Global Pharmacy Retail Market Outlook to 2027

Global Pharmacy Retail Market Outlook to 2027

The report provides a comprehensive analysis of the potential of the Pharmacy Retail industry Globally. The report covers an overview and genesis of the industry, and market size in terms of revenue generated.

Its market segmentations include By Market Structure, By Type of Pharmacy, By Type of Products, By Therapeutic Area, By Drug Type, and Geography; growth enablers and drivers; challenges and bottlenecks; trends driving adoption trends; regulatory framework; end-user analysis, industry analysis, competitive landscape including competition scenario and market shares of major players. The report concludes with future market projections of each market segmentation and analyst recommendations.

Market Overview:

According to Ken Research estimates, Pharmaceutical Retails Market is anticipated to grow at a robust rate due to rising chronic diseases worldwide along with intense competition among the market players. The market is expected to grow at a robust CAGR during 2022-2027 owing to the growing aging population and increasing health consciousness among the global populace.

Pharmacies are visited approximately twice as frequently as primary care physicians.

The number of people aged 65 or older is projected to grow to nearly 1.5 billion in 2050, with most of the increase in developing countries, which will drive the retail pharmacy growth.

As competition has increased from mass merchandisers and supermarkets, as well as from direct mail prescription services, drug stores have been adding value in the form of 24-hour operations and drive-through pharmacies.

Key Trends by Market Segment:

By Type of Products:

The prescription product type segment accounted for the largest revenue share of more than 50.0% in 2021. The increasing burden of chronic diseases and the growing aging population are driving the demand for prescription medications.

By Drug Type:

Generic Drugs dominated the market in terms of revenue largely due to their affordability and availability to the customers in their nearby stores. Patented drugs on the other hand were largely taken by patients with severe diseases taking medicine through prescriptions.

Competitive Landscape

The Global Pharmacy Retail Market will witness significant growth during the period 2022-2027, owing to the growing aging population and increasing health consciousness among the global populace. Over the forecast period, Pharmaceutical Retails Market is anticipated to grow at an increased rate due to rising chronic diseases worldwide along with intense competition among the market players. 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.

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