U.S. pharmacy Market Growth & Trends
The U.S. pharmacy market size is expected to reach USD 708.9 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 3.67% from 2023 to 2030. This growth can be attributed to several factors, including the increasing prevalence of chronic diseases, the aging population, and expanding healthcare coverage, which leads to a higher demand for healthcare services and medications. This expansion of healthcare coverage is expected to provide more people with access to necessary medications.
In addition to these factors, the market players are introducing improved services and transitioning towards e-pharmacy, which is expected to contribute to market growth in the U.S. For instance, in February 2022, Medicure Inc. launched its Marley drug pharmacy, which is a direct-to-consumer e-commerce pharmacy platform. The platform offers over 100 chronic care medications and free delivery to any location in the U.S. and some territories. These developments are anticipated to have a positive impact on market growth.
Furthermore, the number of pharmacies in the country for drug distribution is increasing due to the rapid growth in the number of prescriptions, which is expected to have a positive impact on market growth. The National Council for Prescription Drug Programs (NCPDP) reported that the number of independent pharmacies in the U.S. increased by 12.9% from 2010 to 2019. In 2010, there were 20,427 independent pharmacies in the U.S., while in 2019, there were 23,061. This increase in the number of independent pharmacies is expected to contribute to the growth of the U.S. pharmacy industry.
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U.S. Pharmacy Market Report Highlights
- Based on type, the retail pharmacy segment held the largest market share in 2022 owing to easy accessibility and the presence of multiple retail pharmacy chains across the country
- Based on product type, the prescription segment held the largest revenue share in 2022, owing to the increasing burden of chronic diseases and the growing aging population
- Based on the ownership, the pharmacy chains segment held the largest market share in 2022 owing to the emergence of large hospital and corporation chains that offer convenient and cost-effective services, including specialty drugs, mail-order prescriptions, and other services
- The market has witnessed significant vertical and horizontal consolidations in recent years, which is expected to improve services
- The market potential is driving a number of service providers to strengthen their market presence by opening new centers and entering into partnerships. For instance, in October 2021, Walgreens Boots Alliance (WBA) announced an investment of USD 5.2 billion in VillageMD, a primary care provider. The investment allow VillageMD to open 600 new primary care practices in over 30 US markets by 2025, more than half of which will be located in underserved communities
U.S. Pharmacy Market Segmentation
Grand View Research has segmented the U.S. pharmacy market based on pharmacy type, product type, and ownership:
U.S. Pharmacy Type Outlook (Revenue, USD Billion, 2018 – 2030)
- Hospital Pharmacy
- Retail Pharmacy
- ePharmacy
- Others
U.S. Pharmacy Ownership Outlook (Revenue, USD Billion, 2018 – 2030)
- Independent
- Chain
U.S. Pharmacy Product Type Outlook (Revenue, USD Billion, 2018 – 2030)
- Prescription
- OTC
List of Key Players in the U.S. Pharmacy Market
- CVS Health
- Walgreens Boots Alliance, Inc.
- Walmart Stores, Inc
- Cigna Healthcare
- Rite Aid Corp
- The Kroger Company
- Albertsons Companies, Inc
- UnitedHealth Group (OptumRx)
- Cardinal Health, Inc
- Humana pharmacy solution
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