Global Retail Pharmacy Market 2023 | Estimate CAGR Analysis, Technological Development Overview, Growth Trends and Competitive Research till 2028

The Global Retail Pharmacy Market 2023 Report makes available the current and forthcoming technical and financial details of the industry. It is one of the most comprehensive and important additions to the Prudent Markets archive of market research studies. It offers detailed research and analysis of key aspects of the global Global Retail Pharmacy market. This report explores all the key factors affecting the growth of the global Global Retail Pharmacy market, including demand-supply scenario, pricing structure, profit margins, production, and value chain analysis.

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Report Description of the Global Retail Pharmacy Market

Research Scope and Assumption

The report provides the market value for the base year 2020 and a yearly forecast up to 2028 in terms of revenue (USD billion)
The key industry dynamics, regulatory scenario, reimbursement scenario, major market trends, and drug markets are evaluated to understand their impacts on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis
We have used the combination of top-down and bottom-up approach for market sizing, analyzing key regional markets, dynamics, and trends for various solutions, services, and end uses
All market estimates and forecasts have been validated through primary interviews with the Key Industry Players (KIPs) and secondary analysis
Inflation has not been accounted for in order to estimate and forecast the market
Numbers may not add up due to rounding off

Reason to buy the report:

Facilitate decision-making based on strong current and forecast data for Global Retail Pharmacy market
Develop strategies based on the latest regulatory framework
Strategically analyze micro-markets with respect to individual growth trends, future prospects, and their contribution to the market
Analyze competitive developments such as expansions, investments, mergers & acquisitions, new product developments, and research & developments in the Global Retail Pharmacy market
Analyze the opportunities in the market for stakeholders and draw a competitive landscape for market leaders
To strategically profile key players and comprehensively analyze their market shares and core competencies
We have technically sound team which do a deep dive research and also provide strategy based consulting analysis

Global Retail Pharmacy Market Executive Summary

The Pharmacies and dru4g stores market consist of establishments involved in sales of prescription and over-the-counter medications, health and beauty items, toiletries and consumable goods directly to consumers. Industry companies may also provide basic health and photo processing services. The pharmacies and drug stores consist of establishments that are concerned with branded prescription drugs, generic drugs, non-prescription medicines, and personal health supplies, groceries and food items, vitamins, minerals, and dietary supplements, cosmetics and other.

Market Size and Key Findings

The Global Retail Pharmacy Market size stood at around USD 971.51 billion in 2020 and is projected to reach USD XX billion by 2028, exhibiting a CAGR of 6.9% during the forecast period.

The global pharmacies and drug stores market is expected to grow from $971.51 billion in 2020 to $1038.6 billion in 2021 at a compound annual growth rate (CAGR) of 6.9%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The market is expected to reach $1299.8 billion in 2025 at a CAGR of 6%.

Market Dynamics

Market Growth Drivers Analysis

The growing aging population and increasing health consciousness among the global populace are likely to drive the pharmacies and drug stores market. The geriatric population is more vulnerable to acquire a number of diseases that increase the dependence on the pharmacies and drug stores indirectly affecting the market.

The growing incidence of chronic diseases like hypertension, diabetes, cardiovascular diseases, and cancer, which requires prolonged medication, is expected to further drive the growth of the pharmacy retail market during the forecast period. With the rise in public healthcare expenditure, pharmaceuticals have become more accessible, thereby fuelling the pharmacy retail market, especially in rural areas and tier-II cities.

Market Restraints

Rapidly increasing cost pressures from regulatory agencies and payers will restrain the pharmacies and drug stores market. Government budgetary pressures are leading to lower pharmacy compensation for most countries with public health care. The consolidation of pharmacy benefit management firms in the U.S. has worked similarly, driving lower costs and margins and shifting prescription volumes to delivery of direct or mail order.

Governments would be the largest health-care payer in virtually every country. This, in turn, creates increased pressure on taxpayers and government spending, with consequent pharmaceutical effects. These factors are expected to have a negative impact on the pharmacies and drug stores market as increasing cost pressures from regulatory agencies and affecting the markets growth.

COVID-19 impact on "Global Retail Pharmacy Market

The COVID-19 pandemic has accelerated the growth in the traditional pharmacy retail outlets as well as the online pharmacy channels. Globally, medical retail outlets were categorized as essential services, but the online pharmacies emerged as the most dynamic channel for procuring drugs and devices because of the fear of the virus.

Driven by the different waves of COVID-19, the online pharmacy sector has witnessed surge in orders for medical devices, personal protective equipment, health supplements and common drugs.

Competitive Landscape

Key Players

Major players in the Pharmacies and Drug Stores market are Walgreens Boots (WBA), CVS Health (CVS), Rite Aid (RAD), MedPlus, Rexall, Shoppers Drug Mart, Grupo Casa Saba, China Nepstar, AS Watson and Matsumotokiyoshi.

As competition has increased from mass merchandisers and supermarkets, as well as from direct mail prescription services, drug stores have been adding value in the form of 24-hour operations and drive-through pharmacies. The US Pharmacy Study measures customer satisfaction with their pharmacy experience across major chain drug stores, mass merchandisers, supermarkets, and mail-order pharmacies. The study shows that retail pharmacy businesses continue to shine when it comes to engaging patient-centric services that drive satisfaction. These convenience factors anticipate the growth of pharmacies and the drugstore market.

Products in Pipeline

The launch of various patented drugs by international pharmaceutical companies resulted in an incremental increase in pharmaceutical sales.

There are several factors supporting the growth of global and North America pharmacy retailing market. Some of the prominent factors among them are the increasing availability of OTC drugs, growing prevalence of chronic diseases, rising health care spending of the consumers, increasing demand for e-commerce sites, growth in the annual income of the population, increasing number of geriatric population and the favourable government regulations.

In Asia Pacific, the market for Pharmacy Retail services is anticipated to grow at the fastest rate from 2021 to 2026. This high growth is owing to growing unmet medical needs.

Notable Recent Deals

On November 28, 2018, CVS Health completed acquisition of Aetna. By combining Aetnas health care benefits expertise with its retail pharmacies, clinics, and integrated pharmacy capabilities, CVS Health is looking to improve the health care delivery experience for consumers by expanding offerings at Minute Clinics, offering preventative health screenings and delivering other services.

Healthcare Policies and Regulatory Landscape

Today, as part of the growing movement to help customers access and securely share their own health information, several of the Nations largest retail pharmacy chains and associations are pledging to support the Blue Button initiativea public-private partnership between the health care industry and the Federal Government that aims to empower all Americans with access to their own electronic health information. These steps will help patients access their prescription information and further empower millions of Americans to better manage their healthcare.

The concept behind Blue Button is simple: consumers should be able to securely access their own health information and share it with health care providers, caregivers, and others they trust.

An increasingly important part of the Blue Button initiative is making patient information available in secure, simple, standard formats to help spur the development of innovative consumer applications and devices that can help patients better manage their own health care and facilitate the electronic sharing of data with trusted partners, such as medical specialists who might not otherwise have direct access to relevant records.

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Global Retail Pharmacy Market Segmentation

By Drug Type:

The pharmacies and drug stores market section of the report gives context. It compares the pharmacies and drug stores market with other segments of the pharmacies and drug stores market by size and growth, historic and forecast. It analyses GDP proportion, expenditure per capita, pharmacies and drug stores indicators comparison.

Prescription Drugs
OTC Drugs

By Type:

Community Pharmacy
Hospital Pharmacy
Clinical Pharmacy
Industrial Pharmacy
Compounding Pharmacy
Consulting Pharmacy
Ambulatory Care Pharmacy
Regulatory Pharmacy
Home Care Pharmacy

By Product Type:

Skin Care
Cold and Flu
Dental
Weight Loss
Vitamins
Others

The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

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The report covers the competitive analysis of the market. As the demand is driven by a buyer's paying capacity and the rate of item development, the report shows the important regions that will direct growth. This section exclusively shares insight into the budget reports of big-league members of the market helping key players and new entrants understand the potential of investments in the Global Global Retail Pharmacy Market. It can be better employed by both traditional and new players in the industry for complete know-how of the market.

Strategic Points Covered in Table of Content of Global Global Retail Pharmacy Market:

Chapter 1: Introduction, market driving force product Objective of Study and Research Scope the Global Retail Pharmacy market
Chapter 2: Exclusive Summary - the basic information of the Global Retail Pharmacy Market.
Chapter 3: Displaying the Market Dynamics- Drivers, Trends and Challenges & Opportunities of the Global Retail Pharmacy
Chapter 4: Presenting the Global Retail Pharmacy Market Factor Analysis, Porters Five Forces, Supply/Value Chain, PESTEL analysis, Market Entropy, Patent/Trademark Analysis.
Chapter 5: Displaying the by Type, End User and Region/Country
Chapter 6: Evaluating the leading manufacturers of the Global Retail Pharmacy market which consists of its Competitive Landscape, Peer Group Analysis, BCG Matrix & Company Profile
Chapter 7: To evaluate the market by segments, by countries and by Manufacturers/Company with revenue share and sales by key countries in these various regions
Chapter 8 & 9: Displaying the Appendix, Methodology and Data Source

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In conclusion, the Global Retail Pharmacy Market report is a genuine source for accessing the research data which is projected to exponentially grow your business. The report provides information such as economic scenarios, benefits, limits, trends, market growth rates, and figures. SWOT analysis and PESTLE analysis is also incorporated in the report.

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