Future Outlook of the Pharmacies and Healthcare Stores Market: Growth, Trends, and Emerging Opportunities Explored
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How has the pharmacies and healthcare stores market grown over the years?
The market size of pharmacies and healthcare stores has experienced solid expansion in the past few years. Expected to enlarge from $1409.32 billion in 2024 to $1509.83 billion in 2025, this market presents a compound annual growth rate (CAGR) of 7.1%. The prior-period growth can be largely ascribed to robust economic enhancement in budding markets, elevation in healthcare expenditure, burgeoning Foreign Direct Investment (FDI) in the retail sector, and continuous expansion of the pharmaceuticals industry.
What Is the forecasted market size and growth rate for the pharmacies and healthcare stores market?
The market size of mental health apps is projected to witness a substantial rise in the following years, escalating to $15.95 billion by 2029 with a compound annual growth rate (CAGR) of 18.7%. The surge during the predicted period can be due to the escalating demand for telehealth services, user autonomy, and corporate wellness programs. Key trends over the forecast span will encompass personalization and customization, the incorporation of AI and machine learning, teletherapy with remote assistance, digital therapeutic methods, along with the importance of data safety and privacy compliance.
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What are the major factors driving growth in the pharmacies and healthcare stores market?
The surge in the elderly population is anticipated to boost the expansion of the pharmacies and healthcare stores market. The elder population refers to a growing ratio of older members in a population, typically marked by a substantial increase in individuals aged 65 and over. Reasons for this trend include longer life spans due to medical advancements, lower birth rates, the aging of the baby boomer generation, and better living conditions leading to longer, healthier lives. Pharmacies and healthcare stores cater to the older population by dispensing necessary medications, conducting health check-ups, and offering personalized consultations to manage age-related chronic conditions. As an illustrative example, the United Nations, a US-based intergovernmental body, projected in January 2023 that the global population of individuals aged 65 and older is set to more than double from 761 million in 2021 to 1.6 billion by 2050. Moreover, the population segment aged 80 and above is growing at an even faster rate. Consequently, the surge in the elderly population is promoting the growth of the pharmacies and healthcare stores market.
What key areas define the segmentation of the global pharmacies and healthcare stores Market?
The pharmacies and healthcare stores market covered in this report is segmented –
1) By Type: Pharmacies And Drug Stores, Food (Health) Supplement Stores, Other Healthcare And Personal Care Stores
2) By Ownership: Retail Chain, Independent Stores
3) By drug type: Prescription Drugs, Over-The-Counter (OTC) Drugs
Subsegments:
1) By Pharmacies And Drug Stores: Retail Pharmacies, Chain Drug Stores, Independent Pharmacies
2) By Food (Health) Supplement Stores: Vitamin And Mineral Stores, Herbal Supplement Stores, Sports Nutrition Stores
3) By Other Healthcare And Personal Care Stores: Health And Wellness Stores, Personal Care Product Stores, Beauty Supply Stores
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What are the top market players propelling the growth of the pharmacies and healthcare stores industry?
Major companies operating in the pharmacies and healthcare stores market include Walgreens Boots Alliance Inc., CVS Health Corporation, McKesson Corporation, The Kroger Company, Rite Aid Corporation, Loblaw Companies Limited, Welcia Holdings Co., Ltd., Dirk Rossmann GmbH, TSURUHA Holdings, Inc., Albertsons Companies, Inc., JD Health, Sinopharm Group Company, Shanghai Pharmaceuticals, Yifeng Pharmacy, Tongrentang Group, Shanghai Modern Pharmaceutical, Kangmei Pharmaceutical, Jumei International Holding, GlaxoSmithKline (GSK), Nordic Pharma Group, Phoenix Pharma Group, Bayer, DocMorris, Medpex, Zentiva, Rigla Pharmacy Chain, Erka Pharm, Doz Pharma, Costco Wholesale, Thumbay Pharmacy, Aster Pharmacy, Al Manara Pharmacy, Supercare Pharmacy, Tadawi Group, Nahdi Medical Company, Chemipal Ltd., Dis-Chem, Medirite Courier Pharmacy Service, Alphapharm, United Company of Pharmacists, MedSource Group Ltd, Goodlife Pharmacy
What are the key trends shaping the future of the pharmacies and healthcare stores market?
Leading businesses in the pharmacies and healthcare stores market are unveiling innovative pharmacy outlets, such as digital ones, to broaden their array of services and elevate the customer journey. Digital pharmacy shops pertain to online platforms or apps which furnish consumers with health care services and goods via digital networks. Take, for example, Eli Lilly and Company, an American pharmaceutical venture, who launched LillyDirect in January 2024. This is a digital health service aimed at facilitating the access to drugs for patients suffering from diabetes, obesity, and migraines. This service also includes a digital pharmacy for customers to order certain Lilly medications online to be delivered to their home at no extra cost for shipping. They also provide telehealth services for virtual consultations with standalone service providers. Moreover, LillyDirect also disseminates educational resources and tools designed to help patients locate nearby medical professionals.
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What regions are dominating the pharmacies and healthcare stores market growth?
North America was the largest region in the pharmacies and healthcare stores market in 2024. Western Europe was the second-largest region in the pharmacies and healthcare stores market. The regions covered in the pharmacies and healthcare stores market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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