Pharmacy is Expected to Showcase a CAGR Of 26.0% due to the Rapid Growth in the Pharmaceutical Industry and Increasing Number of People Suffering from Chronic Diseases | Univdatos Market Insights
- Himanshu Patni
- May 16, 2023
- HEALTHCARE, NEWS
- Pharmacy Market, Pharmacy Market Forecast, Pharmacy Market Growth, Pharmacy Market Outlook, Pharmacy Market Report, Pharmacy Market Share, Pharmacy Market Size, Pharmacy Market Trends
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The Asia-Pacific region witnesses a sharp rise in the demand for pharmacy services due to various factors. First, the population of the region is increasing, leading to an increase in the number of people suffering from chronic diseases such as diabetes, heart disease, cancer, and others. In addition, this has created a demand for medicines to cope with these conditions use and treatment has increased dramatically. Generic drugs are increasing in popularity due to their lower cost compared to brand-name drugs. For instance, in July 2021, Generic Ferumoxytol, was launched an injectable drug used to treat iron deficiency anemia (IDA) in the U.S. by Sandoz. This has increased the demand for generic medicines, which has boosted the pharmaceutical industry as pharmacies play an important role in providing patients with access to those medicines in this case.
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Further, the Pharmacy market was valued at USD 1070 billion in 2021 & is expected to grow at a CAGR of 4.5% from 2022-2028. APAC is anticipated to emerge as the fastest-growing pharmacy market primarily owing to the spur in demand for generic medicines in China, India, and Japan coupled with the growth of the e-pharmacy sector such as online pharmacies and telemedicine. Moreover, the rise in healthcare infrastructure is also contributing to the growth of the pharmaceutical industry in the Asia-Pacific region. As more people gain access to health care, the demand for pharmacy services also increases.
FIG. 1 APAC Pharmacy Market Revenue (2020-2028)- USD Mn
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Based on product type, the pharmacy market is bifurcated into prescription, and over the counter (OTC). The prescription segment held a significant share of the market in 2021 with the highest market share. It is attributed to the increasing demand for medical products and services, such as healthcare products, pharmaceuticals, and medical devices along with the rise in chronic diseases and an aging population that will drain pharmaceutical products high as more people need regular medications.
By pharmacy type, the market is segmented into hospital pharmacy, retail pharmacy, epharmacy, and others. Among these, hospital pharmacy is expected to grow with a significant CAGR during the forecast period. This is mainly due to hospital pharmacies adopting technologies to improve patient safety and health outcomes by providing some patients access to the right medications, in the right amounts and at the right time.
Global Pharmacy Market Segmentation
Market Insight, by Product Type
· Over the Counter (OTC)
Market Insights, by Pharmacy Type
· Hospital Pharmacy
· Retail Pharmacy
Market Insight, by Region
· North America
o Rest of North America
o Rest of Europe
o Rest of APAC
· Rest of the World
Top Company Profiles
· Pfizer Inc.
· Johnson & Johnson Services, Inc.
· CVS Health
· Novartis AG
· Merck & Co., Inc.
· GSK plc.
· AbbVie Inc.
· F. Hoffmann-La Roche Ltd
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