Pharmacy Retail Market Synopsis
The Global Pharmacy Retail Market size was reasonably estimated to be approximately USD 1.14 Trillion in 2023 and is poised to generate revenue of over USD 1.70 Trillion by the end of 2032, projecting a CAGR of around 4.5% from 2024 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.
Covid-19 Impact Analysis On Pharmacy Retail Market
- Covid-19 hampers the growth of many sectors. During the covid-19 pandemic situation, many businesses and local stores were closed. Covid-19 has also affected the healthcare sector. However, during this pandemic, a large population is preferring online pharmacies to purchase medicine. Henceforth many retail pharmacies offer online services to dispense medicine to patients.
- During the period of Covid -19 the demand for online pharmacies was increasing across all the regions, hence there was a rapid increase in the adoption of online services, in the healthcare sector triggering the growth of the market during the pandemic. For instance, according to Statista, during the march 2020 survey of consumers in the United States, they were likely to purchase prescription and over-the-counter medicines online. OTC healthcare sales have increased significantly during the coronavirus pandemic situation.
- Providing this high level of accessibility allow pharmacies to continue to service their current customer base throughout the pandemic, as well as reach new customers that may usually not purchase from the pharmacy due to restriction, but now can because of pharmacy delivery. Moreover, advancements in technology made in the supply chain such as retail stores, e-commerce, convenience stores, and customer touch points have left a considerable positive impact on the growth of the pharmacy retail market in the upcoming years.
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 Major Players
Key Industry Developments in the Pharmacy Retail Market
- 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.
- 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 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 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.
Global Pharmacy Retail Market |
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Base Year: |
2023 |
Forecast Period: |
2024-2032 |
Historical Data: |
2017 to 2023 |
Market Size in 2023: |
USD 1.14 Trillion. |
Forecast Period 2024-32 CAGR: |
4.5% |
Market Size in 2032: |
USD 1.70 Trillion. |
Segments Covered: |
By Drug Type |
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By Distribution Channels |
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By Region |
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Key Market Drivers: |
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Key Market Restraints: |
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Key Opportunities: |
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Companies Covered in the report: |
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Chapter 1: Introduction
ā1.1 Research Objectives
ā1.2 Research Methodology
ā1.3 Research Process
ā1.4 Scope and Coverage
āā1.4.1 Market Definition
āā1.4.2 Key Questions Answered
ā1.5 Market Segmentation
Chapter 2:Executive Summary
Chapter 3:Growth Opportunities By Segment
ā3.1 By Drug Type
ā3.2 By Distribution Channels
Chapter 4: Market Landscape
ā4.1 Porter's Five Forces Analysis
āā4.1.1 Bargaining Power of Supplier
āā4.1.2 Threat of New Entrants
āā4.1.3 Threat of Substitutes
āā4.1.4 Competitive Rivalry
āā4.1.5 Bargaining Power Among Buyers
ā4.2 Industry Value Chain Analysis
ā4.3 Market Dynamics
āā4.3.1 Drivers
āā4.3.2 Restraints
āā4.3.3 Opportunities
āā4.5.4 Challenges
ā4.4 Pestle Analysis
ā4.5 Technological Roadmap
ā4.6 Regulatory Landscape
ā4.7 SWOT Analysis
ā4.8 Price Trend Analysis
ā4.9 Patent Analysis
ā4.10 Analysis of the Impact of Covid-19
āā4.10.1 Impact on the Overall Market
āā4.10.2 Impact on the Supply Chain
āā4.10.3 Impact on the Key Manufacturers
āā4.10.4 Impact on the Pricing
Chapter 5: Pharmacy Retail Market by Drug Type
ā5.1 Pharmacy Retail Market Overview Snapshot and Growth Engine
ā5.2 Pharmacy Retail Market Overview
ā5.3 Prescription Drugs
āā5.3.1 Introduction and Market Overview
āā5.3.2 Historic and Forecasted Market Size (2017-2032F)
āā5.3.3 Key Market Trends, Growth Factors and Opportunities
āā5.3.4 Prescription Drugs: Geographic Segmentation
ā5.4 Over the Counter Drugs
āā5.4.1 Introduction and Market Overview
āā5.4.2 Historic and Forecasted Market Size (2017-2032F)
āā5.4.3 Key Market Trends, Growth Factors and Opportunities
āā5.4.4 Over the Counter Drugs: Geographic Segmentation
Chapter 6: Pharmacy Retail Market by Distribution Channels
ā6.1 Pharmacy Retail Market Overview Snapshot and Growth Engine
ā6.2 Pharmacy Retail Market Overview
ā6.3 Online
āā6.3.1 Introduction and Market Overview
āā6.3.2 Historic and Forecasted Market Size (2017-2032F)
āā6.3.3 Key Market Trends, Growth Factors and Opportunities
āā6.3.4 Online: Geographic Segmentation
ā6.4 Offline
āā6.4.1 Introduction and Market Overview
āā6.4.2 Historic and Forecasted Market Size (2017-2032F)
āā6.4.3 Key Market Trends, Growth Factors and Opportunities
āā6.4.4 Offline: Geographic Segmentation
Chapter 7: Company Profiles and Competitive Analysis
ā7.1 Competitive Landscape
āā7.1.1 Competitive Positioning
āā7.1.2 Pharmacy Retail Sales and Market Share By Players
āā7.1.3 Industry BCG Matrix
āā7.1.4 Heat Map Analysis
āā7.1.5 Pharmacy Retail Industry Concentration Ratio (CR5 and HHI)
āā7.1.6 Top 5 Pharmacy Retail Players Market Share
āā7.1.7 Mergers and Acquisitions
āā7.1.8 Business Strategies By Top Players
ā7.2 CVS HEALTH
āā7.2.1 Company Overview
āā7.2.2 Key Executives
āā7.2.3 Company Snapshot
āā7.2.4 Operating Business Segments
āā7.2.5 Product Portfolio
āā7.2.6 Business Performance
āā7.2.7 Key Strategic Moves and Recent Developments
āā7.2.8 SWOT Analysis
ā7.3 ALBERTSONS COMPANIES
ā7.4 AHOLD DELHAIZE
ā7.5 THE JEAN COUTU GROUP (PJC) INC
ā7.6 WALGREENS BOOTS ALLIANCE INC
ā7.7 WELLNESS FOREVER PHARMACY
ā7.8 DIRK ROSSMANN GMBH
ā7.9 RITE AID CORP
ā7.10 MEDPLUS HEALTH SERVICES PRIVATE LIMITED
ā7.11 OTHER MAJOR PLAYERS
Chapter 8: Global Pharmacy Retail Market Analysis, Insights and Forecast, 2017-2032
ā8.1 Market Overview
ā8.2 Historic and Forecasted Market Size By Drug Type
āā8.2.1 Prescription Drugs
āā8.2.2 Over the Counter Drugs
ā8.3 Historic and Forecasted Market Size By Distribution Channels
āā8.3.1 Online
āā8.3.2 Offline
Chapter 9: North America Pharmacy Retail Market Analysis, Insights and Forecast, 2017-2032
ā9.1 Key Market Trends, Growth Factors and Opportunities
ā9.2 Impact of Covid-19
ā9.3 Key Players
ā9.4 Key Market Trends, Growth Factors and Opportunities
ā9.4 Historic and Forecasted Market Size By Drug Type
āā9.4.1 Prescription Drugs
āā9.4.2 Over the Counter Drugs
ā9.5 Historic and Forecasted Market Size By Distribution Channels
āā9.5.1 Online
āā9.5.2 Offline
ā9.6 Historic and Forecast Market Size by Country
āā9.6.1 US
āā9.6.2 Canada
āā9.6.3 Mexico
Chapter 10: Eastern Europe Pharmacy Retail Market Analysis, Insights and Forecast, 2017-2032
ā10.1 Key Market Trends, Growth Factors and Opportunities
ā10.2 Impact of Covid-19
ā10.3 Key Players
ā10.4 Key Market Trends, Growth Factors and Opportunities
ā10.4 Historic and Forecasted Market Size By Drug Type
āā10.4.1 Prescription Drugs
āā10.4.2 Over the Counter Drugs
ā10.5 Historic and Forecasted Market Size By Distribution Channels
āā10.5.1 Online
āā10.5.2 Offline
ā10.6 Historic and Forecast Market Size by Country
āā10.6.1 Bulgaria
āā10.6.2 The Czech Republic
āā10.6.3 Hungary
āā10.6.4 Poland
āā10.6.5 Romania
āā10.6.6 Rest of Eastern Europe
Chapter 11: Western Europe Pharmacy Retail Market Analysis, Insights and Forecast, 2017-2032
ā11.1 Key Market Trends, Growth Factors and Opportunities
ā11.2 Impact of Covid-19
ā11.3 Key Players
ā11.4 Key Market Trends, Growth Factors and Opportunities
ā11.4 Historic and Forecasted Market Size By Drug Type
āā11.4.1 Prescription Drugs
āā11.4.2 Over the Counter Drugs
ā11.5 Historic and Forecasted Market Size By Distribution Channels
āā11.5.1 Online
āā11.5.2 Offline
ā11.6 Historic and Forecast Market Size by Country
āā11.6.1 Germany
āā11.6.2 UK
āā11.6.3 France
āā11.6.4 Netherlands
āā11.6.5 Italy
āā11.6.6 Russia
āā11.6.7 Spain
āā11.6.8 Rest of Western Europe
Chapter 12: Asia Pacific Pharmacy Retail Market Analysis, Insights and Forecast, 2017-2032
ā12.1 Key Market Trends, Growth Factors and Opportunities
ā12.2 Impact of Covid-19
ā12.3 Key Players
ā12.4 Key Market Trends, Growth Factors and Opportunities
ā12.4 Historic and Forecasted Market Size By Drug Type
āā12.4.1 Prescription Drugs
āā12.4.2 Over the Counter Drugs
ā12.5 Historic and Forecasted Market Size By Distribution Channels
āā12.5.1 Online
āā12.5.2 Offline
ā12.6 Historic and Forecast Market Size by Country
āā12.6.1 China
āā12.6.2 India
āā12.6.3 Japan
āā12.6.4 South Korea
āā12.6.5 Malaysia
āā12.6.6 Thailand
āā12.6.7 Vietnam
āā12.6.8 The Philippines
āā12.6.9 Australia
āā12.6.10 New Zealand
āā12.6.11 Rest of APAC
Chapter 13: Middle East & Africa Pharmacy Retail Market Analysis, Insights and Forecast, 2017-2032
ā13.1 Key Market Trends, Growth Factors and Opportunities
ā13.2 Impact of Covid-19
ā13.3 Key Players
ā13.4 Key Market Trends, Growth Factors and Opportunities
ā13.4 Historic and Forecasted Market Size By Drug Type
āā13.4.1 Prescription Drugs
āā13.4.2 Over the Counter Drugs
ā13.5 Historic and Forecasted Market Size By Distribution Channels
āā13.5.1 Online
āā13.5.2 Offline
ā13.6 Historic and Forecast Market Size by Country
āā13.6.1 Turkey
āā13.6.2 Bahrain
āā13.6.3 Kuwait
āā13.6.4 Saudi Arabia
āā13.6.5 Qatar
āā13.6.6 UAE
āā13.6.7 Israel
āā13.6.8 South Africa
Chapter 14: South America Pharmacy Retail Market Analysis, Insights and Forecast, 2017-2032
ā14.1 Key Market Trends, Growth Factors and Opportunities
ā14.2 Impact of Covid-19
ā14.3 Key Players
ā14.4 Key Market Trends, Growth Factors and Opportunities
ā14.4 Historic and Forecasted Market Size By Drug Type
āā14.4.1 Prescription Drugs
āā14.4.2 Over the Counter Drugs
ā14.5 Historic and Forecasted Market Size By Distribution Channels
āā14.5.1 Online
āā14.5.2 Offline
ā14.6 Historic and Forecast Market Size by Country
āā14.6.1 Brazil
āā14.6.2 Argentina
āā14.6.3 Rest of SA
Chapter 15 Investment Analysis
Chapter 16 Analyst Viewpoint and Conclusion
Global Pharmacy Retail Market |
|||
Base Year: |
2023 |
Forecast Period: |
2024-2032 |
Historical Data: |
2017 to 2023 |
Market Size in 2023: |
USD 1.14 Trillion. |
Forecast Period 2024-32 CAGR: |
4.5% |
Market Size in 2032: |
USD 1.70 Trillion. |
Segments Covered: |
By Drug Type |
|
|
By Distribution Channels |
|
||
By Region |
|
||
Key Market Drivers: |
|
||
Key Market Restraints: |
|
||
Key Opportunities: |
|
||
Companies Covered in the report: |
|
Frequently Asked Questions :
The forecast period in the Pharmacy Retail Market research report is 2024-2032.
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 Major Players
The Pharmacy Retail Market is segmented into Type, Distribution Channel, and region. By Type, the market is categorized into Prescription Drugs, Over Counter Drugs. By Distribution Channel, the market is categorized into Online, Offline. By region, it is analyzed across 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).
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. Retail pharmacies handle different prescription and over-the-counter medicines for treating diseases.
The Global Pharmacy Retail Market size was reasonably estimated to be approximately USD 1.14 Trillion in 2023 and is poised to generate revenue of over USD 1.70 Trillion by the end of 2032, projecting a CAGR of around 4.5% from 2024 to 2032.