Prescription for Success: Global Pharmaceutical Retail market On Track to reach $1 Trillion dollar by 2027: Ken Research

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1.The Asia-Pacific region is Expected to Lead the Pharmacy retail Market in the future

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From Watsons in Singapore to Guoda Drugstores in China to Century Healthcare in Indonesia, Asia’s retail pharmacy market is emerging as one of Asia’s hot healthcare opportunities. Most Asian-Pacific markets still have room to grow. Today, Singapore has the most pharmacy locations per capita -- 1,540 persons for each pharmacy location. The pace of innovation and disruption will further intensify these anticipated market and investment shifts.

 2.E-pharmacies helping to bridge the gap in the Global healthcare system

With increasing internet penetration and smartphone availability, e-commerce has witnessed exponential growth across categories – from apparel to groceries, people have started purchasing most of their requirements via online platforms. As a result of this drastic shift in shopping behavior, e-pharmacies has emerged as a promising sector as they managed to offer the convenience of shopping out of the comfort of homes. In the statistics by the International Telecommunication Union (ITU), the internet penetration rate across the globe peaked at 53% from 17% in-between the years 2005-2019 which is further propelling the e-pharmacies industry, especially after covid-19.

3.With 9,706 stores, CVS Pharmacy (USA), is the largest chemist/pharmacy store chain in the world.

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In the coming years, competition is expected to heat up, particularly from big-box retailers and mail-order and online pharmacies. The top U.S. pharmacy in 2021 by market share based on prescription drug revenue was CVS Health Corporation. It held nearly 25 percent of the prescription drug market revenue. Payors have also steered customers towards mail ordering, such as by covering a 90-day supply of medications delivered to the home rather than the 30-day supply available at a traditional pharmacy. Finally, Internet pharmacies are aggressively pursuing cash-paying customers by offering discounted medications.

4.AI is giving a major boost to the Global pharmacy retail market to reach 1 trillion dollars by 2027.

In recent years, the pharmacy industry has been using AI and Machine Learning for various stages of the pharmaceutical development process.  AI systems can be used to automate tasks that will help in saving time and also the tasks will be performed by using fewer resources. More than 60% of life sciences companies spent over US$20 million on AI initiatives in 2019, and more than half expect investments in AI to increase in 2020, which will have a direct impact in the pharmaceutical companies. In 2018, Sanofi partnered with an AI startup in order to build an AI solution that would automate medical literature reviews, which will help the pharmacy market to study the customer base and medical needs.

Market Taxonomy

By Market Structure

• Organized
• Unorganized

By Type of Pharmacies

• Community Pharmacies
• Discount Pharmacies
• Hospital Pharmacies

By Type of Products       

• Prescribed Drugs
• Over-The-Counter
• Non-Pharmaceutical Products
• Medical Equipment

By Therapeutic Area

• Anti-Infective
• Cardiovascular
• Central Nervous System
• Pain/Analgesics
• Vitamins/Minerals/Nutrients
• Antibiotics
• Respiratory
• Gastro-Intestinal
• Gynecology
• Others

By Drug Type

• Patented Drugs
• Generics

Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Target Audience

• Pharmaceutical Manufacturing Companies
• Pharmacy Retail Companies
• Independent Pharmacies
• Industry Associations
• Regulatory Bodies
• Telemedicine Companies
• Pharmaceutical Distributors & Wholesalers

Time Period Captured in the Report

• Historical Period: 2017-2022
• Base Period: 2022
• Forecast Period: 2022-2027

Major Players Mentioned in the Report 

• Ahold Delhaize
• Albertsons Companies Inc.
• Cipla
• CVS Pharmacy
• GlaxoSmithKline
• Loblaw
• Merck KGaA
• Novo Nordisk
• Rite Aid
• Sanofi
• Walgreens Boots Alliance

For More Insights On Market Intelligence, Refer to the Link Below: –

Global Pharmacy Retail Market

Related Reports by Ken Research: –

Australia Pharmacy Retail Market Outlook to 2025

Indonesia Pharmacy Retail Market Outlook to 2025 

Vietnam Pharmacy Retail Market Outlook to 2025

The Global Pharmacy Retail Market Is Growing At A Robust CAGR In 2017-2022 And Is Expected To Be A $1 Trillion Market By 2027 – Ken Research

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Global Pharmacy Retail Market By Drug Type

The Global Auto Finance market is segmented By Drug Type into Patented Drugs and Generics.

Competition Scenario in Global Pharmacy Retail Market

The Global Pharmacy Retail Market is medium to highly competitive. Major players in the Pharmacy Retail market globally include Ahold Delhaize, Albertsons Companies Inc., Cipla, CVS Pharmacy, GlaxoSmithKline, Loblaw, Merck KGaA, Novo Nordisk and Sanofi, etc. Competition is expected to intensify by the end of the forecast period due to the lucrative opportunities available to various players in the market.

What is the Expected Future Outlook for the Overall Global Pharmacy Retail Market? 

The global Pharmacy Retail market was valued at USD 600 Bn in 2022 and is projected to reach USD 1 trillion by 2027. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.

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Changing disease profiles, innovative marketing strategies, the introduction of new business models and an upsurge in hospital-based pharmacies and wellness stores have been anticipated to propel thrust in the sales of pharmaceutical retail in the future. The growing incidence of chronic diseases like hypertension, diabetes, cardiovascular diseases, and cancer, which require prolonged medication, is expected to further drive the growth of the pharmacy retail market during the forecast period. With the rise in public healthcare expenditure, pharmaceuticals have become more accessible, thereby fueling the pharmacy retail market, especially in rural areas and tier-II cities.

Competition is projected to intensify in the coming years, particularly from big-box retailers and mail-order and online pharmacies. The pandemic motivated many consumers to use mail-order and online pharmacies to reduce their risk of exposure to COVID-19, some of whom will continue to use these services rather than go back to their local pharmacy. Payors have also steered consumers toward mail orders, such as by covering a 90-day supply of medications delivered to the home versus only a 30-day supply available at a brick-and-mortar pharmacy. Finally, Internet pharmacies are aggressively targeting cash-paying customers by offering medications at a reduced cost.

Moreover, the COVID-19 pandemic has accelerated the growth in traditional pharmacy retail outlets as well as online pharmacy channels. Globally, medical retail outlets were categorized as essential services, but online pharmacies emerged as the most dynamic channel for procuring drugs and devices because of the fear of the virus.

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Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report

• Pharmaceutical Manufacturing Companies
• Pharmacy Retail Companies
• Independent Pharmacies
• Industry Associations
• Regulatory Bodies
• Telemedicine Companies
• Pharmaceutical Distributors & Wholesalers
  Time Period Captured in the Report
• Historical Period: 2017-2022
• Base Period: 2022
• Forecast Period: 2022-2027

Companies

Major Players Mentioned in the Report 

• Ahold Delhaize
• Albertsons Companies Inc.
• Cipla
• CVS Pharmacy
• GlaxoSmithKline
• Loblaw
• Merck KGaA
• Novo Nordisk
• Rite Aid
• Sanofi
• Walgreens Boots Alliance

For more insights on the market intelligence, refer to the link below:-

Global Pharmacy Retail Market

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Global Pharmacy Retail Market is standing strong at $ 600 Billion in 2022– Will it be able to achieve the trillion-dollar mark by 2027?: Ken Research

 The global Pharmacy Retail market was valued at USD 600 Bn in 2022 and is projected to reach USD 1 trillion by 2027.  

The COVID-19 pandemic has fueled growth in both traditional pharmacy retail outlets and online pharmacy channels. Medical retail outlets were classified as essential services globally, but due to the virus's fear, online pharmacies emerged as the most dynamic channel for obtaining drugs and devices. The online pharmacy sector has seen an increase in orders for medical devices, personal protective equipment, health supplements, and common drugs as a result of the various waves of COVID-19.

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1. People aged 65+ are projected to grow to nearly 1 billion in 2030, with most of the increase in developing countries, which will drive retail pharmacy growth

According to the Office of Disease Prevention and Health Promotion, the first Baby Boomers (those born between 1946 and 1964) turned 65 in 2011. By 2030, it is projected that more than 60% of this generation will be managing more than 1 chronic condition. Managing these chronic conditions, along with a patient’s level of disability, will increase the financial demands on our healthcare system which will increase the stress on the pharmacy chain industries.

2. With the increasing population growth in Tier II and Tier III cities, there is an untapped potential for retail pharmacies in their market

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E-Pharmacies still have a lot of scope for expansion in tier II and III cities, that can be achieved by making huge investments for the improvement of logistics channels in these cities. Presently, close to 55% of the global population today is living in tier-2 & tier-3 cities. In such areas, the local pharmacy becomes the go-to place for all healthcare services. Furthermore, statistics show that for every 1000 people, there is 0.83 pharmacist available. Since many doctors are not able to reach people living in tier-2 & tier-3 cities, local pharmacies can become huge healthcare support by going online and providing quick, trusted, & efficient healthcare solutions.

3. Digiceutical Apps Also known as “digital therapeutics” are Improving patient outcomes through convergence

In 2018, there was a massive growth in investment in the field of digital therapeutics, and the Food and Drug Administration (FDA) has actually been on board with the trend for quite some time as well. In late 2017, they launched a digital health pilot program, which included 9 companies. Among the participants were the big guys like Apple, Samsung, and Johnson and Johnson, yet small-but-mighty startups were also included. One such startup is Pear Therapeutics, which has already received FDA approval for two of its app products; one for substance abuse, and the other specifically for opioid use. The goal of the program is to soften the regulatory requirements for digital health companies with proven records of developing and testing quality products.

4. Huge E-commerce websites like Amazon are becoming a threat to other pharmacies’ retail stores worldwide

The company is a threat to retail pharmacies on multiple fronts. Initially, the emergence of Amazon.com gave consumers less of a reason to do in-person shopping for general merchandise. Then the company got into the prescription game with its 2018 acquisition of PillPack and the 2020 launching of Amazon Pharmacy and an Amazon Prime prescription discount benefit. And then, just a few months ago, Business Insider reported that Amazon was looking to create physical pharmacies. Whether that comes to fruition — and what it would look like — remains to be seen, but one thing is clear: Amazon will continue to be a thorn in the side and strain the bottom line of retail pharmacies.

For more insights on the market intelligence, refer to the link below:-

Global Pharmacy Retail Market

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