The Global Pharmacy Retail Market size was reasonably estimated to be approximately USD 6,12,310.00 Million in 2022 and is poised to generate revenue over USD 15,03,944.65 Million by the end of 2030, projecting a CAGR of around 10.50% from 2022 to 2030.
The pharmacy retail market consists of physical and virtual locations that provide healthcare services, health-related products, and prescription and over-the-counter pharmaceuticals. Pharmacy merchants are vital parts of healthcare systems all around the world. They help people get access to prescriptions, patient education, and healthcare consultations. The rising incidence of chronic illnesses, aging populations, rising healthcare coverage, and the rising need for easily accessible healthcare solutions are major factors propelling the market's expansion. Furthermore, the retail pharmacy industry has changed as a result of digital technology breakthroughs that have made home delivery, telepharmacy, and online ordering possible. To increase their competitiveness, market actors are broadening their product offerings, investing in digital infrastructure, and adjusting to changing consumer tastes. With the ongoing changes in healthcare requirements, the pharmacy retail sector is expected to experience consistent expansion and novelty, driven by factors such as convenience, accessibility, and quality of service.
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
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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.
By Drug Type
- Prescription Drugs
- Over the Counter Drugs
By Distribution Channels
- Online
- Offline
Increasing Prevalence Of Chronic Diseases Around The World
The market is growing because chronic diseases are becoming more common and requiring longer hospital stays. With or without a prescription, the retail pharmacy offers both name-brand and generic medications. A major driver propelling the market expansion is the rise in different geriatric illnesses that coincide with the global aging population. For example, the World Health Organization projects that 34 countries will have more than 20% of their population over 65 by 2030.
Moreover, the market is growing because to an increase in sports injuries. These days, the market is growing faster thanks to the quick adoption of automation technologies including dispensing, packing, and pharmacy robots.
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.
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Rising Demand For E-Commerce Sites
Retail pharmacies provide healthcare and immunization services in addition to prescription drugs, which accelerates market expansion. For instance, CVS Health provides care for chronic kidney disease (CKD) to over 7.5 million members, diabetes to 1.4 million consumers, and oncology to over 125 provider systems, among other health management programs. 2020. It is anticipated that over the projected period, ePharmacy would increase at the quickest rate.
The largest change is the advent and expansion of pharmacy delivery. The major businesses also created apps for prescription delivery services, allowing patients to share their prescriptions and have their medications delivered right to their door. The expansion of the pharmacy industry and the growing healthcare infrastructure and wellness stores drive the pharmacy retail market growth during the forecast period.
By Region
- 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)
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