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Pharmacies and Drug Stores Global market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company's Pharmacies and Drug Stores Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
The pharmacies and drug stores market size is expected to see strong growth in the next few years. It will grow to $1662.63 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%.” - The Business Research Company
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The pharmacies and drug stores market has experienced significant growth in recent years. It is projected to increase from $1,224.73 billion in 2023 to $1,304.99 billion in 2024, reflecting a compound annual growth rate (CAGR) of 6.6%. The growth during the historical period can be attributed to factors such as an aging population, rising healthcare demands, expanded health insurance coverage, increased awareness of preventive healthcare, the prevalence of chronic diseases, and the convenience offered by retail pharmacies.
How Much Will the Global Pharmacies and Drug Stores Market Grow, and What Is the Predicted Annual Growth Rate?
The pharmacies and drug stores market is anticipated to experience robust growth in the coming years, reaching $1,662.63 billion by 2028 at a compound annual growth rate (CAGR) of 6.2%. This projected growth can be attributed to the rise of telehealth and remote consultations, the expansion of health and wellness services, increased consumer emphasis on self-care, the integration of pharmacies into healthcare networks, and shifts in healthcare behavior driven by the pandemic.
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What Are The Top Drivers Contributing To The Growth Of The Pharmacies and Drug Stores Market?
The expanding aging population and rising health awareness worldwide are expected to fuel the growth of the pharmacies and drug stores market. Older individuals are more susceptible to various health conditions, increasing their reliance on pharmacies and drug stores, which in turn positively impacts the market. As highlighted in the Global Health and Aging report, the number of people aged 65 and older is projected to reach nearly 1.5 billion by 2050, with the majority of this growth occurring in developing nations.
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Which Companies Are Leading Growth in the Pharmacies and Drug Stores Market?
Key players in the pharmacies and drug stores market include CVS Health Corporation, McKesson Corporation, AmerisourceBergen Corporation, Cardinal Health Inc., Walgreens Boots Alliance Inc., Alliance Boots GmbH & Co. KG, Rite Aid Corporation, AS Watson Group, Shoppers Drug Mart Corporation, Matsumotokiyoshi Holdings Co. Ltd., Phoenix Group Holdings Limited, MedPlus Health Services Inc., Diplomat Pharmacy Inc., Rexall Sundown Inc., PharMerica Corporation, Kinney Drugs Inc., Bartell Drugs Inc., China Nepstar Holding Company Limited, Progressive Care Inc.
What Are the Key Trends Defining the Pharmacies and Drug Stores Market Size?
Major companies operating in the pharmacies and drug stores market are introducing AI-powered pharmacy dispensing platforms, such as the Fred Dispense Plus platform to improve efficiency and clinical decision-making. The Fred Dispense Plus is an AI-powered pharmacy dispensing platform used to enhance the efficiency and accuracy of pharmacy dispensing processes.
What Are The Key Segments Of The Global Pharmacies and Drug Stores Market?
1) By Drug Type: Prescription Drugs, OTC drugs
2) By Type: Community Pharmacy, Hospital Pharmacy, Clinical Pharmacy, Industrial Pharmacy, Compounding Pharmacy, Consulting Pharmacy, Ambulatory Care Pharmacy, Regulatory Pharmacy, Home Care Pharmacy
3) By Product Type: Skin Care, Cold and Flu, Dental, Weight Loss, Vitamins, Other Product Types
Geographical Highlights: Asia-Pacific Leading Pharmacies and Drug Stores Market
Asia-Pacific was the largest region in the market in 2023. North America was the second-largest region in the market share. The regions covered in the market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is The Definition And Scope Of The Pharmacies and Drug Stores Market Overview?
A pharmacy is a place where individuals can obtain prescription medications, which may be situated within a grocery store, drugstore, chemist, or other establishments. A drug store, on the other hand, primarily focuses on selling pharmaceuticals, medicines, and related products. Drug stores typically feature a dedicated prescription department and ensure that a registered pharmacist is always present on-site.
The Pharmacies and Drug Stores Global Market Report 2024 from The Business Research Company includes the following key information:
. Market size data for both historical and future periods
. Analysis of both macro and microeconomic factors that have impacted the market over the past five years
. Regional market analysis covering Asia-Pacific, China, Western Europe, Eastern Europe, North America, the USA, South America, and the Middle East and Africa
. Country-specific market analysis for Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Overview of the Global Pharmacies and Drug Stores Market Report: Trends, Opportunities, Strategies, and More
The Pharmacies and Drug Stores Global Market Report 2024 from The Business Research Company is an extensive resource that delivers insights into pharmacies and drug stores market size, pharmacies and drug stores market drivers and trends, pharmacies and drug stores competitors' revenues, and pharmacies and drug stores market growth across geographies. This report provides valuable in-depth insights into potential opportunities and strategies. Companies can utilize the information presented to target segments with the greatest growth potential.
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What Services Does The Business Research Company Offer?
The Business Research Company has published more than 15,000 reports spanning 27 industries and over 60 regions. Our research is supported by 1.5 million datasets, thorough secondary research, and unique insights gained from interviews with industry experts. We offer ongoing and customized research services, featuring a variety of specialized packages designed to meet your specific needs, such as Market Entry Research, Competitor Tracking, Supplier & Distributor Packages, and many others.
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Oliver Guirdham
The Business Research Company
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