Pharmacy Market Trends

Growth Drivers

• Rising Geriatric Population – Growing age have a significant impact on the likelihood of developing certain medical disorders. Numerous health problems that regularly plague the elderly people have a negative impact on their general quality of life. Thus, swiftly increasing geriatric population is leading the pharmacy market growth. According to the World Health Organization (WHO), there were approximately 1 billion people aged 60 and older in 2019. This number is expected to increase by nearly 1.4 billion by 2030 and 2.1 billion by 2050.
• Worldwide Escalation in Chronic Diseases – For instance, the probability of developing a chronic disease was increased by 59% by 2020.
• Upsurge in Autoimmune Disorders – For instance, all autoimmune diseases affect approximately 4% of the US population, that denotes nearly 10 million people in the region.
• Surge in Approved Prescription Drugs – For instance, in the United States, more than 20,000 prescription drugs had approved for selling until 2020.  
• Global Increase in Healthcare Expenditure - As per the World Bank data, global healthcare expenditure was expanded by 9.83% in 2019.

Challenges

• Hurdles Associated with the Use of Vaccines and Drugs
• Stringent Policies of Government
• Product Recalls and Lawsuit Filing Threat