PUBLISHER: Grand View Research | PRODUCT CODE: 1751196
PUBLISHER: Grand View Research | PRODUCT CODE: 1751196
The global pharmacy market size is anticipated to reach USD 2.06 trillion by 2030 and is anticipated to expand at a CAGR of 7.3% during the forecast period, according to a new report by Grand View Research, Inc. The rising prevalence of chronic diseases, increasing market penetration of online pharmacy services, and the entry of global retail companies into this market are primarily driving the growth.
Increasing investments by key market participants in improving presence across various regions, collaborations among companies, and rising adoption of online pharmacy services that offer convenience and cost savings are expected to fuel further growth of this market. The growing incident rate of accidents leading to higher demand for OTC drugs and the growth experienced by the prescription medicine segment, primarily due to enhanced diagnostic technologies and imaging techniques, are likely to develop strong growth opportunities over the forecast period.
Adoption of advanced technologies for enhanced processes and service delivery, availability of various software solutions developed for pharmacy industry participants, and increasing ubiquity of smartphone devices, which facilitates the growth of ePharmacy services, also contribute to the advancements experienced by this market. Collaborations among key companies, the growing digital footprint of online pharmacies, and the focus of numerous key market participants on enhancing global presence also influence this market.