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US Pharmacy Market: The Role of Biotechnology in Fueling 5-6% CAGR Growth by 2029

 


The US pharmacy market is projected to grow at a CAGR of approximately 5-6% from 2024 to 2029, driven by increasing prescription drug usage, an aging population, and technological advancements. Despite robust growth, the market faces challenges such as regulatory complexities and rising operational costs, which require continuous innovation and adaptation.

The US pharmacy market comprises the retail, online, and specialty distribution of prescription drugs, over-the-counter (OTC) medications, and related healthcare products. It serves as a key touchpoint for patients to access medications and healthcare advice, enhancing public health and medication adherence. The market also includes clinical services like immunizations, medication management, and telepharmacy. With the integration of digital technologies, the pharmacy landscape is rapidly evolving to meet the demands of a modern, patient-centric healthcare ecosystem.

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Growing Role of Pharmacies in Chronic Disease Management

The increasing prevalence of chronic diseases such as diabetes, hypertension, and cardiovascular conditions is boosting the demand for pharmacy services in the US. Consistent access to medications and care services has become essential to managing these conditions effectively. Pharmacies contribute to this by supporting medication adherence through refill reminders, personalized counselling, and compliance programs. They also act as accessible points for preventive care services, including flu vaccinations and health screenings. With healthcare systems placing greater emphasis on long-term disease management and preventive care, pharmacies are evolving into essential hubs for patient-focused healthcare delivery, enhancing their role in the broader healthcare framework.

Transformative Impact of Online and Telepharmacy Services

The growth of online and telepharmacy services is revolutionizing the US pharmacy market. With the rise of digital health technologies, pharmacies now offer virtual consultations, e-prescription services, and doorstep delivery of medications. These advancements cater to consumers seeking convenience and accessibility, especially in rural areas and for individuals with limited mobility. The COVID-19 pandemic further accelerated this shift, normalizing the use of telehealth platforms for pharmaceutical services. As a result, pharmacies are expanding their digital presence and investing in AI-driven tools to provide personalized healthcare solutions. The integration of telepharmacy with wearable devices and health apps also fosters proactive health management, making pharmacy services more adaptive and inclusive. Furthermore, digital platforms empower pharmacists to monitor patient adherence remotely, reducing medication errors and improving outcomes. As healthcare evolves, telepharmacy is expected to play a crucial role in enhancing collaborative care between patients, pharmacists, and healthcare providers.

Competitive Landscape Analysis: US Pharmacy Market

Some of the key players operating in the US pharmacy market include CVS Health; Walgreens Boots Alliance, Inc.; Walmart Stores, Inc.; Cigna Healthcare; Rite Aid Corporation; The Kroger Company; Albertsons Companies, Inc; UnitedHealth Group (OptumRx); Cardinal Health, Inc and Humana Pharmacy Solution.

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US Pharmacy Market Segmentation

This report by Medi-Tech Insights provides size of the US pharmacy from 2022 to 2029. The report further segments the market on the basis of type, product type and ownership.

  • Market Size & Forecast (2022-2029), By Pharmacy Type, USD Million
    • Hospital Pharmacy
    • Retail Pharmacy
    • ePharmacy
    • Others
  • Market Size & Forecast (2022-2029), By Product Type, USD Million
    • Prescription
    • OTC
  • Market Size & Forecast (2022-2029), By Ownership, USD Million
    • Independent
    • Chain

About Medi-Tech Insights

Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have completed 100+ projects in Digital Health, Healthcare IT, Medical Technology, Medical Devices & Pharma Services in the areas of market assessments, due diligence, competitive intelligence, market sizing and forecasting, pricing analysis & go-to-market strategy. Our methodology includes rigorous secondary research combined with deep-dive interviews with industry-leading CXO, VPs, and key demand/supply side decision-makers.

Contact:

Ruta Halde
 Associate, Medi-Tech Insights
 +32 498 86 80 79
 info@meditechinsights.com 

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