The global pharmacy market includes both physical and online outlets that provide prescription and over-the-counter medications, wellness products, and healthcare services. Market growth is driven by rising prevalence of chronic diseases, an aging population, and increasing adoption of digital health solutions such as e-pharmacies and telemedicine. North America currently leads the market due to advanced healthcare infrastructure and high consumer spending, while Asia-Pacific is the fastest-growing region thanks to improving healthcare access and growing awareness. Trends such as the rise of generic medications, technology integration, and online pharmacy expansion are shaping the market, though regulatory challenges and supply chain disruptions remain key considerations.
According to Fortune Business Insights, the global pharmacy market size was valued at USD 2,051.5 billion in 2023 and is projected to grow from USD 2,187.5 billion in 2024 to USD 3,886.3 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.4% during the forecast period. In 2023, North America dominated the market with a 38.26% share.
In June 2024, Infosys Limited collaborated with Nihon Chouzai (TSE), Japan's leading dispensing pharmacy chain. This collaboration aimed to enhance healthcare access in Japan by expanding online medication services. The partnership focuses on integrating digital solutions to improve patient convenience and streamline pharmacy operations.