Pharmacy Market Trends in Specialty Drugs and Chronic Disease Treatments | 2032 Forecast
- sachi toshniwal
- 4 hours ago
- 4 min read
The pharmacy market comprises the retail and institutional sale of medications—including generic drugs, branded pharmaceuticals, over-the-counter (OTC) products, and therapeutic services—through outlets such as pharmacies, online platforms, and hospital dispensaries. Generics dominate much of this space, offering chemically equivalent but more affordable alternatives to brand-name drugs, which helps reduce healthcare costs and enhance patient access, especially for managing chronic conditions. Government policies, regulatory frameworks like streamlined approval pathways, and the expiration of patents are vital in expanding generic availability and fueling market growth.
According to Fortune Business Insights, the global pharmacy market was valued at USD 2,051.5 billion in 2023 and is projected to grow from USD 2,187.5 billion in 2024 to USD 3,886.3 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.4% during the forecast period. In 2023, North America dominated the market with a 38.26% share.
Top Companies in the Market
Walmart Inc. (U.S.)
CVS Health (U.S.)
Walgreens Boots Alliance, Inc. (U.S.)
Kroger | The Kroger Co (U.S.)
Kaiser Foundation Health Plan, Inc. (U.S.)
Target Brands, Inc. (U.S.)
Bellin Health Systems (U.S.)
Geisinger Health (U.S.)
Rite Aid Corp. (U.S.)
Key Industry Development
In June 2024, Infosys Limited entered into a strategic collaboration with Nihon Chouzai (TSE), one of Japan’s leading dispensing pharmacy chains. This alliance enhanced healthcare access across Japan by strengthening online medication services, marking a significant advancement in digital pharmacy capabilities in the region.
Market Drivers & Restraints
Market Drivers
Several critical factors are propelling the global pharmacy market forward:
Chronic disease prevalence and aging populations: Increased incidence of long-term health conditions like diabetes, hypertension, cardiovascular and respiratory diseases, especially among aging demographics, is fueling sustained demand for prescription medication and pharmacy services. Pharmacists are increasingly involved in medication adherence and dosage management.
Growing healthcare expenditure and pharmaceutical R&D: Investments in R&D have brought new treatments to market, stimulating demand for pharmacies as key distribution channels.
Unlimited expansion of e-pharmacies: Convenience, broader product selections, automatic refills, medication reminders, personalized advice, competitive pricing, and delivery services have made e-pharmacies a popular choice, a trend markedly accelerated during the COVID-19 pandemic.
Market Restraint
Rising drug costs: Escalating prices of prescription drugs are placing financial strain on patients and healthcare systems. Price-sensitive populations, especially in low- and middle-income regions, may forgo essential treatments, reducing market growth. Government-imposed price controls and reimbursement limitations can also curb profitability for pharmacy stakeholders.
Market Report Coverage
The Fortune Business Insights report provides a comprehensive breakdown of the pharmacy market’s size and projected growth trajectory, the key driving and restraining factors at play, trends shaping the sector, and detailed segmentation along multiple axes, including product type, setting, and geography.
Market Competitive Landscape
The pharmacy market is highly competitive, spanning prescription versus over-the-counter (OTC) segments, and various settings such as retail, hospital, and online pharmacies. Established retail chains and emerging digital platforms vie for consumer trust and loyalty, while technological innovation and enhanced healthcare services remain pivotal differentiators.
Market Segments
By Type
Prescription segment: Held the largest share in 2023 thanks to growing demand for long-term medications and specialized drug therapies for chronic conditions, supported by pharmaceutical innovation and aging populations.
OTC segment: Also holds a significant portion of the market, driven by rising self-care awareness, self-medication trends for minor ailments, and expanding distribution via retail and e-commerce channels.
By Setting
Retail pharmacies: Dominated the landscape in 2023 due to wide product assortments, loyalty programs, standardized services, and offerings such as vaccinations and wellness products.
Hospital pharmacies: Captured a substantial share as hospitals see rising patient admissions, often prescribing and dispensing needed medications onsite in specialized environments.
E-pharmacies: Experienced rapid growth—driven by convenience, accessibility, competitive pricing, and tightly integrated telemedicine solutions—making them an increasingly influential segment.
Explore the full research report with detailed insights and TOC: https://www.fortunebusinessinsights.com/pharmacy-market-110942
Market Regional Insights
Regionally, North America led with a commanding revenue of USD 785.0 billion in 2023, supported by high healthcare spending, a high prevalence of chronic diseases, and advanced pharmaceutical R&D infrastructure. Meanwhile, the Asia Pacific region is expected to exhibit the most dynamic growth through 2032, propelled by a rising burden of chronic diseases, improving healthcare infrastructure, and supportive government initiatives in countries like China and India.
Future Market Scope
Looking ahead, the pharmacy industry is poised for sustained expansion, nearly doubling its scale from 2024 to 2032. Growth opportunities lie in e-pharmacy platforms, personalized healthcare offerings, broader prevention-focused OTC products, and continued digital transformation across the sector. Retail chains may increasingly adopt omnichannel and hybrid models to compete effectively with digital entrants, while hospitals and specialty providers could deepen their clinical service integrations. Continued emphasis on cost control and accessibility will be critical, especially in pricing-sensitive markets. Overall, the pharmacy market stands at the crossroads of innovation and challenge. Stakeholders who adapt to evolving consumer expectations, embrace digital solutions, and proactively address affordability barriers are best positioned to thrive in the evolving landscape.
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