Pharmacies - Worldwide | Statista Market Forecast

The Pharmacies market is anticipated to achieve a staggering revenue of US$1.45tn by the year 2024.
This projection is based on the expected annual growth rate (CAGR 2024-2029) of 4.21%, which would result in a market volume of US$1.79tn by 2029.
In a global context, United States is poised to generate the highest revenue, amounting to US$387.30bn in 2024.
This highlights the significant contribution of the US market worldwide Pharmacies market industry.
To put these numbers into perspective, the per person revenue in the Pharmacies market sector is estimated to be US$187.60 in 2024, considering the total population figures.
This indicates the individual financial impact of the market on a global scale.
The worldwide pharmacy market is seeing a surge in demand for online pharmacies, with countries like the United States leading the way in this trend.

Definition:
Pharmacies are physical or digital places where mainly pharmaceuticals and medical products are sold. Additionally, they also sell other items that are generally found in a pharmacy, such as food supplements, cosmetic products, and other health-related goods. A large proportion of pharmaceuticals are only available on prescription; the rest of the product range of pharmacies is sold over the counter (OTC). Besides selling products, pharmacies also advise customers, inform them about undesirable effects of the products, and detect possible interactions with other medicines.

Structure:
The Pharmacies market consists of two markets: Prescriptions Drugs and OTC Products. The Prescription Drugs market covers all products – mainly pharmaceuticals – that are only available on prescription. The OTC Products market comprises all products that are sold over the counter (OTC), including pharmaceuticals, medical devices, and other items that are generally found in a pharmacy.

Additional information:
The KPIs shown include revenue, revenue growth, average revenue per pharmacy, average revenue per capita, number of pharmacies, pharmacy density, users, and the online sales share for the OTC Products market. Revenues are generated through offline and online spending by (B2C) consumers and include VAT. B2B and B2G sales as well as other pharmaceutical sales through hospitals or retail stores, such as supermarkets, are not included.
For more information on the data displayed, use the info button next to the boxes.

Prescription pharmaceuticals
Prescription medical products
OTC pharmaceuticals
OTC medical products
Pharmacy-usual items

Services such as vaccinations
Sales through hospitals or retail stores

The Pharmacies market in worldwide is experiencing significant growth and development due to various factors.

Customer preferences: Customers in the Pharmacies market in worldwide are increasingly seeking convenience and accessibility. They prefer to have easy access to a wide range of healthcare products and services in one place. This includes prescription medications, over-the-counter drugs, health supplements, and personal care products. Customers also value personalized advice and recommendations from pharmacists, as well as the ability to order medications online and have them delivered to their doorstep.

Trends in the market: One of the key trends in the Pharmacies market in worldwide is the integration of technology. Pharmacies are adopting digital solutions to enhance efficiency and improve customer experience. This includes online platforms for medication ordering and delivery, as well as electronic health records to streamline patient information. Additionally, pharmacies are leveraging data analytics to gain insights into customer preferences and optimize their product offerings. Another trend in the market is the increasing focus on preventive healthcare. Pharmacies are expanding their product portfolios to include a range of wellness and preventive care products. This includes vitamins, supplements, and health monitoring devices. Pharmacies are also offering services such as health screenings and vaccinations to help customers proactively manage their health.

Local special circumstances: In different countries and regions, there are unique circumstances that impact the Pharmacies market. For example, in countries with an aging population, there is a growing demand for medications and healthcare products. This presents an opportunity for pharmacies to cater to the needs of this demographic by offering specialized services and products. In developing countries, access to healthcare can be limited, especially in rural areas. Pharmacies play a crucial role in providing essential medications and healthcare products to underserved communities. In these regions, pharmacies may also offer basic healthcare services and health education to promote better health outcomes.

Underlying macroeconomic factors: The growth of the Pharmacies market in worldwide is influenced by various macroeconomic factors. Economic growth and rising disposable incomes contribute to increased healthcare spending, including expenditures on medications and healthcare products. Additionally, changing demographics, such as an aging population and increasing urbanization, drive the demand for healthcare services and products. Government policies and regulations also play a significant role in shaping the Pharmacies market. Regulations related to licensing, pricing, and quality control impact the operations of pharmacies. Government initiatives to improve healthcare access and affordability can create opportunities for pharmacies to expand their reach and customer base. In conclusion, the Pharmacies market in worldwide is experiencing growth and development driven by customer preferences for convenience and accessibility. The integration of technology and the focus on preventive healthcare are key trends in the market. Local special circumstances, such as an aging population and limited healthcare access, further shape the market. Underlying macroeconomic factors, including economic growth and government policies, also play a significant role in driving the market's development.

Data coverage:

The data encompasses B2C enterprises. Figures are based on offline and online spending by consumers, including VAT. Not included are B2B and B2G sales, or other pharmaceutical sales through hospitals or retail stores such as supermarkets.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market market. As a basis for evaluating markets, we use industry associations, third-party studies and reports and survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per country, consumer healthcare spending, GDP and internet penetration. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. For forecasting digital trends such as the online-pharmacy sales share we use exponential trend smoothing and the s-curve method. The main drivers are healthcare expenditure per country and consumer healthcare spending.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. GCS data is reweighted for representativeness.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

The global online pharmacy sector was estimated at 32 billion U.S. dollars by the end of 2023. In the United States, forecasts indicate that this figure would reach approximately 5.7 billion, solidifying its position as one of the largest online pharmacy markets. However, China dominates the pharma e-commerce industry worldwide, generating nearly 8.5 billion dollars in revenue. With China at the forefront, it is no wonder digital pharmacies make up the fastest-growing segment in the Asian digital health market.