Pharmacy Retail Market-In-Deep Analysis Focusing on Market Share

Pharmacy Retail Market Synopsis

The Global Pharmacy Retail Market size was reasonably estimated to be approximately USD 1.19 Trillion in 2024 and is poised to generate revenue of over USD 1.69 Trillion by the end of 2032, projecting a CAGR of around 4.5% from 2025 to 2032.

Pharmacy Retail is also known as community pharmacies. The retail community pharmacy refers to a chain or independent pharmacy that is authorized by the State to supply drugs to the general public at retail pricing. For convenience, these pharmacies are frequently dispersed across the community.  A Pharmacy Store is a retail shop that gives prescribed drugs, among other products. At the drug store, a druggist oversees the fulfillment of clinical prescriptions and is available to recommend their offerings of over-the-counter tablets. A regular pharmacy might be in the business area of a network. Every clinic must have a scientific store for obtaining, stocking, and dispensing tablets and medicines to diverse sections. Stores are described as sub-business enterprise in any hospitals where substances acquired are held in abeyance till inspected, accepted, and stocked. A shop should have a well-known specification of substances and the store procured the medication on behalf of the branch for an ordinary drift of material, the condition of the storage needs to be proper.

Retail pharmacies handle different prescription and over-the-counter medicines for treating diseases. Retail pharmacies deal with a range of prescription and OTC drugs for treating common ailments. Retail pharmacies sell a variety of products, including allergy medications, drugs to lower blood pressure, antibiotics, and cold and flu treatments. Retail pharmacists are able to respond to queries, guide patients through symptoms, and provide advice on how to minimize adverse effects and prescription interactions.

The rise incidence rate of mental disorders like anxiety, panic disorders, and insomnia boost the market growth. For instance, according to the World Health Organization, in 2019, 1 in every 8 people or 970 million all around the world were living with mental disorders like depressive disorders, and anxiety. Such factors drive the growth of the pharmacy retail market.

The Pharmacy Retail Market Trend Analysis- Increasing Prevalence Of Chronic Diseases Around The World

• The rising prevalence of chronic diseases leading to longer hospital admission is driving the market growth. The retail pharmacy provides branded and generic medicines with or without a prescription. With the increase in the geriatric population worldwide, various geriatric disorders also increase, which is excepted a driving factor of the market expansion. For instance, according to the World Health Organization, it is estimated at 2030 there will be 34 nations with over 20% population above 65 years.
• Moreover, an increasing number of sports injuries drives the market growth.  Nowadays rapid adoption of automation technologies like pharmacy robots, dispensing, and packing system boosts the market growth.
• Increasing the number of diabetes patients is expected to witness market growth due to patients with type 1 diabetes making little or no insulin and requiring daily insulin treatment to control and manage blood sugar levels.

Rising Demand For E-Commerce Sites

• In addition to prescriptions, retail pharmacies also offer vaccination services and healthcare services, which boosts the market growth. For example, CVS Health offers a variety of health management programs, such as a diabetes program to its 1.4 million customers, chronic kidney disease (CKD) care to more than 7.5 million members, and an oncology care program to more than 125 provider systems. 2020.  ePharmacy is excepted to be the fastest-growing segment during the forecast period.
• The introduction and spread of pharmacy delivery are one of the biggest shifts.  Additionally, the key players developed apps for prescription delivery service purposes where patients can share their prescriptions and medicines can be delivered to their doorstep. The increasing healthcare infrastructure and the upsurge in the development of pharmacies and wellness stores drive the pharmacy retail market growth during the forecast period.
• During the covid-19 pandemic the online pharmacy segment boosts the retail pharmacy market growth. During the covid-19 the visit to traditional pharmacy stores decreased. However, the need or demand for medicines has increased and hence people rely on e-commerce pharmacy retail services.

Segmentation Analysis of The Pharmacy Retail Market

Pharmacy Retail market segments cover the Drug Type and Distribution Channels. By Type, the Prescription Drugs segment is Anticipated to Dominate the Market Over the Forecast period.

• Increasing surgeries around the world driving the growth of the market during the forecast period. For instance, according to the National library of medicine, 310 million major surgeries are performed each year around the world and around 40 to 50 million in the USA and 20 million in Europe. Henceforth, the number of hospitalized people increases as a result of the prescription drugs segment driving the market growth in the upcoming years.
• The United Nations estimates that there are more than 703 million persons worldwide who are over 65. By 2050, this is anticipated to reach 1.5 billion. The need for prescription medications for treatments of oncology, diabetes, cardiovascular disease, respiratory diseases, antibiotic resistance, and blood disorders is growing. The increasing number of prescriptions in the United State drives the market growth. For instance, according to Statista, the total number of retail prescriptions was filled annually in the United States in 2019, and 4.38 billion retail prescriptions will be filled throughout the United States. The number is increasing year by year in the United State.

Regional Analysis of The Pharmacy Retail Market

North America is Expected to Dominate the Market Over the Forecast period.

• Due to the presence of major key players, CVS Health, Walgreens Boots Alliance, and other drives the market growth in this region. Increasing respiratory diseases like chronic obstructive pulmonary disease and asthma that required more medicines drive the market growth.  For instance, according to the asthma and allergic foundation of America, there are approximately 25 million people in the United State have asthma. This equals about 1 in 13 people. So, increased demand for medicine for asthmatic patients drives the pharmacy retail market growth.
• The raising awareness of various respiratory diseases, a paradigm shift in consumer behavior towards organized players who will provide high-quality drugs, high healthcare spending, and a well-established healthcare sector in North America dominates the pharmacy retail market. A rise in the investment in R&D by key players and an increase in the prevalence of cardiovascular and oncology diseases around the region are driving factors for the growth of the market. Moreover, in North America increase in various diseases like cancer, obesity, and cardiovascular problems increases the market share of pharmacy retail.

Top Key Players Covered in The Pharmacy Retail Market

• CVS Health (US)
• Albertsons Companies (US)
• Ahold Delhaize (Netherlands)
• The Jean Coutu Group (PJC) Inc (Canada)
• Walgreens Boots Alliance, Inc (US)
• Wellness Forever Pharmacy (India)
• Dirk Rossmann GmbH (Germany)
• Rite Aid Corp (US)
• MedPlus Health Services Private Limited (India), and Other Active Players

Key Industry Developments in the Pharmacy Retail Market

• In July 2023, Amazon India partnered with Apollo Pharmacy to offer prescription drug delivery through its Prime membership program. This partnership provides Prime members with convenient access to a wide range of medications.
• In June 2023, Reliance Retail, a major retail conglomerate, entered the pharmacy market with the launch of JioHealth, an online pharmacy platform. JioHealth leverages Reliance Retail's vast network and offers competitive pricing to attract customers.
• In May 2023, Tata 1mg, a leading online pharmacy, acquired MedPlus, a major brick-and-mortar pharmacy chain, for a reported $700 million. This marks the largest consolidation in the Indian pharmacy retail market and is expected to create a dominant player with a strong omnichannel presence.
• In February 2023, PharmEasy, another leading online pharmacy, acquired Akara, a digital healthcare platform focused on chronic disease management, for $185 million. This acquisition strengthens PharmEasy's offerings in chronic care and expands its reach into Tier 2 and Tier 3 cities.