diseases coupled with rapidly growing aging population and increasing demand for digital platforms, the pharmacy market is poised to witness steady growth in foreseeable future
5. The pharmacy market is anticipated to grow at a CAGR of 5%, till 2035; retail pharmacy segment is expected to capture the majority share (close to 50%) of the market by 2035
6. The anticipated future opportunity in the pharmacy domain is expected to be well distributed across multiple segments, such as type of drug, drug molecule and e-pharmacy platform
7. The anticipated future opportunity in the pharmacy domain is expected to be well distributed across multiple segments, such as therapeutic area, key players and geographical regions
8. A comprehensive set of profiles of prominent / emerging players offer valuable insights into their current strategic focus and future initiatives, empowering stakeholders with crucial information
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Pharmacy Market Key Players
Examples of key companies engaged in the pharmacy market (which have also been profiled in this market report; the complete list of companies is available in the full report) include AS Watson, Cigna, CVS Health, Dr. Max, Kroger, Matsumoto Kiyoshi, Phoenix, Rite Aid, Walgreens Boots Alliance and Well Pharmacy
Contact Details
Gaurav Chaudhary
Email: Gaurav.chaudhary@rootsanalysis.com or sales@rootsanalysis.com
Website: https://www.rootsanalysis.com
About Roots Analysis
Roots Analysis is a global leader in the pharma / biotech market research. Having worked with over 750 clients worldwide, including Fortune 500 companies, start-ups, academia, venture capitalists and strategic investors for more than a decade, we offer a highly analytical / data-driven perspective to a network of over 450,000 senior industry stakeholders looking for credible market insights. All reports provided by us are structured in a way that enables the reader to develop a thorough perspective on the given subject. Apart from writing reports on identified areas, we provide bespoke research / consulting services dedicated to serve our clients in the best possible way.
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