1/26/2024 0 Comments Pharmaceutical industry overviewThe COVID-19 pandemic has had a positive impact on the pharmacy market. Growing Awareness Regarding Health amid COVID-19 Pandemic pharmacy market growth during the forecast period. Also, entry of e-commerce giants, such as Amazon, in the online pharmacy segment in the U.S., citing the rapid growth in number of patients shifting online, is poised to further augment the U.S. The geographical expansion of physical stores and pharmacies by leading players in the U.S., such as CVS Pharmacy, WallGreens, is leading to improving accessibility for patients in the U.S. Additionally, according to the National Council for Prescription Drug Programs, (NCPDP) data, number of independent pharmacies growing from 20,427 in 2010 to 23,061 in 2019, representing a 12.9% increase in number of pharmacies in the country during 2010-2019.Also, in 2019, an estimated 3.79 billion prescription drugs were billed or dispensed in the U.S. For instance, in 2020, physician offices prescribed around 860 million drugs, and hospital emergency departments provided or prescribed around 336 million drugs.This rapid growth in number of prescriptions is leading to rise in number of pharmacies in the country for distribution of these drugs. The increasing number of prescription drugs being introduced in the market, along with rising number of outpatient and inpatient admissions in the country is leading to increasing number of prescriptions being filled by retail pharmacies in the country. Increasing prevalence of diseases in the U.S., aging population, and increasing healthcare expenditures are some of the major factors driving the growth of the pharmaceuticals market in the country. The fall in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over. ![]() ![]() The impact of COVID-19 has been unprecedented and staggering, with pharmacy witnessing a positive impact on demand across the U.S. Based on our analysis, the market exhibited a stellar growth of 5.8% in 2020 as compared to the average year-on-year growth during 2017-2020. pharmacy market size was USD 534.21 billion in 2020 and is projected to grow from USD 560.00 billion in 2021 to USD 861.67 billion by 2028 at a CAGR of 6.3% in the 2021-2028 period.
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