Summary

The pharmacy market is expected to grow at a strong CAGR of around 4.5% during the forecast period. The development of the pharmacy industry has been significantly influenced by technological advancements and the expansion of ePharmacy. The practice of buying and selling prescription drugs and other healthcare products over the internet is referred to as ePharmacy, which is also known as online pharmacy or internet pharmacy. For instance, Phoenix UK bought Co-op Health in March 2021, a digital prescription service that lets people order medication online or through an app for pickup at a nearby pharmacy or home delivery. An increase in the number of people who prefer to buy their medications online is due to the ease of use offered by ePharmacy. Therefore, pharmacies now have new opportunities to grow their customer base and raise awareness of consumer behavior. Moreover, the development of ePharmacy has also been significantly influenced by technology. Pharmacies now have easy access to patient data recognizing the development of electronic health records (EHRs), which can boost prescription accuracy and safety that will drive the pharmacy market. The key players have rapidly adopted strategic alliances such as collaboration, and joint venture, to maintain a competitive edge in the global market. For instance, in December 2021, Pfizer acquired Arena Pharmaceutical, a clinical-stage company developing innovative potential therapies for the treatment of several immuno-inflammatory diseases.

Some of the major players operating in the market include Pfizer Inc.; Johnson & Johnson Services, Inc.; CVS Health; Novartis AG; Sanofi; GSK plc.; AstraZeneca; AbbVie Inc; F. Hoffmann-La Roche Ltd. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report
“Amongst product type, the over-the-counter segment is expected to grow with a significant CAGR during the forecast period”
Based on 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. This is mainly due to the increasing demand for pharmacy products like health supplements, vitamins, and personal care items. In addition, the rising awareness and interest in preventative healthcare has increased that increasing the demand for over-the-counter products like flu shots, and healthcare supplements.

“Amongst technology, retail pharmacy held a significant share of the market in 2021”
By 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. This is mainly due to the increasing demand for convenience and the need to minimize exposure to infectious diseases.

“North America dominated the pharmacy market in 2021”
North America dominated the pharmacy market in 2021 due to the increased demand for smart devices due to technological advancements and overall consumer awareness. Considering the rapid growth prospects of the region in every aspect, growth is mainly attributed to favorable conditions of development in terms of recovery of the residential market and better affordability coupled with rising penetration of pharmacies in North America over the forecasted period.

Reasons to buy this report:
• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:
The global pharmacy market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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