LONDON — The global retail pharmacy market is expected to grow from $1.45 trillion in 2024 to $1.97 trillion by 2032, with a compound annual growth rate (CAGR) of 3.9%, according to a new report from Credence Research. While the forecast covers the entire world, the report highlights the United States as the primary driver of growth, driven by an aging population, rising rates of chronic disease, and the rapid adoption of digital pharmacy services.
Credence Research estimates that North America accounts for approximately 40% of worldwide retail pharmacy spending. This is driven by high healthcare utilization, extensive store networks, and ongoing growth in clinical services offered within retail locations. Major U.S. chains such as CVS Health, Walgreens Boots Alliance, and Walmart are increasingly positioning their pharmacies as primary access points for care, providing vaccinations, medication therapy management, health screenings, and support for chronic diseases, in addition to traditional dispensing.
The report emphasizes aging demographics as a key driver for U.S. pharmacies, with older adults needing long-term medication regimens for diabetes, cardiovascular issues, arthritis, and neurological conditions. This trend is increasing prescription volumes, adherence programs, and demand for delivery and synchronization services. At the same time, pharmacies are experiencing higher sales of OTC medicines, vitamins, supplements, and preventive wellness products.
Digital health is another major driver. U.S. consumers are quickly adopting app-based refills, home delivery, telepharmacy consultations, and e-prescribing, changing expectations for convenience and ongoing care. Online and hybrid models continue to gain popularity, driven by platforms such as Amazon Pharmacy, while traditional chains invest in automation, AI-driven inventory management, and personalized patient engagement tools.
Credence Research indicates that regulatory complexity and pricing pressure remain major challenges in the U.S. market. Pharmacies must manage reimbursement rules, controlled-substance regulations, and data privacy requirements, while competing with insurers and digital-first providers on cost and access. These pressures are accelerating consolidation and asset optimization, particularly among large chains.
Looking ahead, the firm expects U.S. retail pharmacies to expand their role in preventive care, chronic disease management, and omnichannel engagement through 2032. Pharmacies that successfully integrate physical networks with digital platforms and enhanced clinical services are best positioned to achieve long-term growth, whereas independent pharmacies may stand out through personalized, community-focused care models.
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