Pharmacy Market Size, Share, Growth Analysis, By Product Type(OTC and Prescription), By Pharmacy(Hospital Pharmacy, Retail Pharmacy (Chain, Independent, Others)), By Region - Industry Forecast 2024-2031

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 global pharmacy market is a highly competitive global market driven by many international competitors. Prominent corporations with cutting-edge AI and ML technology are Google, IBM, Microsoft, and NVIDIA. To support a wide range of applications across industries, these industry experts concentrate on creating cutting-edge algorithms, scalable platforms, and reliable infrastructure. Rapid advances in technology, strategic alliances, and large expenditures on research and development define the competitive environment. '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.', 'In April 2024, Cardinal Health declared that it started building its novel distribution center in Columbus. This 3,50,000 square feet center will be the centralized replacement hub for supplying the OTC healthcare products to aid the company’s pharma department. ', 'In May 2024, Optum Rx will introduce a novel drug pricing prototype by 2025. This novel model will be specifically for payers capitalizing on pharmaceuticals more liable. ', 'In July 2024, Humana Inc. announced a fresh agreement with Google Cloud to improve Humana’s cloud architecture and use superior artificial intelligence competencies to speed up innovations.'

Improvements in biotechnology are resulting in greater number of drug developments, mainly biosimilars and biologics that are more reliable and effective for specific health conditions. Moreover, customized and personalized genetic data is growing prominence, which is again impacting the demand for tailored medicines and products. These factors are propelling the growth of the pharmacy market. 

Growing Demand for Personalized Medicines: Genomics testing, and targeted therapies are the leading trends witnessed in the pharmacy market. The increasing use of personalized therapies and treatments is gaining wide popularity, especially in chronic disease management and in oncology. Moreover, the development of biosimilars and biologics provides more efficient and customized treatment options, especially for complex health conditions. 

Geographically, North America dominated the market in the previous years and is expected to lead over the forecast period owing to the strong healthcare infrastructure and increased research and development investments. North America has high-tech healthcare systems with improved facilities and strong emphasis on pharmaceutical modernizations. Major investments are also seen in the region that directly impacts the exploration of novel medications and therapies, mainly in the United States. Further, robust regulatory framework ensures improved drug efficacy and safety that drives consumer confidence. The region also has an increased level of pharmaceutical spending, impacted by the growing cases of chronic illnesses. The key players profiled in the region include CVS Health, Walgreens Boots Alliance, Rite Aid Corporation, Humana, UnitedHealth Group (OptumRx), and more.