PUBLISHER: The Business Research Company | PRODUCT CODE: 1429603
PUBLISHER: The Business Research Company | PRODUCT CODE: 1429603
Pharmacies and healthcare stores are retail establishments that specialize in offering pharmaceuticals and healthcare products, encompassing medications, medical devices, and various personal care items.
The primary categories of pharmacies and healthcare stores include pharmacies, drug stores, and other establishments focused on health and personal care. Pharmacies serve as venues where individuals can acquire prescription drugs, whether located within a chemist's shop, drugstore, supermarket, or other retail outlets. These establishments may operate under different ownership structures, including retail chains and independent retailers. They offer a range of drugs, including prescription medications, over-the-counter (OTC) drugs, and various other types of pharmaceuticals.
The pharmacies and healthcare stores market research report is one of a series of new reports from The Business Research Company that provides pharmacies and healthcare store market statistics, including pharmacies and healthcare store industry global market size, regional shares, competitors with a pharmacies and healthcare store market share, detailed pharmacies and healthcare store market segments, market trends and opportunities, and any further data you may need to thrive in the pharmacies and healthcare store industry. This pharmacies and healthcare stores market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The pharmacies and healthcare stores market size has grown strongly in recent years. It will grow from $1292.61 billion in 2023 to $1380.96 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The expansion observed in the historical period can be ascribed to robust economic growth in emerging markets, an increase in healthcare expenditure, a rise in foreign direct investment (FDI) in retail, and the growth and expansion of the pharmaceuticals industry.
The pharmacies and healthcare stores market size is expected to see strong growth in the next few years. It will grow to $1763.28 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The anticipated growth in the upcoming period is linked to a rising older population, an increase in the prevalence of diseases, the growing adoption of the franchising concept, and the surging popularity of e-pharmacy, all contributing to the overall expansion. Key trends projected for the forecast period involve the utilization of medicine vending machines to cater to customers, particularly in remote locations, the development of new technological solutions to enhance market positioning, the use of innovative technologies to improve service, optimize stock availability, and reduce costs, a focus on automation to streamline in-store operations, and collaboration with other companies to expand geographical presence and maximize sales.
The pharmacy and healthcare store market is poised to benefit from the anticipated steady economic growth in both developed and developing countries. According to the International Monetary Fund (IMF), there was a global GDP growth of 3.3% in 2020, followed by a growth of 3.4% in 2021. The expected recovery in commodity prices, following a decline in the historic period, is identified as a significant factor contributing to this economic growth. The US economy is projected to exhibit stable growth throughout the forecast period. Moreover, emerging markets are anticipated to maintain a slightly faster growth pace compared to developed markets in the forecast period. This heightened economic growth is expected to drive investments, both public and private, joint ventures, and foreign direct investments in the end-user markets, thereby fostering market growth.
The increasing prevalence of chronic conditions is foreseen as a key driver propelling the pharmacies and healthcare stores market in the future. Chronic conditions, characterized by long-term health issues persisting for extended periods, often a person's entire life, and typically lacking complete cure, drive the demand for long-term medications, consultations, and monitoring tools provided by pharmacies and healthcare stores. For instance, according to the National Library of Medicine, a US-based government medical library, nearly 36% of US adults aged 50 and older are projected to have at least one chronic condition by 2035, with this figure expected to rise to almost 48% by 2050. Consequently, the increasing prevalence of chronic conditions is a significant factor propelling the growth of the pharmacies and healthcare stores market.
Pharmacies are increasingly adopting medicine vending machines to cater to customers, particularly in remote locations where establishing a physical store with pharmacists may not be feasible. These vending machines are equipped with a phone, internet connection, prescription scanner, built-in POS machine, and can store up to 2,000 packs of commonly prescribed drugs. The machine employs a microchip attached to the packs to identify drugs and allows patients to interact with a pharmacist through a video link. The pharmacist reviews the prescription, authorizes the transaction, and upon payment confirmation, the patient can collect the medication from the machine's drop box. For example, Canadian company Pharma Trust has introduced vending machines in the UK, where patients can insert their prescription, scan their health card, and personally talk to an on-call pharmacist.
Innovative companies in the pharmacies and healthcare stores market are establishing cutting-edge pharmacy stores that utilize diagnostic technology to provide customers with valuable insights into their health status, thereby increasing revenue. Diagnostic technology involves the use of tools and equipment to identify and determine the nature of diseases or medical conditions. As an illustration, in June 2023, UAE-based Aster Pharmacy and Spinneys, a supermarket chain, joined forces to launch Zest Pharmacy. This new venture leverages advanced diagnostic technology from Innovation Station, powered by Rossmax, to offer customers detailed insights into their health. The inaugural outlet of Zest Pharmacy provides a blend of modern and natural products.
Major companies operating in the pharmacies and healthcare stores market report are Walgreens Boots Alliance Inc., CVS Health Corporation, McKesson Corporation, The Kroger Company, Rite Aid Corporation, Loblaw Companies Limited, Welcia Holdings Co., Ltd., Dirk Rossmann GmbH, TSURUHA Holdings, Inc., Albertsons Companies, Inc., JD Health, Sinopharm Group Company, Shanghai Pharmaceuticals, Yifeng Pharmacy, Tongrentang Group, Shanghai Modern Pharmaceutical, Kangmei Pharmaceutical, Jumei International Holding, GlaxoSmithKline (GSK), Nordic Pharma Group, Phoenix Pharma Group, Bayer, DocMorris, Medpex, Teva UK Limited, AstraZeneca, Abbott Laboratories, Vectura Group, Novartis AG, Roche Holding AG, Merck & Co, Boehringer Ingelheim, Mylan, Zentiva, Rigla Pharmacy Chain, Erka Pharm, Doz Pharma, Costco Wholesale, Thumbay Pharmacy, Aster Pharmacy, Al Manara Pharmacy, Supercare Pharmacy, Tadawi Group, Nahdi Medical Company, Chemipal Ltd., Dis-Chem, Medirite Courier Pharmacy Service, Alphapharm, United Company of Pharmacists, MedSource Group Ltd., Goodlife Pharmacy
North America was the largest region in the pharmacies and healthcare stores market in 2023. Western Europe was the second-largest region in the pharmacies and healthcare stores market. The regions covered in the pharmacies and healthcare stores market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the pharmacies and healthcare stores market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa
The pharmacies and healthcare store market includes revenues earned by entities by providing services through hospital pharmacies, online pharmacies, and specialty stores. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Pharmacies and Healthcare Stores Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on pharmacies and healthcare stores market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for pharmacies and healthcare stores? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The pharmacies and healthcare stores market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.