Emphasis on Product Type (Prescription, Over the Counter [OTC]), Pharmacy Type (Hospital Pharmacy, Retail Pharmacy, ePharmacy, Others); and Region/Country
The Pharmacy Market was valued at USD 1070 billion in 2021 and is expected to grow at a CAGR of 4.5% from 2022-2028. 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.
Pharmacy Market Report Coverage
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1. Market Introduction
2. Research Methodology Or Assumption
3. Market Synopsis
4. Executive Summary
5. Global Pharmacy Market Covid-19 Impact
6. Global Pharmacy Market Revenue, 2020-2028f
7. Market Insights By Product Type
8. Market Insights By Pharmacy Type
9. Market Insights By Region
10. Pharmacy Market Dynamics
11. Pharmacy Market Opportunities
12. Pharmacy Market Trends
13. Demand And Supply-side Analysis
14. Value Chain Analysis
15. Pricing Analysis
16. Strategic Insights
17. Competitive Scenario
18. Company Profiled
19. Disclaimer
Research Methodology for the Pharmacy Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global pharmacy market were the three major steps undertaken to create and analyze the adoption of pharmacy in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global pharmacy market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the pharmacy market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the pharmacy market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as product type, and pharmacy type. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the pharmacy market. Further, we conducted factor analysis using dependent and independent variables such as product type, and pharmacy type of the pharmacy market. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the pharmacy market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global pharmacy market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global pharmacy market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of product type, and pharmacy type in the global pharmacy market.
The main objective of the Global Pharmacy Market Study
The current & future market trends of the global pharmacy market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
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