Press release
Prescription for Success: Global Pharmaceutical Retail market On Track to reach $1 Trillion dollar by 2027: Ken Research
From Watsons in Singapore to Guoda Drugstores in China to Century Healthcare in Indonesia, Asia's retail pharmacy market is emerging as one of Asia's hot healthcare opportunities. Most Asian-Pacific markets still have room to grow. Today, Singapore has the most pharmacy locations per capita -- 1,540 persons for each pharmacy location. The pace of innovation and disruption will further intensify these anticipated market and investment shifts.
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2. E-pharmacies helping to bridge the gap in the Global healthcare system
With increasing internet penetration and smartphone availability, e-commerce has witnessed exponential growth across categories - from apparel to groceries, people have started purchasing most of their requirements via online platforms. As a result of this drastic shift in shopping behavior, e-pharmacies has emerged as a promising sector as they managed to offer the convenience of shopping out of the comfort of homes. In the statistics by the International Telecommunication Union (ITU), the internet penetration rate across the globe peaked at 53% from 17% in-between the years 2005-2019 which is further propelling the e-pharmacies industry, especially after covid-19.
3. With 9,706 stores, CVS Pharmacy (USA), is the largest chemist/pharmacy store chain in the world.
In the coming years, competition is expected to heat up, particularly from big-box retailers and mail-order and online pharmacies. The top U.S. pharmacy in 2021 by market share based on prescription drug revenue was CVS Health Corporation. It held nearly 25 percent of the prescription drug market revenue. Payors have also steered customers towards mail ordering, such as by covering a 90-day supply of medications delivered to the home rather than the 30-day supply available at a traditional pharmacy. Finally, Internet pharmacies are aggressively pursuing cash-paying customers by offering discounted medications.
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4. AI is giving a major boost to the Global pharmacy retail market to reach 1 trillion dollars by 2027.
In recent years, the pharmacy industry has been using AI and Machine Learning for various stages of the pharmaceutical development process. AI systems can be used to automate tasks that will help in saving time and also the tasks will be performed by using fewer resources. More than 60% of life sciences companies spent over US$20 million on AI initiatives in 2019, and more than half expect investments in AI to increase in 2020, which will have a direct impact in the pharmaceutical companies. In 2018, Sanofi partnered with an AI startup in order to build an AI solution that would automate medical literature reviews, which will help the pharmacy market to study the customer base and medical needs.
Market Taxonomy
By Market Structure
• Organized
• Unorganized
By Type of Pharmacies
• Community Pharmacies
• Discount Pharmacies
• Hospital Pharmacies
By Type of Products
• Prescribed Drugs
• Over-The-Counter
• Non-Pharmaceutical Products
• Medical Equipment
By Therapeutic Area
• Anti-Infective
• Cardiovascular
• Central Nervous System
• Pain/Analgesics
• Vitamins/Minerals/Nutrients
• Antibiotics
• Respiratory
• Gastro-Intestinal
• Gynecology
• Others
By Drug Type
• Patented Drugs
• Generics
By Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa
Key Target Audience
• Pharmaceutical Manufacturing Companies
• Pharmacy Retail Companies
• Independent Pharmacies
• Industry Associations
• Regulatory Bodies
• Telemedicine Companies
• Pharmaceutical Distributors & Wholesalers
Time Period Captured in the Report
• Historical Period: 2017-2022
• Base Period: 2022
• Forecast Period: 2022-2027
Major Players Mentioned in the Report
• Ahold Delhaize
• Albertsons Companies Inc.
• Cipla
• CVS Pharmacy
• GlaxoSmithKline
• Loblaw
• Merck KGaA
• Novo Nordisk
• Rite Aid
• Sanofi
• Walgreens Boots Alliance
For More Insights On Market Intelligence, Refer to the Link Below: -
https://www.kenresearch.com/industry-reports/global-pharmcy-retail-market
Related Reports by Ken Research: -
Australia Pharmacy Retail Market Outlook to 2025
https://www.kenresearch.com/healthcare/pharmaceuticals/australia-pharmacy-retail-market-outlook-to-2025/444312-91.html
Indonesia Pharmacy Retail Market Outlook to 2025
https://www.kenresearch.com/healthcare/pharmaceuticals/indonesia-pharmacy-retail-market-outlook-to-2025/394185-91.html
Vietnam Pharmacy Retail Market Outlook to 2025
https://www.kenresearch.com/healthcare/pharmaceuticals/vietnam-pharmacy-retail-market-outlook-to-2025/392370-91.html
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Ken Research is a Market Research and Consulting Firm, based out of India, Indonesia and UAE. Since 2011, we have been assisting clients globally with our Syndicate and Bespoke Market Research and Advisory Services.Our Solutions are driven by qualitative and quantitative evaluation of markets across diverse Sectors and Geographies. We assist clients in their objectives related to market entry, product pricing, Product-fit evaluation, competition benchmarking, forecasting business planning and financial planning.
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