The “U.S. pharmacy market” size was USD 534.21 billion in 2020. The market is projected to grow from USD 560.00 billion in 2021 to USD 861.67 billion by 2028 at a CAGR of 6.3% in the 2021-2028 period.
This information is published by Fortune Business Insights™, in its report, titled, “U.S. Pharmacy Market, 2021-2028.”
According to our expert researchers, surging occurrence of aliments in the U.S., growing geriatric population, and rising healthcare spending are few of the prime aspects fueling the growth of the pharmaceuticals market in the country.
January 2021 – Optum (UnitedHealth Group) collaborated with Change Healthcare, to offer software and data analytics, technology-empowered facilities and research, advisory and revenue cycle management offerings to assist in making health care work refined for all.
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Drivers and Restraints
Growing Occurrence of Prolonged Disease and High Geriatric Population to Spur Demand
The amount of chronic disease-inflicted patients is promptly surging globally. There has been an incredible growth in the occurrences of chronic immune deficiencies, diabetes, and congestive heart failure among others. As per a record published by World Health Organization (WHO), chronic ailments impact nearly 133 million Americans, portraying 40% of the total population of the nation. Moreover, the growth in the geriatric population in the nation is also aiding the U.S. pharmacy market growth.
Nevertheless, the difficulties linked with the usage of these are a prime aspects that are probable to obstruct the growth of this market in the upcoming years.
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Type, Therapy Class, and Setting are studied for the Market
On the basis of type, the market is segregated into branded and generics. Branded drugs held a leading market share in 2020. The rising number of regulatory approvals for drugs coupled with a strong pipeline of dominating players is majorly responsible for its highest market share during the forecast period.
In terms of therapy class, the market is classified into oncology, anti-diabetics, autoimmune diseases, respiratory, pain, nervous system disorders, dermatology, antihypertensive, mental health, HIV antivirals, multiple sclerosis, anticoagulants, other cardiovascular, ADHD, GI products, viral hepatitis, sex hormones, antibacterial, hormonal contraception, ophthalmology, and others.
By setting, the market is divided into retail pharmacies, mail order/online pharmacies, and others.
Surging Consciousness Regarding Health amid COVID-19 Pandemic to Aid Market Growth
The COVID-19 pandemic has had an adverse sway on the pharmacy market. Vital players registered a considerable growth in their income levels from the pharmacy business due to the notable rise in the amount of patients gaining prescribed medicines at home during the COVID-19 lockdown. Furthermore, with the COVID-19 outbreak, the home care facilities attained more popularity, thereby sanctioning patients the safety of remaining in their houses and declining the threat of exposure to the virus. Henceforth, several local drugs perceived a rise in demand for delivery services and that resulted in an augmentation in prescription revenue.
The market report accentuates leading regions across the globe to present a better perception to the user. Moreover, the report presents clear visions into the newest industry popularities and reviews technologies employed at a prompt speed at the international level. The report further studies numerous pattern shifts connected with the transformation of software. It further highlights some of the growth-stimulating factors and restraints, helping the reader gain detailed knowledge about the U.S. pharmacy market share, growth, size, and others.
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