Pharmacies - North America | Statista Market Forecast

In North America, the projected revenue in the Pharmacies market is expected to reach US$457.60bn by 2024.
This indicates a significant growth potential for the industry in the coming years.
Furthermore, the market is anticipated to exhibit a compound annual growth rate (CAGR) of 3.96% from 2024 to 2029, resulting in a market volume of US$555.70bn by the end of the forecast period.
When compared globally, it is noteworthy that United States is expected to generate the highest revenue in the Pharmacies market, with an estimated value of US$387.30bn in 2024.
This reflects the country's strong position and dominance in the industry.
Moreover, when considering the revenue per person, it is projected that in 2024, each individual in North America will generate approximately US$896.70.
This figure highlights the significant contribution of the Pharmacies market to the overall economy and its importance in providing healthcare services to the population.
In North America, pharmacies are increasingly focusing on expanding their healthcare services to meet the growing demand for accessible and convenient healthcare options.

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 North America is experiencing significant growth and development due to several key factors. Customer preferences for convenient and accessible healthcare services, along with the increasing demand for prescription medications, are driving the expansion of the market. Additionally, local special circumstances and underlying macroeconomic factors are contributing to the overall growth of the Pharmacies market in North America. Customer preferences in North America are shifting towards convenience and accessibility when it comes to healthcare services. With busy lifestyles and limited time, consumers are seeking out pharmacies that offer a wide range of services and products in one location. Pharmacies that provide not only prescription medications but also over-the-counter drugs, health and wellness products, and even basic medical services like flu shots and health screenings are becoming increasingly popular. This customer preference for one-stop shopping is fueling the growth of the Pharmacies market in North America. Another factor driving the growth of the Pharmacies market in North America is the increasing demand for prescription medications. As the population ages and chronic diseases become more prevalent, the need for prescription drugs continues to rise. Pharmacies play a crucial role in ensuring that patients have access to the medications they need. In addition, the rising cost of healthcare and prescription drugs is leading more consumers to seek out affordable options, such as generic medications, which are often available at pharmacies. In terms of trends in the market, there is a growing emphasis on technology and digital solutions. Pharmacies are increasingly adopting digital platforms and mobile apps to streamline processes and enhance the customer experience. This includes features such as online prescription refills, virtual consultations with pharmacists, and personalized medication reminders. These technological advancements not only improve convenience for customers but also help pharmacies to better manage their inventory and provide personalized care. Local special circumstances also play a role in the development of the Pharmacies market in North America. For example, in Canada, the government has implemented policies to increase access to healthcare services, including pharmacists being able to prescribe certain medications. This has led to an expansion of the role of pharmacists and an increase in the number of pharmacies offering additional healthcare services. In the United States, the increasing focus on preventive care and wellness has created opportunities for pharmacies to offer services such as health screenings and vaccinations. Underlying macroeconomic factors, such as population growth and healthcare spending, are also contributing to the growth of the Pharmacies market in North America. As the population continues to grow and age, the demand for healthcare services, including pharmacy services, is expected to increase. Additionally, healthcare spending is projected to rise, driven by factors such as increased access to healthcare coverage and advancements in medical technology. These factors create a favorable environment for the growth and development of the Pharmacies market in North America. In conclusion, the Pharmacies market in North America is experiencing significant growth and development due to customer preferences for convenience and accessibility, increasing demand for prescription medications, technological advancements, local special circumstances, and underlying macroeconomic factors. As the market continues to evolve, pharmacies will need to adapt to changing customer needs and leverage technology to provide innovative and personalized healthcare solutions.

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.