U.S. Pharmacy Market Outlook

the u.s. pharmacy market is expected to see significant advances over the next 14 years, driven by an aging population and increasing incidence of chronic diseases. pharmaceuticals continue to be the most frequently prescribed treatments, and pharmacies play an increasingly important role in dispensing these medications. pharmacies are also providing supplementary services such as consultation, vaccine administration, and health screenings, distinguishing them from drugstores and retail stores stocking consumer-acquired wellness and preventative products. the rising demand for pharmacies is attributed to a few primary factors, including: 1. increasing number of elderly individuals: according to the u.s. census bureau, the 65 and older population is projected to double between 2018 and 2032. as more people reach retirement age, they will have more medical needs and require more long-term treatments or age-specific medications. 2. shift towards self-care: the emergence of digital health tools and an increased focus on preventive care has caused a shift in consumer attitudes towards self-care. people are more interested in taking an active role in their own healthcare, seeking advice from pharmacists to make decisions about their health. 3. rise in chronic diseases: it is estimated that 80% of u.s. adults suffer from chronic disease, leading to an increased demand for pharmacies in providing preventive care services and ongoing treatments. these key trends are expected to drive the demand for pharmacies over the next 14 years, creating an inherently favorable market environment. pharmacists are expected to increasingly utilize digital technologies to increase efficiency and effectiveness of drug monitoring, analytics, and patient participation. additionally, compounding pharmacists will have the opportunity to build their businesses utilizing compounding capabilities, which are expected to increase in demand. given the strategic importance of pharmacies in providing health services to our communities, it is anticipated that the u.s. pharmacy market outlook for the period 2018-2032 will be positive with an increasing demand for pharmacy services.