[Latest] Global Retail Pharmacy Market Size/Share Worth USD

Austin, TX, USA, Aug. 17, 2023 (GLOBE NEWSWIRE) -- Custom Market Insights has published a new research report titled “Retail Pharmacy Market Size, Trends and Insights By Type (Generic Medications, Over the Counter (OTC) Medications, Patented or Brand-name Medications), By Application (Drug Retail, Health Products Retail, Equipment Retail), By End Use (Consumer/Patients, Healthcare Facilities, Traditional Medicine Practitioners), By Channel (Online, Offline), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032” in its research database.

“According to the latest research study, the demand of global Retail Pharmacy Market size & share was valued at approximately USD 861.9 Billion in 2022 and is expected to reach USD 897.2 Billion in 2023 and is expected to reach a value of around USD 1,215.4 Billion by 2032, at a compound annual growth rate (CAGR) of about 7.1% during the forecast period 2023 to 2032.”

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Retail Pharmacy Market: Growth Factors and Dynamics

The prevalence of chronic diseases, such as diabetes, cardiovascular conditions, and respiratory disorders, is on the rise, leading to a higher demand for medications and healthcare products. This trend significantly boosts the retail pharmacy market, as more individuals require long-term medication management and disease management solutions, relying on retail pharmacies to meet their needs efficiently.

Efforts to improve healthcare access globally have yielded positive results, with better healthcare infrastructure, government initiatives, and health insurance programs making medications and healthcare services more accessible to a broader population. This increased accessibility to healthcare services plays a crucial role in driving the growth of the retail pharmacy sector, ensuring a larger customer base and a wider reach of pharmaceutical products.

Technological advancements have revolutionized the retail pharmacy industry, fuelling its growth and enhancing customer experience. Pharmacy automation systems streamline prescription filling processes, online prescription services provide convenience to customers, and telemedicine services offer remote consultation and medication delivery. These technological innovations not only boost the efficiency of retail pharmacies but also attract more customers, contributing to the expansion of the market.

Retail pharmacies are focusing on enhancing consumer convenience and accessibility to attract more customers. They are expanding their presence with more store locations, offering online ordering and prescription refill services, and providing home delivery options. This emphasis on convenience and accessibility has resulted in increased customer loyalty and retention.

The continuous increase in global healthcare expenditure, driven by factors like advanced medical treatments and higher awareness of health and wellness, contributes to the growth of the retail pharmacy market. As healthcare spending rises, there is a proportional increase in the demand for medications and healthcare products, benefiting retail pharmacies.

Retail pharmacies are taking on a more significant role in primary healthcare, offering various healthcare services beyond dispensing medications. They provide health screenings, vaccinations, health counselling, and medication therapy management, making them crucial players in improving public health. This expanded role in primary healthcare services further boosts their significance and growth in the healthcare industry.

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Retail Pharmacy Market: Partnership and Acquisition

Walgreens Boots Alliance Investment in VillageMD: Walgreens Boots Alliance (Nasdaq: WBA) and VillageMD announced that WBA has agreed to make an additional investment in VillageMD to advance its strategic position in the delivery of value-based primary care, a $1 trillion, fast-growing segment of the healthcare system. The $5.2 billion investment will accelerate the opening of at least 600 Village Medical at Walgreens primary care practices in more than 30 U.S. markets by 2025 and 1,000 by 2027, with more than half of those practices in medically underserved communities.

CVS Health’s Acquisition of Aetna: In 2018, CVS Health, a leading retail pharmacy and healthcare company, acquired Aetna, a major health insurance provider. This merger aimed to create a vertically integrated company that could offer a wide range of healthcare services, including pharmacy benefits management and health insurance coverage.

Report Scope

Feature of the Report	Details
Market Size in 2023	USD 897.2 Billion
Projected Market Size in 2032	USD 1,215.4 Billion
Market Size in 2022	USD 861.9 Billion
CAGR Growth Rate	7.1% CAGR
Base Year	2022
Forecast Period	2023-2032
Key Segment	By Type, Application, End Use, Channel and Region
Report Coverage	Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Regional Scope	North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
Buying Options	Request tailored purchasing options to fulfil your requirements for research.

(A free sample of the Retail Pharmacy report is available upon request; please contact us for more information.)

Our Free Sample Report Consists of the following:

Introduction, Overview, and in-depth industry analysis are all included in the 2023 updated report.
The COVID-19 Pandemic Outbreak Impact Analysis is included in the package.
About 220+ Pages Research Report (Including Recent Research)
Provide detailed chapter-by-chapter guidance on the Request.
Updated Regional Analysis with a Graphical Representation of Size, Share, and Trends for the Year 2023
Includes Tables and figures have been updated.
The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis
Custom Market Insights (CMI) research methodology

(Please note that the sample of the Retail Pharmacy report has been modified to include the COVID-19 impact study prior to delivery.)

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Retail Pharmacy Market: COVID-19 Analysis

The COVID-19 pandemic has had a significant impact on the Retail Pharmacy Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:

Increased Demand for Medications and Health Products: The COVID-19 pandemic led to a surge in demand for medications, over-the-counter health products, and personal protective equipment (PPE). Retail pharmacies experienced unprecedented demand for antiviral medications, vitamins, hand sanitizers, and face masks, resulting in supply chain challenges and occasional shortages.

Shift to Digital Services: To minimize in-person interactions and maintain social distancing, retail pharmacies rapidly adopted digital services. They expanded online ordering and prescription refill options, introduced tele pharmacy services for remote consultations, and implemented contactless payment methods, ensuring continued access to healthcare services during the pandemic.

Vaccine Distribution and Administration: Retail pharmacies played a crucial role in the distribution and administration of COVID-19 vaccines. They partnered with governments and health agencies to offer vaccination services, contributing to the global vaccination drive and boosting customer trust in their ability to provide essential healthcare solutions.

Emphasis on Tele pharmacy and E-Commerce: Retail pharmacies continue to prioritize tele pharmacy services and e-commerce platforms even after the pandemic. These digital services provide convenience to customers, streamline operations, and expand their reach, ensuring resilience against potential future disruptions.

Collaboration with Healthcare Providers: Retail pharmacies are increasingly collaborating with healthcare providers and medical clinics to offer integrated healthcare services. These partnerships enable better coordination of patient care, seamless medication management, and improved patient outcomes.

Continued Focus on Safety and Hygiene: Safety and hygiene protocols remain a top priority for retail pharmacies as they recover from the COVID impact. They maintain stringent cleaning measures, enforce social distancing guidelines, and encourage contactless transactions to ensure the safety of both customers and staff. These measures instil confidence in customers and contribute to the overall recovery of the retail pharmacy market.

In conclusion, the COVID-19 pandemic has had a mixed impact on the Retail Pharmacy Market, with some challenges and opportunities arising from the pandemic. Manufacturers and retailers need to remain agile and adapt to the changing market conditions to overcome these challenges and capitalize on new growth opportunities.

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Key questions answered in this report:

What is the size of the Retail Pharmacy market and what is its expected growth rate?
What are the primary driving factors that push the Retail Pharmacy market forward?
What are the Retail Pharmacy Industry's top companies?
What are the different categories that the Retail Pharmacy Market caters to?
What will be the fastest-growing segment or region?
In the value chain, what role do essential players play?
What is the procedure for getting a free copy of the Retail Pharmacy market sample report and company profiles?

Key Offerings:

Market Share, Size & Forecast by Revenue | 2023−2032
Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Leading Trends
Market Segmentation – A detailed analysis by Types of Services, by End-User Services, and by regions
Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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Global Retail Pharmacy Market 2023–2032 (By Billion).png

List of the prominent players in the Retail Pharmacy Market:

Walgreens Boots Alliance Inc.
CVS Health Corporation
Rite Aid Corporation
Walmart Inc. (operates Walmart Pharmacy)
Wal-Mart de México, S.A.B. de C.V. (operates Walmart pharmacies in Mexico)
Costco Wholesale Corporation (operates Costco Pharmacy)
Kroger Co. (operates Kroger Pharmacy)
McKesson Corporation
Cardinal Health Inc.
AmerisourceBergen Corporation
Others

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Browse the full “Retail Pharmacy Market Size, Trends and Insights By Type (Generic Medications, Over the Counter (OTC) Medications, Patented or Brand-name Medications), By Application (Drug Retail, Health Products Retail, Equipment Retail), By End Use (Consumer/Patients, Healthcare Facilities, Traditional Medicine Practitioners), By Channel (Online, Offline), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032” Report at https://www.custommarketinsights.com/report/retail-pharmacy-market/

Retail Pharmacy Market – Regional Analysis

The Retail Pharmacy Market is segmented into various regions, including North America, Europe, Asia-Pacific, and LAMEA. Here is a brief overview of each region:

North America: North America is witnessing a growing trend of telepharmacy and remote healthcare services, driven by advancements in technology and the need for convenient and accessible healthcare solutions. Retail pharmacies in this region are leveraging digital platforms to offer teleconsultations, medication delivery, and prescription services, enhancing customer convenience and safety.

Europe: In Europe, there is a notable trend towards sustainability and eco-friendliness in the retail pharmacy market. Pharmacies are adopting green initiatives such as reducing single-use plastic packaging, promoting eco-friendly products, and implementing recycling programs. This shift aligns with the region’s increasing focus on environmental consciousness and responsible business practices.

Asia-Pacific: In the Asia-Pacific region, there is a rich tradition of utilizing traditional medicine, including herbal remedies and proprietary Chinese medicines. Retail pharmacies in this area are witnessing a growing demand for traditional healthcare products as consumers increasingly seek alternative and holistic healthcare solutions.

LAMEA (Latin America, Middle East, and Africa): The LAMEA region is witnessing an expansion of retail pharmacies in underserved areas, catering to remote and rural communities. This trend is driven by efforts to improve healthcare access and meet the growing demand for medications and healthcare products. Pharmacies are strategically located in these regions to bridge the healthcare gap and enhance healthcare equity in the region.

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The Retail Pharmacy Market is segmented as follows:

By Type

Generic Medications
Over the Counter (OTC) Medications
Patented or Brand-name Medications

By Application

Drug Retail
Health Products Retail
Equipment Retail

By End Use

Consumer/Patients
Healthcare Facilities
Traditional Medicine Practitioners

By Channel

Online
Offline

Click Here to Get a Free Sample Report of the Global Retail Pharmacy Market @ https://www.custommarketinsights.com/report/retail-pharmacy-market/

By Region

North America

The U.S.
Canada
Mexico

Europe

France
The UK
Spain
Germany
Italy
Rest of Europe

Asia Pacific

China
Japan
India
Australia
South Korea
Rest of Asia Pacific

The Middle East & Africa

Saudi Arabia
UAE
Egypt
Kuwait
South Africa
Rest of the Middle East & Africa

Latin America

Brazil
Argentina
Rest of Latin America

This Retail Pharmacy Market Research/Analysis Report Contains Answers to the following Questions.

Which Trends Are Causing These Developments?
Who Are the Global Key Players in This Retail Pharmacy Market? What are Their Company Profile, Product Information, and Contact Information?
What Was the Global Market Status of the Retail Pharmacy Market? What Was the Capacity, Production Value, Cost and PROFIT of the Retail Pharmacy Market?
What Is the Current Market Status of the Retail Pharmacy Industry? What's Market Competition in This Industry, Both Company and Country Wise? What's Market Analysis of Retail Pharmacy Market by Considering Applications and Types?
What Are Projections of the Global Retail Pharmacy Industry Considering Capacity, Production and Production Value? What Will Be the Estimation of Cost and Profit? What Will Be Market Share, Supply and Consumption? What about imports and exports?
What Is Retail Pharmacy Market Chain Analysis by Upstream Raw Materials and Downstream Industry?
What Is the Economic Impact On Retail Pharmacy Industry? What are Global Macroeconomic Environment Analysis Results? What Are Global Macroeconomic Environment Development Trends?
What Are Market Dynamics of Retail Pharmacy Market? What Are Challenges and Opportunities?
What Should Be Entry Strategies, Countermeasures to Economic Impact, and Marketing Channels for Retail Pharmacy Industry?

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Reasons to Purchase Retail Pharmacy Market Report

Retail Pharmacy Market Report provides qualitative and quantitative analysis of the market based on segmentation involving economic and non-economic factors.
The Retail Pharmacy Market report outlines market value (USD) data for each segment and sub-segment.
This report indicates the region and segment expected to witness the fastest growth and dominate the market.
Retail Pharmacy Market Analysis by geography highlights the consumption of the product/service in the region and indicates the factors affecting the market within each region.
The competitive landscape 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 company overview, company insights, product benchmarking, and SWOT analysis for the major market players.
The Industry's current and future market outlook concerning recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging and developed regions.
Retail Pharmacy Market Includes in-depth market analysis from various perspectives through Porter's five forces analysis and provides insight into the market through Value Chain.

Reasons for the Research Report

The study provides a thorough overview of the global Retail Pharmacy market. Compare your performance to that of the market as a whole.

Aim to maintain competitiveness while innovations from established key players fuel market growth.

Buy this Premium Retail Pharmacy Research Report | Fast Delivery Available - [220+ Pages] @ https://www.custommarketinsights.com/report/retail-pharmacy-market/

What does the report include?

Drivers, restrictions, and opportunities are among the qualitative elements covered in the worldwide Retail Pharmacy market analysis.

The competitive environment of current and potential participants in the Retail Pharmacy market is covered in the report, as well as those companies' strategic product development ambitions.

According to the component, application, and industry vertical, this study analyzes the market qualitatively and quantitatively. Additionally, the report offers comparable data for the important regions.

For each segment mentioned above, actual market sizes and forecasts have been given.

Who should buy this report?

Participants and stakeholders worldwide Retail Pharmacy market should find this report useful. The research will be useful to all market participants in the Retail Pharmacy industry.
Managers in the Retail Pharmacy sector are interested in publishing up-to-date and projected data about the worldwide Retail Pharmacy market.
Governmental agencies, regulatory bodies, decision-makers, and organizations want to invest in Retail Pharmacy products' market trends.
Market insights are sought for by analysts, researchers, educators, strategy managers, and government organizations to develop plans.

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