Pharmacy Market size is expected to reach USD 1,422.1 billion by 2028
Pharmacy Industry Overview The global pharmacy market size was valued at USD 1,008.5 billion in 2020 and is projected to expand at a compound annual growth rate (CAGR) of 4.3% from 2021 to 2028. The increasing number of people suffering from diseases, increasing aging population, and growing number of prescriptions are the key parameter driving the market. According to the National Health Services, the cost of prescriptions in the financial year 2020 - 21 increased by 3.46% as compared to 2019-20 in England. According to the Centers for Disease Control and Prevention, 45.7% of the population in the U.S. consumed at least one prescription drug between 2015 and 2018, while 21.3% of the population consumed three or more prescription drugs during the same period. Rapid expansion and upgradation of existing pharmacies to increase market penetration are positively impacting the market growth. For instance, in 2020, Rite Aid Corp. opened two new stores, relocated five...