Global Pharmaceutical Retail Market Research Report 2024(Status and Outlook)

Global Pharmaceutical Retail Market Research Report 2024(Status and Outlook)

Report Overview

Retail pharmacy means any pharmacy where drugs are compounded, dispensed, stored or sold or where prescriptions are filled or dispensed to the general public.

Increasing diagnosis of chronic diseases is expected to lead to fast growth in retail pharmacies. The rising incidence of long-standing diseases such as hypertension, diabetes, cardiovascular diseases, and cancer requires prolonged medication and, thus, drives the growth and need for retail pharmacies in the market.

Retail pharmacies play an important role in the pharmaceutical distribution chain. Retail pharmacies are located in the middle reaches of the pharmaceutical distribution chain, undertaking pharmaceutical R&D, manufacturing, and pharmaceutical distribution and wholesale links, selling pharmaceuticals and providing other pharmaceutical-related services to consumers through direct sales, pharmaceutical e-commerce, and smart pharmacies. Consumers have low waiting tolerance for non-chronic disease drugs and asymmetric drug sales information, making retail pharmacies irreplaceable.

Higher market access standards in recent years indicate a consolidation trend in the pharmaceutical retail market. Through a higher degree of intensification and retail alliances, the retail pharmacy industry will develop in the direction of reducing volume and increasing efficiency. This is manifested in the steady increase in the chain rate of the pharmacy industry and the stability of the number of people served per store. This will be the main development trend of the market.

The global Pharmaceutical Retail market was valued at USD 951.59 billion in 2021 and is expected to reach USD 1335.60 billion by the end of 2028, growing at a CAGR of 4.98% between 2022 and 2028. Rapidly increasing aging population and prevalence of chronic diseases , and increasing healthcare spending will be the key drivers for the market development. The global aging population is rapidly increasing. Globally, there are more than 703 million adults over the age of 65, according to the United Nations. It is estimated that this number will increase to 1.5 billion by 2050. The increasing aging of the global population and increasing health awareness will drive the development of the pharmaceutical retail market. At the same time, geriatric population is more susceptible to multiple diseases, increasing their dependence on pharmacies and pharmacies, thereby indirectly affecting the market. With the increase of the elderly population and the impact of the pace of life and working environment, the number of patients with chronic diseases is increasing all over the world. Chronic diseases have the characteristics of long illness cycle, low frequency of visits to doctors, and large demand for medication. The operating characteristics of retail pharmacies can better meet the drug purchase needs of patients with chronic diseases.

On the other hand, with the continuous development of the world economy and the improvement of residents' disposable income, residents' health awareness has been continuously strengthened, and people have paid more attention to the maintenance of daily physical health and the treatment of diseases, and the medical and health care consumption expenditure of urban residents has continued to grow. In the long run, the continuous investment in government health expenditure and the rapid growth of commercial insurance payment will further promote the long-term development of the pharmaceutical market, thereby driving the development of the pharmaceutical retail industry.

In addition, the rapid expansion and upgrading of pharmaceutical retail companies and the promotion of the COVID-19 pandemic will all play an important role in promoting the development of the market.

Segment by Type, the Pharmaceutical Retail can be split into Independent Retailers, Pharmacy Chain, etc. Currently, the Pharmacy Chain market occupies the most important market share, accounting for 74.11% in 2021. Chain pharmacies offer lower drug prices and higher quality medicines than independent pharmacies. Larger pharmacy chains offer CPs more structured training programs aimed at improving knowledge and productivity as well as communication and counseling skills. They are also more likely to offer recognized qualifications and better career prospects. As policymakers ease market entry criteria, the market will gradually tilt in favor of larger companies with more resources to secure and improve services, invest in new products and suffer revenue losses. These changes will accelerate the integration of the pharmaceutical distribution industry and bring about continuous growth in the chain rate.

In terms of application scenarios, the pharmaceutical retail market includes Prescription Drugs, Over-The-Counter Drugs, Health Products, Medical Apparatus and Instruments, and Others modules. Prescription Drugs, and Over-The-Counter Drugs have become the two most important sectors in the market, with a combined market share of about 80%. Rising burden of chronic diseases and aging population are driving the demand for prescription drugs. Increasing demand for private label OTC products, increasing availability of OTC products through online channels, rising cost of prescriptions, increasing trend of self-medication, and shift from prescription drugs to OTC drugs are driving the growth of these two OTC products markets. The market size of the Medical Apparatus and Instruments segment will grow at the highest CAGR of 5.90% during the forecast period.

By region, North America will account for the highest revenue share at 42.95% in 2021. This is attributed to the presence of large multinational chains such as CVS Health, Boots Walgreens, Cigna, UnitedHealth Group, Walmart, Kroger, and Rite Aid Corp. These players are employing various initiatives and automation technologies to increase their market share. For example, Rite Aid Corp. launched its Wellness+ Rewards program, which offers customers deep discounts and rewards. According to a report released by the U.S. Census Bureau in June 2020, from 2010 to 2019, the elderly population (over 65 years old) increased by 34.2%. Moreover, rapidly increasing demand for over-the-counter and prescription drugs is driving the market growth potential. However, Asia Pacific is expected to be the fastest growing regional market during the forecast period. Rapid growth of the pharmaceutical industry in China and India coupled with rising demand for generic drugs is driving pharmacy demand in the region. Rising disease burden and increasing healthcare expenditure also support market growth. Moreover, increasing geriatric population in Asian countries such as Japan further drives the market growth.

Currently, the global pharmaceutical retail market is less concentrated. In 2021, the CR5 and HHI of the pharmaceutical retail market will be 34.88% and 4.75% respectively, showing a low market concentration.

Players operating in the market are adopting various strategies such as partnerships, collaborations, mergers and acquisitions, and product development to expand product portfolio and geographical distribution. For example, in January 2021, AmerisourceBergen and Walgreens Boots Alliance formed a strategic alliance. Walgreens Boots Alliance Healthcare Business was acquired by AmerisourceBergen, allowing it to focus more on its growing retail pharmacy business. Through this strategic partnership, the two companies are extending and expanding their commercial agreement. Some of the key players operating in the Global Pharmacy Market are: Walgreens Boots Alliance, CVS Health, Cigna(Express Scripts), AmerisourceBergen Corporation, Walmart, Rite Aid Corp, The Kroger Co, Dm-drogerie markt, Rossmann, PHOENIX Pharma SE, China Nepstar, Safeway, Albertsons, Publix Pharmacies, A.S. Watson Group, JD Health, Sinopharm Group Co., Ltd, Costco Pharmacies, LBX pharmacy, DaShenLin Pharmaceutical Group Co.,Ltd.

This report provides a deep insight into the global Pharmaceutical Retail market covering all its essential aspects. This ranges from a macro overview of the market to micro details of the market size, competitive landscape, development trend, niche market, key market drivers and challenges, SWOT analysis, value chain analysis, etc.

The analysis helps the reader to shape the competition within the industries and strategies for the competitive environment to enhance the potential profit. Furthermore, it provides a simple framework for evaluating and accessing the position of the business organization. The report structure also focuses on the competitive landscape of the Global Pharmaceutical Retail Market, this report introduces in detail the market share, market performance, product situation, operation situation, etc. of the main players, which helps the readers in the industry to identify the main competitors and deeply understand the competition pattern of the market.

In a word, this report is a must-read for industry players, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the Pharmaceutical Retail market in any manner.

Global Pharmaceutical Retail Market: Market Segmentation Analysis

The research report includes specific segments by region (country), manufacturers, Type, and Application. Market segmentation creates subsets of a market based on product type, end-user or application, Geographic, and other factors. By understanding the market segments, the decision-maker can leverage this targeting in the product, sales, and marketing strategies. Market segments can power your product development cycles by informing how you create product offerings for different segments.

Key Company

Walgreens Boots Alliance

CVS Health

Cigna(Express Scripts)

AmerisourceBergen Corporation

Walmart

Rite Aid Corp

The Kroger Co

Dm-drogerie markt

Rossmann

PHOENIX Pharma SE

China Nepstar

Safeway

Albertsons

Publix Pharmacies

A.S. Watson Group

JD Health

Sinopharm Group Co., Ltd

Costco Pharmacies

LBX pharmacy

DaShenLin Pharmaceutical Group Co.,Ltd

Market Segmentation (by Type)

Independent Retailers

Pharmacy Chain

Others

Market Segmentation (by Application)

Prescription Drugs

OTC

Health Products

Medical Apparatus and Instruments

Others

Geographic Segmentation

North America (USA, Canada, Mexico)

Europe (Germany, UK, France, Russia, Italy, Rest of Europe)

Asia-Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia-Pacific)

South America (Brazil, Argentina, Columbia, Rest of South America)

The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, South Africa, Rest of MEA)

Key Benefits of This Market Research:

Industry drivers, restraints, and opportunities covered in the study

Neutral perspective on the market performance

Recent industry trends and developments

Competitive landscape & strategies of key players

Potential & niche segments and regions exhibiting promising growth covered

Historical, current, and projected market size, in terms of value

In-depth analysis of the Pharmaceutical Retail Market

Overview of the regional outlook of the Pharmaceutical Retail Market:

Key Reasons to Buy this Report:

Access to date statistics compiled by our researchers. These provide you with historical and forecast data, which is analyzed to tell you why your market is set to change

This enables you to anticipate market changes to remain ahead of your competitors

You will be able to copy data from the Excel spreadsheet straight into your marketing plans, business presentations, or other strategic documents

The concise analysis, clear graph, and table format will enable you to pinpoint the information you require quickly

Provision of market value (USD Billion) data for each segment and sub-segment

Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market

Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region

Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled

Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players

The current as well as the future market outlook of the industry concerning recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions

Includes in-depth analysis of the market from various perspectives through Porter’s five forces analysis

Provides insight into the market through Value Chain

Market dynamics scenario, along with growth opportunities of the market in the years to come

6-month post-sales analyst support

Chapter Outline

Chapter 1 mainly introduces the statistical scope of the report, market division standards, and market research methods.

Chapter 2 is an executive summary of different market segments (by region, product type, application, etc), including the market size of each market segment, future development potential, and so on. It offers a high-level view of the current state of the Pharmaceutical Retail Market and its likely evolution in the short to mid-term, and long term.

Chapter 3 makes a detailed analysis of the market's competitive landscape of the market and provides the market share, capacity, output, price, latest development plan, merger, and acquisition information of the main manufacturers in the market.

Chapter 4 is the analysis of the whole market industrial chain, including the upstream and downstream of the industry, as well as Porter's five forces analysis.

Chapter 5 introduces the latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by manufacturers in the industry, and the analysis of relevant policies in the industry.

Chapter 6 provides the analysis of various market segments according to product types, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.

Chapter 7 provides the analysis of various market segments according to application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.

Chapter 8 provides a quantitative analysis of the market size and development potential of each region and its main countries and introduces the market development, future development prospects, market space, and capacity of each country in the world.

Chapter 9 introduces the basic situation of the main companies in the market in detail, including product sales revenue, sales volume, price, gross profit margin, market share, product introduction, recent development, etc.

Chapter 10 provides a quantitative analysis of the market size and development potential of each region in the next five years.

Chapter 11 provides a quantitative analysis of the market size and development potential of each market segment (product type and application) in the next five years.

Chapter 12 is the main points and conclusions of the report.