Pharmacy Market Size Worth $1,422.1 Billion By 2028 | CAGR 4.3%: Grand View Research, Inc.

Pharmacy Market Size Worth $1,422.1 Billion By 2028 | CAGR 4.3%: Grand View Research, Inc.

PR Newswire

SAN FRANCISCO, Jan. 10, 2022

SAN FRANCISCO, Jan. 10, 2022 /PRNewswire/ -- The global pharmacy market size is expected to reach USD 1,422.1 billion by 2028, registering a CAGR of 4.3% from 2022 to 2028, according to a new report by Grand View Research, Inc. Rapid growth in the ePharmacy market is a major parameter driving the market. Drastic growth in the online purchases of medicines during the COVID-19 pandemic along with increasing adoption of digital technologies is supporting the adoption of ePharmacies. In addition, major eCommerce companies are entering the ePharmacy industry, thereby supporting market growth potential.

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Key Insights & Findings from the report:

Read 150 page market research report, "Pharmacy Market Size, Share & Trends Analysis Report By Product Type (Prescription, OTC), By Pharmacy Type (Retail, ePharmacy), By Region (North America, APAC), And Segment Forecasts, 2022 - 2028", by Grand View Research

For instance, in November 2020, Amazon launched an online pharmacy known as Amazon Pharmacy for selling prescription drugs in the U.S. Pharmacies are adopting different automation systems and robots for automated packaging, labeling, filling and dispensing to improve pharmacy efficiency and reduce prescription filling time. For instance, in January 2021, Walgreens Boots Alliance, announced a major investment in iA, an automation provider for hospital, retail, mail order, and federal healthcare pharmacies. Moreover, pharmacies are offering customized support and personalized services using Artificial Intelligence (AI) and mobile applications.

Many pharmacies have started introducing clinical programs for improving adherence to medications and enhancing health outcomes. In addition, they are increasing patient engagement with subscription and loyalty programs. Pharmacies are offering prescription refills over the internet through websites, mobile applications, and automated telephonic systems. Increasing adoption of automation technologies and digitalization initiatives by key players are driving the growth of the market.

Market Segmentation:

Grand View Research has segmented the global pharmacy market on the basis of product type, pharmacy type, and region:

List of Key Players of Pharmacy Market

Check out more studies related to pharmacies, published by Grand View Research:

Browse through Grand View Research's coverage of the Global Pharmaceuticals Industry.

Gain access to Grand View Compass, our BI enabled intuitive market research database of 10,000+ reports

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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