Retail Pharmacy Market is Set To Fly High in Years to Come | Walmart, GoodRx, Health Mart
Updated · May 11, 2023
Published Via 11Press : According to HTF Market Intelligence, the Global Retail Pharmacy Market is projected to experience a growth rate of 5.1% and reach a market size of USD 1.25 trillion by 2028. The current market size is estimated at USD 1.18 trillion.
The portion of the healthcare business that deals with the direct sale and delivery of prescription pharmaceuticals, over-the-counter medicines, health and wellness goods, and associated services to consumers is known as the retail pharmacy market. Retail pharmacies are often physical locations with a physical address in a neighborhood. They can be freestanding businesses or part of bigger retail chains, supermarkets, or medical institutions. By making drugs and healthcare goods easily available, these pharmacies play an important part in the healthcare system. They operate as the main point of contact for those looking for over-the-counter treatments for common ailments, prescription drugs, and health advice. Retail pharmacies also provide a range of other services, including immunizations, health screenings, and monitoring of pharmaceutical therapy. To guarantee patient safety and adherence to rules governing the dispensing and sale of pharmaceuticals, the retail pharmacy sector is heavily regulated. Pharmacists, who hold a license to practice medicine, are in charge of correctly filling prescriptions, counseling patients on how to take their medications, keeping track of drug interactions, and delivering general health information.
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Retail Pharmacy Market Key Players
Below are the Major giants of Retail Pharmacy industry players.
- CVS Health (United States)
- Walmart (united states)
- Kroger (United States)
- Target (United States)
- Costco (United States)
- Cardinal Health (United States)
- Amazon Pharmacy (United States)
- GoodRx (United States)
- Rite Aid (United States)
- Walgreens Boots Alliance (United States)
- Health Mart (United States)
Retail Pharmacy Market Key Business Segments
By Type/ Product Type
- Over-the-counter (OTC)
By Application/ End User
- Equipment Retail
- Drug Retail
- Health Products Retail
- Medicine Retail
- Medicinal Materials Retail
- In December 2021, XIFIN, a healthcare technology company announced the acquisition of OmniSYS, a pharmacy services provider. The acquisition is expected to help XIFIN expand its services into the pharmacy market and provide a more comprehensive suite of offerings for healthcare providers. The move comes as the healthcare industry continues to shift towards value-based care models, which require more integrated and coordinated services across different areas of healthcare. The global retail pharmacy market is highly competitive and includes a mix of large retail chains, and online pharmacies. The well-established and prominent players are operating and competing for gaining maximum market share.
Retail Pharmacy Market Regional Analysis
On the basis of geography, the market of Retail Pharmacies has been broken down by
- North American [Canada, USA]
- South American [Brazil, Chile, Argentina, Colombia, Others]
- Europe [Germany, France, Switzerland, Benelux, UK, the Nordics, Spain, Italy, Rest of Europe]
- Southeast Asia
- APAC Southeast Asia [Australia, Japan, India, PRC, Others]
- MEA [Turkey, South Africa, Egypt, UAE, Israel, Nigeria, Saudi Arabia, Others]
In 2022, the North America region dominated the market, holding the largest market share. Meanwhile, the Asia Pacific region emerged as the second largest market, primarily attributed to the presence of major companies in the region and significant technological advancements.
- NA region is projected to lead the Retail Pharmacy market. The USA would contribute the highest in this region.
- SA is a growing marketplace in Retail Pharmacy Market during the projected year of 2023-2029. France, Germany & UK to hold maximum market share.
- The Retail Pharmacy market also provides breakdowns by Southeast Asian countries. It is anticipated to see the fastest-growing territory in ABC Industry.
- The rest of Major Asia that are considered in the study are Japan, India, PRC, and Australia.
- Central & South American market is the Investors’ attention. Argentina, Brazil, and Mexico are seen as the ‘Red Hot Chips’ Market in Retail Pharmacy Market.
- Middle East region is projected to have explosive growth in the Retail Pharmacy market. Mainly dominated by UAE, KSA, and Turkey.
- Africa: This region still gaining traction. SA would play a major role followed by Nigeria.
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Market Growth Drivers
- As the population ages and chronic diseases become more common, there is a rising need for prescription and over-the-counter drugs, health products, and related services. As a result, the global market for retail pharmacies is expanding.
- Online ordering, telemedicine, and electronic health records are just a few of the digital innovations that have revolutionized the retail pharmacy industry and made it easier for customers to manage their healthcare, which is accelerating the growth of the global market.
- Growing consumer interest in staying healthy and preventing sickness drives demand for products and services linked to wellness and health.
- Retail pharmacies place a strong focus on offering customized services and care, such as immunizations, strategies for managing chronic illnesses, and medication management for prescription drugs.
- Retail chemists are integrating value-based care, which emphasizes better health outcomes and cost savings for customers, as healthcare expenses continue to rise. Retail pharmacies are using data and analytics to enhance patient care, streamline supply chain operations, and find new revenue streams.
- Many retail pharmacies are expanding their product lines to include services like lab testing, wellness programs, and home medical devices in addition to providing prescription drugs and over-the-counter items.
- There is fierce competition among pharmacies in the retail pharmacy sector for the same customers. It is challenging for the business to grow due to lower profit margins brought on by price wars created by this competition.
- In some locations, there may not be enough chemists, which can make it difficult for chemists to adequately staff their facilities and satisfy consumer requests. Patient data must be protected by retail pharmacies against cybersecurity risks.
- Breach of cybersecurity can result in monetary loss, harm to reputation, and legal penalties. Drug shortages might make some prescriptions harder to get, which would be bad for patients and bad for retail pharmacies.
- Technology advancements have allowed pharmacies to run more efficiently and enhance the consumer experience. For instance, pharmacies may now provide online ordering and home delivery of prescriptions. Retail pharmacies may seize this chance by increasing the range of specialty medications they provide.
- Immunizations, health exams, and pharmacological treatment management are being offered by retail pharmacies.
- Given the rising expense of healthcare, it is difficult for retail pharmacies to remain profitable while keeping reasonable customer prices. The high cost of medications restricts the expansion of the worldwide retail pharmacy business.
- Retail pharmacies must comply with a dense web of rules, which raises the cost of compliance and administrative difficulty. The market cannot expand because of its complicated structure.
- Retail pharmacies are reliant on a complicated and occasionally unreliable supply chain, which is constrained in its potential adoption by factors like natural catastrophes, production delays, and transportation problems.
Major Development in the Retail Pharmacy Market
|Market Forecast Values (2029)||USD 1.25 Trillion|
|Current Market Size Values (2022)||USD 1.18 Trillion|
|Dominating Segment||Drug Retail|
|Major Players Profiled||CVS Health (United States), Walmart (united states), Kroger (United States), Target (United States), Costco (United States), Cardinal Health (United States), Amazon Pharmacy (United States), GoodRx (United States), Rite Aid (United States), Walgreens Boots Alliance (United States), Health Mart (United States), Others|
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Frequently Asked Question
Q1: What is the current market size or values for the Retail Pharmacy Market?
A: The retail pharmacy market was estimated to be worth USD 1.18 trillion in 2022 and is projected to rise at a CAGR of 5.1% from 2022 to 2032, according to research by Market.us.
Q2: What are the segments of the Retail Pharmacy Market?
A: The global retail pharmacy market is segmented by type (over-the-counter (OTC), generic, patented), distribution channel (offline, online), geography (South America, Europe, North America, Asia Pacific, and MEA), and application (chemical medicine retail, drug retail, health products retail, medicinal materials retail, equipment retail, others).
Q3: Who are the Major giants in the Retail Pharmacy Market?
A: Some of the key players in the Retail Pharmacy Market include CVS Health (United States), Walmart (united states), Kroger, Target (United States), Costco (United States), Cardinal Health (United States), Amazon Pharmacy (United States), GoodRx (United States), Rite Aid (USA), Walgreens Boots Alliance (United States), Health Mart (United States), Others Key Players.
Craig Francis (PR & Marketing Manager)
HTF Market Intelligence Consulting Private Limited
Phone: +1 434 322 0091
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