Pharmacy Retailing Market Trends and Forecast
The future of the global pharmacy retailing market looks promising with opportunities in the OTC and Rx markets. The global pharmacy retailing market is expected to grow with a CAGR of 9.3% from 2024 to 2030. The major drivers for this market are increasing demand for prescription medications and expansion of pharmacy services.
• Lucintel forecasts that on-line is expected to witness the higher growth over the forecast period.
• Within this market, OTC is expected to witness the higher growth.
• North America is expected to witness highest growth over the forecast period.
United States: Company Initiatives: CVS Health announced plans to expand its MinuteClinic locations within CVS pharmacies, aiming to provide convenient access to healthcare services such as vaccinations and health screenings. The company also launched digital health solutions, including telehealth services and mobile apps, to improve access to care and medication adherence. Government Regulations: The US government introduced regulations to promote competition and transparency in the pharmacy retailing market, including policies to address drug pricing and reimbursement issues. These regulations aim to ensure affordable access to medications for consumers.
India: Company Initiatives: Apollo Pharmacy, a leading pharmacy chain in India, announced plans to expand its network of stores and enhance its online pharmacy platform to cater to the growing demand for healthcare services. The company aims to improve access to medications and healthcare products for consumers across India.Government Initiatives: The Indian government launched initiatives to promote the use of generic medications and improve access to affordable healthcare services, including measures to regulate drug prices and strengthen the pharmacy retailing sector. These initiatives aim to address healthcare disparities and improve health outcomes for Indian citizens.
A more than 150-page report is developed to help in your business decisions. Sample figures with some insights are shown below.
Pharmacy Retailing by Segment
The study includes a forecast for the global pharmacy retailing by type, application, and region.
Pharmacy Retailing Market by Type [Shipment Analysis by Value from 2018 to 2030]:
• On-Line
• Off-Line
Pharmacy Retailing Market by Application [Shipment Analysis by Value from 2018 to 2030]:
• OTC
• Rx
• Others
Pharmacy Retailing Market by Region [Shipment Analysis by Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
List of Pharmacy Retailing Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies pharmacy retailing companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the pharmacy retailing companies profiled in this report include-
• Walgreen
• Rite Aid
• Loblaw
• Diplomat
• Ahold
• AinPharmaciez
• Guoda Drugstore
Recent Development in the Pharmacy Retailing Market
CVS Health: CVS Health has been at the forefront of innovation in the pharmacy retailing market. The company has launched initiatives to enhance the customer experience and expand its healthcare services. One notable initiative is the expansion of MinuteClinic locations within CVS pharmacies, offering convenient access to healthcare services such as vaccinations, health screenings, and minor illness treatment. CVS Health has also invested in digital health solutions, including telehealth services and mobile apps, to improve access to care and medication adherence for its customers.
Walgreens Boots Alliance: Walgreens Boots Alliance has been focusing on leveraging technology to transform its pharmacy retail operations. The company has introduced initiatives such as digital prescription refills and medication synchronization programs to streamline the prescription fulfillment process and improve medication adherence. Walgreens Boots Alliance has also partnered with healthcare organizations and technology companies to develop innovative solutions for chronic disease management and personalized healthcare services.
Rite Aid: Rite Aid has implemented initiatives to enhance its pharmacy services and improve patient outcomes. The company has launched medication therapy management programs and pharmacist-led counseling services to help patients manage their medications effectively and achieve better health outcomes. Rite Aid has also invested in telepharmacy services to expand access to pharmacy care in underserved communities, particularly in rural areas where access to healthcare services may be limited.
Wal-Mart Stores, Inc. (Walmart): Walmart has been exploring opportunities to expand its presence in the pharmacy retailing market. The company has introduced initiatives such as the Walmart Health concept, which integrates primary care, pharmacy, and other healthcare services under one roof. Walmart has also expanded its pharmacy services to include medication delivery and mail-order pharmacy options, providing convenience and accessibility to its customers.
Features of the Global Pharmacy Retailing Market
Market Size Estimates: Pharmacy retailing market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Pharmacy retailing market size by type, application, and region in terms of value ($B).
Regional Analysis: Pharmacy retailing market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different types, applications, and regions for the pharmacy retailing market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the pharmacy retailing market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
FAQ
Q1. What is the growth forecast for pharmacy retailing market?
Answer: The global pharmacy retailing market is expected to grow with a CAGR of 9.3% from 2024 to 2030.
Q2. What are the major drivers influencing the growth of the pharmacy retailing market?
Answer: The major drivers for this market are increasing demand for prescription medications and expansion of pharmacy services.
Q3. What are the major segments for pharmacy retailing market?
Answer: The future of the pharmacy retailing market looks promising with opportunities in the OTC and Rx markets.
Q4. Who are the key pharmacy retailing market companies?
Answer: Some of the key pharmacy retailing companies are as follows:
• Walgreen
• Rite Aid
• Loblaw
• Diplomat
• Ahold
• AinPharmaciez
• Guoda Drugstore
Q5. Which pharmacy retailing market segment will be the largest in future?
Answer: Lucintel forecasts that on-line is expected to witness the higher growth over the forecast period.
Q6. In pharmacy retailing market, which region is expected to be the largest in next 5 years?
Answer: North America is expected to witness highest growth over the forecast period.
Q7. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the pharmacy retailing market by type (on-line and off-line), application (OTC, Rx, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
For any questions related to Pharmacy Retailing Market Market, Pharmacy Retailing Market Market Size, Pharmacy Retailing Market Market Growth, Pharmacy Retailing Market Market Analysis, Pharmacy Retailing Market Market Report, Pharmacy Retailing Market Market Share, Pharmacy Retailing Market Market Trends, Pharmacy Retailing Market Market Forecast, Pharmacy Retailing Market Companies, write Lucintel analyst at email: helpdesk@lucintel.com. We will be glad to get back to you soon.