Pharmacies & Drug Stores in the US - Market Size, Industry Analysis, Trends and Forecasts (2024-2029)

Healthy Start: a Recovering Economy is Expected to Boost Industry Revenue Growth

The Pharmacies and Drug Stores industry consists of enterprises that retail a range of prescription and over-the-counter (OTC) medications, health and beauty items, toiletries, and consumable goods. The industry experienced revenue growth, as the number of people with private health insurance remained high, filling more prescription medications. The burgeoning elderly population boosted industry performance, as this consumer bracket generally requires medication to address chronic ailments, resulting in steady revenue streams. Industry revenue is expected to balloon an annualized 3.7% to $569.8 billion in 2023, increasing 2.9% during 2023 alone as profit settles in at 3.9%.

Pharmacies and drug stores retail a range of prescription and over-the-counter medications, health and beauty items, toiletries and consumable goods directly to consumers on a walk-in basis. Industry companies may also provide basic health and photo processing services. The industry excludes mail-order retailers, hospitals and clinics.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.