Global Pharmacy Retail Market, By Type (online and offline), Drug Type (Generic, Over the counter (OTC), and Patented), End-Users (Equipment Retail, Drug Retail, Health Products Retail, Chemical Medicine Retail, Medicinal Materials Retail, Proprietary Chinese Medicine Retail, and Others) - Industry Trends and Forecast to 2030.
Pharmacy Retail Market Analysis and Size
The retail pharmacy is the independent avenue providing branded and generic medicines to the public with or without a prescription. The increase in the pharmacy's retail chains has helped integrate many healthcare components that will increase the purchasing convenience of drugs and other products to the customer.
The rise in the prevalence of chronic diseases globally, growing healthcare expenditure, changing disease profiles, innovative marketing strategies, upsurge in the development of hospital-based pharmacies and wellness stores, growing government funding, and rising geriatric population are the factors that will expand the pharmacy retail market. The growth in the annual income of the population and increasing demand for e-commerce sites will provide beneficial opportunities for the pharmacy retail market in the forecast period of 2023-2030.
Data Bridge Market Research analyses that the global pharmacy retail market, valued at USD 622.32 billion in 2022, will reach USD 1,343.72 billion by 2030, growing at a CAGR of 10.10% during the forecast period of 2023 to 2030. However, the high cost of drugs, risk of expiry, and side effects of OTC drugs are the factors that will hinder the market growth and will further challenge the pharmacy retail market in the forecast period mentioned above. Due to the increasing burden of chronic diseases and the growing aging population, the pharmacy retail market is driving the demand for prescription medications.
The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Pharmacy Retail Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015 - 2020)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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By Type (online and offline), Drug Type (Generic, Over the counter (OTC), and Patented), End-Users (Equipment Retail, Drug Retail, Health Products Retail, Chemical Medicine Retail, Medicinal Materials Retail, Proprietary Chinese Medicine Retail, and Others)
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Countries Covered
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U.S., Canada, Mexico, Brazil, Argentina, Peru, rest of South America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Hungary, Lithuania, Austria, Ireland, Norway, Poland, rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Vietnam, rest of Asia-Pacific, Saudi Arabia, U.A.E, Egypt, Israel, Kuwait, South Africa, rest of Middle East and Africa
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Market Players Covered
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CVS Health (U.S.), Walgreens Boots Alliance, Inc. (U.S.), Albertsons Companies (U.S.), Dirk Rossmann GmbH (Germany), Rite Aid Corp. (U.S.), The Jean Coutu Group (PJC) Inc. (Canada), Loblaws Inc. (Canada), and Ahold Delhaize (Netherlands) among other
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Market Opportunities
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Market Definition
The global pharmacy retail market comprises retail establishments selling prescription and over-the-counter medications, health and wellness products, and related services. These physical and online retail stores provide convenient outlets for consumers to access a comprehensive range of pharmaceutical products while offering additional services such as consultation, medication management, and health screening. The market operates within a competitive landscape, with numerous local and international players vying for market share, and is influenced by factors such as increasing healthcare expenditure, growing demand for personalized medicine, and the expansion of the over-the-counter market.
Pharmacy Retail Market Dynamics
Drivers
- Growing Healthcare Expenditure
The rising healthcare expenditure globally, driven by factors such as aging populations, increasing prevalence of chronic diseases, and advancements in medical technology, is a significant driver for the pharmacy retail market. As healthcare spending increases, the demand for prescription medications and related products also rises, positively impacting the growth of pharmacy retail.
- Increasing Demand for Personalized Medicine
The growing focus on personalized medicine, which involves tailoring medical treatment to individual patients based on their unique genetic makeup, is fueling the demand for specialized pharmaceutical products. Pharmacy retail stores play a crucial role in providing these personalized medications, driving the market growth.
- Expanding OTC (Over-the-Counter) Market
The expanding market for over-the-counter medications, driven by increased self-medication practices and a shift towards preventive healthcare, is a significant driver for the pharmacy retail market. Pharmacies provide convenient outlets for consumers to access a wide range of OTC products, driving the market's growth.
Opportunities
- E-commerce and Online Pharmacies
The increasing adoption of e-commerce and the growing trend of online pharmacies present significant opportunities for the pharmacy retail market. Consumers are increasingly seeking the convenience of purchasing medications and health products online, which opens up new avenues for growth and expansion.
- Rising Technological Advancements
Rapid technological advancements, such as electronic health records, automated dispensing systems, and telepharmacy services, offer opportunities for streamlining pharmacy operations and enhancing patient care. Embracing these technological innovations can improve efficiency, customer experience, and overall market growth.
Restraints/Challenges
- Stringent Regulatory Environment
The pharmacy retail market operates within a complex regulatory environment, with stringent regulations and compliance requirements imposed by health authorities and licensing bodies. Adhering to these regulations can pose challenges for market players, including additional costs, time-consuming processes, and potential legal and reputational risks.
- Intense Competition
The pharmacy retail market is highly competitive, characterized by the presence of numerous local and international players. Competing with established pharmacy chains, online retailers, and other healthcare providers can challenge market entrants or smaller players. Differentiating themselves, maintaining customer loyalty, and ensuring competitive pricing are critical challenges in this competitive landscape.
This pharmacy retail market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the pharmacy retail market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Recent Development
- In June 2021, Medly Pharmacy, a digital pharmacy, announced its plans to acquire Pharmaca, a pharmacy chain, to expand its presence in thirty different markets
- In May 2021, PharmEasy, an online pharmacy, acquired Medlife, an ePharmacy, to gain a higher market share and expand its presence in the industry. With this acquisition, PharmEasy holds 60% to 70% of the ePharmacy market in India.
Global Pharmacy Retail Market Scope
The global pharmacy retail market is segmented on the basis of type, drug type, and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
- Online
- Offline
Drug Type
- Generic
- Over the counter (OTC)
- Patented
End User
- Equipment retail
- Drug retail
- Health products retail
- Chemical medicine retail
- Medicinal materials retail
- Proprietary chinese medicine retail
- Others
Pharmacy Retail Market Regional Analysis/Insights
The pharmacy retail market is analysed and market size insights and trends are provided by country, type, drug type, and end user as referenced above.
The countries covered in the pharmacy retail market report are the U.S., Canada, Mexico, Brazil, Argentina, Peru, rest of South America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Hungary, Lithuania, Austria, Ireland, Norway, Poland, rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Vietnam, rest of Asia-Pacific, Saudi Arabia, U.A.E, Egypt, Israel, Kuwait, South Africa, rest of Middle East and Africa.
North America dominates the market due to the presence of major key players, increasing cognizance about the various respiratory diseases such as asthma and chronic obstructive pulmonary disease, a paradigm shift of consumers towards organized players that will offer high-quality drugs, high healthcare expenditure, and well-developed healthcare sector in this region.
Asia-Pacific is expected to grow during the forecast period of 2023-2030 due to the increasing research and development activities, rising investment in the healthcare sector, and growing government support.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure Growth Installed Base and New Technology Penetration
The pharmacy retail market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for Pharmacy Retail Market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the Pharmacy Retail Market. The data is available for historic period 2015-2021.
Competitive Landscape and Pharmacy Retail Market Share Analysis
The pharmacy retail market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to Pharmacy Retail market.
Some of the major players operating in the Pharmacy Retail market are:
- CVS Health (U.S.)
- Walgreens Boots Alliance, Inc. (U.S.)
- Albertsons Companies (U.S.)
- Dirk Rossmann GmbH (Germany)
- Rite Aid Corp. (U.S.)
- The Jean Coutu Group (PJC) Inc. (Canada)
- Loblaws Inc. (Canada)
- Ahold Delhaize (Netherlands)
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