Pharmacy Retailing Market Size, Share, Growth, and Industry Analysis, By Type (On-Line and Off-Line), By Application (OTC and Rx), Regional Insights, and Forecast To 2031

Updated On: 13 November 2023

Pharmacy Retailing Market Report Overview

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The global pharmacy retailing market size was USD 1726700 million in 2021 and is projected to touch USD 2934335.93 million by 2031, exhibiting a CAGR of 5.4% during the forecasting period.

Pharmacy retailing is an independent business that sell branded and generic medications to the general population, either with or without a prescription. The expansion of pharmacy retailing market chains has aided in the integration of numerous healthcare elements, improving customer convenience while buying pharmaceuticals and other goods. The most easily accessible healthcare professionals in Nigeria are retail pharmacists. They are available to provide vaccines, give advice on how to take prescriptions properly, and respond to queries about medications. Pharmacy retailing is another type of retail establishment that offers both prescription and OTC pharmaceuticals. A pharmacist will often be on duty at a pharmacy to assist customers with queries about their prescriptions, provide guidance on how to take their prescriptions properly, and provide immunizations.

The most typical sort of pharmacy is a retail pharmacy. Patients can go there to pick up over-the-counter medicines, fill prescriptions, and buy other health and beauty products. A pharmacist who works in a pharmacy is known as a retail pharmacist. They are in charge of counselling patients about their health conditions and giving them guidance on how to utilise medications properly. The procedure of giving patients prescribed medications is known as pharmacy retailing. Pharmacy management or pharmacy operations are other names for it. Community pharmacies, hospital pharmacies, and mail-order pharmacies are the three different ways to do pharmacy retail.

The most typical type of pharmacist that individuals see on a daily basis are community pharmacists. They are employed by independent pharmacies, which are typically found in a strip mall or retail centre. Hospital pharmacists provide medication to patients who are admitted there at hospitals and clinics where they operate. Prescription drugs are sent directly to the homes or offices of its clients by mail-order pharmacies.

COVID-19 Impact: Pandemic Induced Lockdowns to Plunge Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributed to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Global supply chains have been disrupted by COVID-19's onslaught. Active pharmaceutical ingredients (API) and important starting materials for Indian pharmaceutical industries are heavily dependent on China (KSM). These APIs and KSMs are severely in short supply all around the world as a result of the country-wide lockdown. As a result, a number of domestic pharmaceutical producers began making APIs and KSMs to satisfy the increased market demand. On the other hand, due to a rise in the use of digital platforms, the online pharmacy retailing gained traction. In order to financially support the nation's COVID-19 vaccine manufacturing, the union government introduced the production linked incentive system (PLI). The government also unveiled a plan to set up bulk drug parks to make APIs, KSMs, and drug intermediates in the same year.

LATEST TRENDS

"Increase in Internet Users and Technological Advancements to Boost Market Growth"

Since consumers can easily access them from the comfort of their homes, the retail channels for online pharmacies are anticipated to increase market sales. Because of enhanced medical infrastructure and the introduction of trademarked treatments, consumers now have better access to medications. Consumers' increasing health consciousness and awareness of the extra services provided by organised players will cause a steady movement away from unorganised pharmacies and toward contemporary pharmacy retail locations.

Pharmacy Retailing Market Segmentation

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• By Type

Based on type; the market is divided into on-line and off-line.

In terms of product, on-line is the largest segment.

• By Application

Based on application; the market is divided into OTC and Rx.

In terms of application, OTC is the largest segment.

DRIVING FACTORS

"Population's Rising Annual Income and Rising E-Commerce Demand to Propel Market Growth"

During the projection period, the population's annual income will rise and e-commerce site demand will rise, creating favourable chances for the pharmacy retailing market growth. The expansion of the domestic pharmaceuticals industry is significantly impacted by the increase in middle-class households and the penetration of health insurance.

"Rise in the Prevalence of Chronic Diseases to Fuel Market Growth"

Global increases in the prevalence of chronic diseases, rising healthcare costs, shifting disease profiles, creative marketing techniques, an increase in the patient pool and population, and the affordability of medications are the factors that will drive the pharmacy retail market. Other factors include the rapid development of hospital-based pharmacies and wellness centres, rising government funding, and an increase in the number of elderly people. The most prominent causes of the rise in patients with lifestyle-based illnesses include stress, sedentary lifestyles, and bad eating habits.

RESTRAINING FACTORS

"Side Effects of OTC Drugs to Hamper Market Growth"

The reasons that will impede market expansion and present new obstacles for the pharmacy retail market throughout the aforementioned projection period include high drug costs, the possibility of drug expiration, and the negative effects of OTC medications. Despite being accessible, economical, and efficient, over-the-counter drugs are not always safe. Overdosing or major physical injury can result from abusing over-the-counter medications. Impaired motor function, dizziness, sedation, disorientation, numbness, nausea, vomiting, an elevated heart rate, and an elevated blood pressure are just a few of the typical negative effects of abusing over-the-counter medications. Market expansion is hampered by low profit margins, price controls, and ineffective inventory management.

Pharmacy Retailing Market Regional Insights

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"North America to Dominate the Market Due to Growing Prevalence of Respiratory Diseases"

Due to the presence of significant key players, rising awareness of various respiratory diseases like asthma and chronic obstructive pulmonary disease, a paradigm shifts in consumer behaviour toward organised players who will provide high-quality drugs, high healthcare spending, and a well-developed healthcare sector in this region, North America dominates the pharmacy retailing market share. Due to escalating R&D efforts, rising healthcare spending, and expanding government backing, North America is anticipated to rise during the forecast period.

KEY INDUSTRY PLAYERS

"New Market Initiatives to Boost Market Growth"

The competitive landscape of the pharmacy retail market gives information by competitor. Company overview, financials, revenue generated, market potential, investments in R&D, new market initiatives, global presence, production facilities, company strengths and weaknesses, product launch, clinical trial pipelines, product approvals, patents, product width and breadth, application dominance, and technology lifeline curve are among the details provided. The aforementioned data points are limited to the companies' focus on conducting research on the global retail pharmacy sector.

List of Market Players Profiled

• CVS (U.S.)
• Walgreen (U.S.)
• Rite Aid (American)
• Loblaw (Canada)
• Diplomat (U.S.)
• Ahold (Netherlands)
• AinPharmaciez (U.S.)
• Guoda Drugstore (China)
• Yixintang (China)
• Albertsons (U.S.)

REPORT COVERAGE

The report examines market channels of pharmacy retailing market and provides information on the elements affecting probable future global development. Additionally, the report looks at market size and share, regional trends, end-use categories, and market segments. It emphasises the importance of outlining an exhaustive regional analysis. The Global pharmacy retailing market study also carried out a sector analysis to comprehend the key driving factors and entry barriers of the market. The paper also offers suggestions on how businesses might strengthen their market positions in light of significant alterations in the market dynamics.