Market Overview:
The global pharmacy retail market was reasonably estimated to be approximately USD 612,310.00 million in 2022 and is projected to reach USD 1,503,944.65 million by the end of 2030, exhibiting a CAGR of around 10.50% from 2022 to 2030. Pharmacy retail, also known as community pharmacies, refers to authorized chain or independent pharmacies that supply drugs to the general public at retail prices, conveniently dispersed across communities.
Retail pharmacies handle prescription and over-the-counter medicines for treating various ailments. They offer a wide range of products, including allergy medications, drugs to lower blood pressure, antibiotics, and cold and flu treatments. Retail pharmacists provide guidance, respond to queries, and offer advice on managing symptoms and prescription interactions.
Market Drivers and Opportunities:
The rise in the incidence rate of mental disorders and chronic diseases worldwide is driving the growth of the pharmacy retail market. The increasing geriatric population contributes to the demand for prescription drugs, and a surge in sports injuries also boosts market growth. Furthermore, the increasing number of diabetes patients and the adoption of automation technologies, such as pharmacy robots, dispensing, and packing systems, are fueling market expansion.
Market Trend Analysis:
The pharmacy retail market is witnessing an increasing demand for e-commerce sites, offering prescription and vaccination services. The introduction and spread of pharmacy delivery services have been significant shifts, with key players developing apps for prescription delivery purposes. The COVID-19 pandemic has also led to a boost in the online pharmacy segment, as people preferred e-commerce pharmacy retail services during the pandemic.
Segment Analysis:
The pharmacy retail market can be segmented based on drug type and distribution channels. The prescription drugs segment is expected to dominate the market during the forecast period, driven by an increase in surgeries and the growing need for prescription medications to treat various diseases.
Regional Insights:
North America is expected to dominate the pharmacy retail market due to the presence of major key players, high healthcare spending, and a well-established healthcare sector. An increase in the prevalence of chronic diseases, such as cardiovascular and oncology diseases, is driving market growth in the region. Additionally, the COVID-19 pandemic has led to an increased adoption of online pharmacy services, further boosting market growth.
Covid-19 Impact Analysis:
The COVID-19 pandemic initially hampered the growth of many sectors, including the healthcare sector. However, during the pandemic, there was an increasing demand for online pharmacies across all regions, leading to rapid adoption of online services in the healthcare sector. The need for pharmacy delivery services increased, allowing pharmacies to service their current customer base and reach new customers who preferred online purchasing due to restrictions.
Major Market Players:
Key players in the pharmacy retail market include CVS Health, Albertsons Companies, Ahold Delhaize, Walgreens Boots Alliance, Wellness Forever Pharmacy, Dirk Rossmann GmbH, Rite Aid Corp, MedPlus Health Services Private Limited, and others.
Recent Developments:
In February 2023, Aster Pharmacy, a division of Aster DM Healthcare, announced the launch of its 250th pharmacy in the country.
In January 2023, Amazon launched RxPass, a new perk in its Prime customer benefits program, offering members a range of generic prescription drugs for a flat monthly fee.
In August 2021, Wellness Forever Medicare Limited opened 15 new stores across India, strengthening its presence to 250+ stores in the country. These newly opened stores operate 24 hours for the wellness of consumers.
Pharmacy Retail Market Segmentation:
By Drug Type
- Prescription Drugs
- Over the Counter Drugs
By Distribution Channels
- Online
- Offline
For this report, Introspective Market Research has segmented the Pharmacy Retail Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)
North America
- US
- Canada
- Mexico
Eastern Europe
- Bulgaria
- The Czech Republic
- Hungary
- Poland
- Romania
- Rest of Eastern Europe
Western Europe
- Germany
- UK
- France
- Netherlands
- Italy
- Russia
- Spain
- Rest of Western Europe
Asia Pacific
- China
- India
- Japan
- South Korea
- Malaysia
- Thailand
- Vietnam
- The Philippines
- Australia
- New Zealand
- Rest of APAC
Middle East & Africa
- Turkey
- Bahrain
- Kuwait
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
South America
- Brazil
- Argentina
- Rest of SA
