Pharmacy Market

Pharmacy Market size was valued at $ 1.25 Trillion in 2023 to reach a value of USD 2.2 Trillion by 2031, at a CAGR of 7.3% over the forecast period (2024–2031).

WESTFORD, MA, UNITED STATES, September 20, 2024 /EINPresswire.com/ -- Global Pharmacy Market size was valued at around USD 1.2 trillion in 2022 and is expected to rise from USD 1.25 trillion in 2023 to reach a value of USD 2.2 trillion by 2031, at a CAGR of 7.3% over the forecast period (2024–2031).

The pharmacy market is experiencing a major transformation impacted by recent trends that reflect notable shifts in technology, healthcare practices, and consumer behavior. The market is also transforming with trends like improvements in drug delivery tools, growth and expansion of e-commerce, and increased focus on sustainability and several green practices.

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Pharmacy Market Segmental Analysis
Global Pharmacy Market is segmented by Product Type and Pharmacy Type, and region.

Based on Product Type, the market is segmented into OTC and prescription.

Based on Pharmacy Type, the market is segmented into Hospital Pharmacy, Retail Pharmacy (Chain, Independent, Others), E-Pharmacy and Others.

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.

Growth of Specialty Drugs and Personalized Medicine
Specialty medicines like advanced therapies and biologics are witnessing accelerated growth due to growing consumer demand. These drugs are mostly designed for complicated conditions and need expert handling, triggering an inclination towards high-value treatments. Advances in genomics and biotechnology demand personalized medications. Customized treatments for personal genetic profiles lower the ill-effects and enhance efficacy. This increases the demand for specialty pharmaceuticals.

Improved Therapies and Regenerative Medicines to Grow over 4-5 years
The evolving fields like cell therapies, gene editing, and regenerative medicine will gain prominence over the coming 5 years. They will offer novel treatment options for currently untreatable health conditions. These therapies and techniques will gain significant investment for the introduction of more effective medicines. Continuous focus on sustainability will also impact market growth. Companies will also rigorously adopt ecological practices like lowering packaging wastage.

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The report covers the following players:
• CVS Health Corporation
• Walgreens Boots Alliance, Inc.
• AmerisourceBergen Corporation
• CVS Health Corporation
• Walgreens Boots Alliance, Inc.
• AmerisourceBergen Corporation
• McKesson Corporation
• Cardinal Health, Inc.
• Rite Aid Corporation
• OptumRx, Inc.
• Humana Inc.
• Groupe Pharmagest S.A.
• MedImpact Healthcare Systems, Inc.
• Maxor National Pharmacy Services, LLC
• AllianceRx Walgreens Prime
• Benzer Pharmacy
• Kroger Health
• HealthWarehouse.com, Inc.

Enhanced Drug Delivery Systems and Rise of Specialty Drugs
Presently, a significant growth is witnessed in the use and development of specialty medicines, comprising improved therapies and biologics for rare health conditions. Improvements in cell therapies, gene therapies, and regenerative medicine are aiding the emergence of novel treatments to treat untreatable diseases. Moreover, advancements in technologies for drug delivery like long and smart-acting formulations are enhancing treatment outcomes and patient compliance.

Improvements in Biotechnology and Integration of ML and AI over Next 10 years
Biotechnology will drive innovation with key growth domains like RNA-based treatments, gene therapies, and advanced biologics. These improvements will result in novel treatment approaches for several rare and complex diseases. Moreover, machine learning and artificial intelligence are expected to play a key role in drug development, discovery, and personalized treatment. These emerging technologies will boost precision in detecting drug participants, enhancing trials, and forecasting patient responses.

Latest Headlines and Headlights
In July 2024: MedImpact Healthcare Systems Incorporation announced that it finished the acquisition of Elixir Solutions. This integration was important for protecting over 1000 jobs which were at risk previously because of the bankruptcy of Rite Ad.

In May 2024: AbbVie announced that it finished acquiring Landos Biopharma for the achievement of clinical development breakthrough. The acquisition will accelerate the ongoing trials of Landos Biopharma for better treatment approaches.

In March 2022: Albertsons Companies launched novel program, allowing users to purchase OTC medicines with supplemental advantages in their pharmacy stores. This allows consumers to use prepaid cards medical providers, for employer incentives, and local governments.

In March 2023: Emergent BioSolutions, stated that it received the U.S. FDA approval for ‘Narcan (4 mg)’. The novel nasal spray (naloxone hydrochloride) can be easily accessed from OTC and is the sole naloxone device approved.

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This report covers the following segments:
A. Product Type
1. OTC
2. Prescription

B. Pharmacy
1. Hospital Pharmacy
2. Retail Pharmacy (Chain, Independent, Others)
3. E-Pharmacy and Others

Integration of Digital Health Technologies to Impact Patient’s Medication Management
In summary, the recent trends in pharmacy highlight major transformations and innovations. The incorporation of digital health technologies like mobile applications and telemedicine is changing the way individuals manage their treatments. Improvements in biotechnology and personalized medicine are propelling the emergence of novel customized treatments and e-pharmacies. The future of the pharmacy market is projected to be impacted by these trends and opportunities.

Related Report:
Pharmaceuticals Market is growing at a CAGR of 5.9% in the forecast period (2024-2031).

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