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

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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