According to a new report published by UnivDatos Markets Insights, the Pharmacy market was valued at USD 1070 billion in 2021 & is expected to grow at a CAGR of 4.5% from 2022-2028. The analysis has been segmented into Product Type (Prescription, Over the Counter [OTC]), Pharmacy Type (Hospital Pharmacy, Retail Pharmacy, ePharmacy, Others); Region/Country.

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The pharmacy market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the pharmacy market. The pharmacy market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing market growth. Furthermore, this statistical market research repository examines and estimates the pharmacy market at the global and regional levels.

Key Market Dynamics

At present, there is a growing demand for drugs to treat chronic diseases. Annually, around 17.9 million people died from cardiovascular diseases, followed by cancers (9.3 million), chronic respiratory diseases (4.1 million), and diabetes (2.0 million including kidney disease deaths caused by diabetes) as per the World Health Organization, in 2022. Owing to the increasing aging population and increased medical research and development, the pharmaceutical industry has expanded rapidly. Furthermore, new medications and medicines are being fostered constantly, which provokes a more noteworthy interest in drug store administrations. The pharmacy market has also been significantly affected by the rising number of people with chronic conditions. Diabetes, heart disease, and cancer are examples of chronic conditions that necessitate ongoing treatment and management, leading to an increased demand for pharmacy services. A significant market opportunity for pharmacies has emerged as a result of the rising number of people living with chronic diseases and the rising demand for pharmacy services brought about by the expansion of the pharmaceutical industry.

COVID-19 Impact

The COVID-19 pandemic has had a significant impact on the pharmacy market worldwide. The pandemic has led to a significant increase in the demand for medications and vaccines. Many patients have shifted to telemedicine and have delayed or avoided seeking medical care. Pharmacies have played an important role in providing COVID-19 testing and treatment. For instance, in February 2021, CVS Health Reports stated that around 15 million COVID-19 tests across the nation to date at more than 4,800 CVS Drug store areas with over 50% found in communities with critical requirements for support concurring to the CDC Social Vulnerability Index.

The global pharmacy market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

  • By product type, the pharmacy market is bifurcated into prescription, and over-the-counter (OTC). The over-the-counter segment is expected to grow with a significant CAGR during the forecast period.
  • On the basis of pharmacy type, the market is segmented into hospital pharmacy, retail pharmacy, epharmacy, and others. Among these, retail pharmacy held a significant share of the market in 2021.

Pharmacy Market Geographical Segmentation Includes:

  • North America (U.S., Canada, and the Rest of North America)
  • Europe (Germany, K., France, Italy, Spain, Rest of Europe)
  • Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific)
  • Rest of the World

North America dominated the pharmacy market in 2021 due to the presence of a significant and diverse population in the region establishing a surge in demand for pharmaceutical products and services. In addition, the increasing geriatric population leads to an increased demand for medications and healthcare services. Moreover, the region has a well-established healthcare system that includes a large number of hospitals and clinics, as well as a large number of pharmacies.

Competitive Landscape

The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the pharmacy market. The major players have been analyzed by using research methodologies such as Porter’s Five Forces Analysis for getting insight views on global competition.

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Recent Developments:

  • In June 2022, Pfizer Inc. announced that it strengthens its commitment to United States manufacturing with a USD 120 million investment at its Kalamazoo, Michigan, facility, authorizing U.S.-based production in support of its COVID-19 oral treatment. The investment will expand the production of active pharmaceutical ingredients (API) and registered starting materials (RSMs).
  • In December 2022, Sanofi and Innate Pharma SA collaborated with Sanofi licensing a natural killer (NK) cell engager program targeting B7H3 from Innate’s ANKETTM (Antibody-based NK Cell Engager Therapeutics) platform.

Key questions resolved through this analytical market research report include:

  • What are the latest trends, new patterns, and technological advancements in the pharmacy market?
  • Which factors are influencing the pharmacy market over the forecast period?
  • What are the global challenges, threats, and risks in the pharmacy market?
  • Which factors are propelling and restraining the pharmacy market?
  • What are the demanding global regions of the pharmacy market?
  • What will be the global market size in the upcoming years?
  • What are the crucial market acquisition strategies and policies applied by global companies?
  • What are the descriptive profiles of key companies along with their SWOT analysis?

We understand the requirement of different businesses, regions, and countries, we offer customized reports as per your requirements of business nature and geography. Please let us know If you have any custom needs.

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