The global pharmacy market is growing steadily due to the increasing demand for prescription and over-the-counter (OTC) medications, rising healthcare spending, and growing awareness of preventive care. Driven by a rise in chronic diseases, aging populations, and expanded access to pharmaceuticals, both retail and online pharmacy channels are gaining momentum. Traditional brick-and-mortar pharmacies continue to dominate the market, while ePharmacy platforms are rapidly expanding, fueled by digital health adoption and convenience. North America holds the largest market share, while Asia-Pacific is expected to register the fastest growth due to rising healthcare infrastructure and smartphone penetration. Innovation in drug distribution, regulatory changes, and tech-enabled pharmacy services are reshaping the global pharmacy landscape.
According to Fortune Business Insights, the global pharmacy market size was valued at USD 2,051.5 billion in 2023. The market is projected to grow from USD 2,187.5 billion in 2024 to USD 3,886.3 billion by 2032, exhibiting a CAGR of 7.4% during the forecast period. North America dominated the pharmacy market with a market share of 38.26% in 2023.
In June 2024, Infosys Limited entered into a strategic collaboration with Nihon Chouzai—Japan's largest dispensing pharmacy chain—to bolster online medication and healthcare services. This partnership enhances digital accessibility to prescriptions and marks a pivotal move toward integrating IT solutions into pharmacy services.