US Retail Pharmacy Market Size, Growth | Industry Report, 2023-2032

NEW YORK - April 11, 2024 - PRLog -- The latest market report published by Credence Research, Inc. The demand for the US Retail Pharmacy Market, valued at USD 569.79 Billion in 2023, is projected to soar to USD 948.80 Billion by 2032, marking a robust compound annual growth rate (CAGR) of 5.76% during the period from 2024 to 2032.

The US retail pharmacy market stands as a cornerstone of the nation's healthcare infrastructure, serving as the frontline for patient care and medication distribution. As the healthcare landscape continues to evolve, understanding the dynamics within this market becomes paramount for stakeholders ranging from consumers to industry players and policymakers.

Market Overview

The US retail pharmacy market is vast and multifaceted, comprising a wide array of players, including independent pharmacies, chain drugstores, mass merchandisers, and supermarkets with in-store pharmacies. These establishments serve as accessible points of care for communities across the nation, offering essential healthcare services beyond medication dispensing, such as vaccinations, health screenings, and medication therapy management.

Key Players and Trends

Chain drugstores like CVS Health, Walgreens Boots Alliance, and Rite Aid dominate the market, leveraging their widespread presence and integrated healthcare services to cater to diverse consumer needs. However, independent pharmacies continue to carve out their niche by emphasizing personalized care and community engagement.

One notable trend shaping the landscape is the convergence of retail and healthcare, with pharmacies expanding their offerings to include primary care services, telehealth consultations, and wellness products. This trend reflects a broader shift towards patient-centric care and preventive health management.

Browse the full report at https://www.credenceresearch.com/report/us-retail-pharmacy-market

Challenges and Opportunities

Despite its resilience, the US retail pharmacy market faces several challenges, including increasing competition, reimbursement pressures, and regulatory complexities. The rise of e-commerce giants entering the prescription drug market further intensifies competition, prompting traditional pharmacies to innovate and enhance their digital capabilities to meet evolving consumer preferences.

Major Players are:

• CVS Corp. (Woonsocket, R.I.)
• Walgreens (Deerfield, Ill.)
• Rite Aid Corp. (Camp Hill, Pa.)
• Walmart (Bentonville, Ark.)
• Kroger (Cincinnati)
• Safeway (Pleasanton, Calif.)
• Publix Pharmacies (Lakeland, Fla.)
• Sears Holdings Corp. (Hoffman Estate, Ill.)
• Cerberus Capital Management (New York)
• Costco Pharmacies (Issaquah, Wash.)

By Segmentation

By Type of Pharmacy

• Chain Pharmacies
• Independent Pharmacies
• Hospital Pharmacies
• Mail Order Pharmacies
• Online Pharmacies

By Type of Prescription

• Prescription Drugs (Rx)
• Over-the-Counter (OTC) Drugs)

By Service Offered

• Medication Dispensing
• Health Screenings
• Vaccination Services
• Consultation and Counseling
• Chronic Disease Management

By Product Type

• Generic Drugs
• Branded Drugs

By Customer Segment

• Pediatric
• Adults
• Geriatric

By Application

• Oncology
• Diabetes
• Neurology
• Others