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According to The Business Research Company’s research report on the pharmacies and healthcare stores market, pharmacies are increasingly using medicine vending machines to service customers, especially in remote locations where they cannot invest in opening an establishment and stationing pharmacists. The medicine vending machine is equipped with a phone, internet connection, a prescription scanner, an in-built POS machine, and up to 2,000 packs of commonly used prescription drugs. The machine identifies drugs with the help of a microchip attached to the packs. The vending machine also allows patients to discuss with a pharmacist via video link. The pharmacist checks the prescription and authorizes the transaction and then the patients can pay either by inserting cash into the machine or through a debit or credit card. Once the payment is confirmed, the medicines can be collected from the dropbox of the machine.
PharmaTrust, a Canadian company, has developed vending machines and has installed them in the UK. Patients go up to the PharmaTrust kiosk, insert their prescription, scan their health card, then pick up the phone and talk personally to an on-call pharmacist. The pharmacist determines if the medication is appropriate and then authorizes the transaction. Arizona State University and Florida State University installed pharmaceutical vending machines in their Student Health Services buildings to dispense a wide range of drugs.
The global pharmacies and healthcare stores market is expected to grow from $1004.83 billion in 2020 to $1060.07 billion in 2021 at a compound annual growth rate (CAGR) of 5.5%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The retail pharmacy market size is expected to reach $1307.05 billion in 2025 at a CAGR of 5%.
North America is the largest region in the global pharmacies and healthcare stores market, accounting for 33% of the market in 2020. Asia Pacific was the second largest region accounting for 27% of the global market. Africa was the smallest region in the global pharmacies and drug stores market.
The Business Research Company’s report titled Pharmacies and Healthcare Stores Global Market Report 2021: COVID-19 Impact and Recovery to 2030 covers major pharmacies and healthcare stores companies, pharmacies and healthcare stores market share by company, pharmacies and healthcare stores manufacturers, pharmacies and healthcare stores market size, and pharmacies and healthcare stores market forecasts. The report also covers the global pharmacies and healthcare stores market and its segments.
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The top opportunities in the pharmacies and healthcare stores market segmented by type will arise in the pharmacies and drug stores segment, which will gain $313.7 billion of global annual sales by 2025. The top opportunities in the market segmented by ownership will arise in the retail chain segment, which will gain $304.2 billion of global annual sales by 2025. The pharmacies and healthcare stores market size will gain the most in USA at $79.6 billion.
Market-trend-based strategies for the pharmacies and healthcare stores include using vending machines to service customers, launching innovative technologies, automation of in-store operations, strategic collaborations and partnerships, digitization of pharmacies and healthcare stores as in the global epharmacy market, and shifting focus to specialty drugs as in the compounding pharmacies market.
Pharmacies and Healthcare Stores Global Market Report 2021: COVID-19 Impact and Recovery to 2030 is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, healthcare stores market segments and healthcare stores market geographies, healthcare stores market trends, healthcare stores market drivers, healthcare stores market restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market.
The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Here Is A List Of Similar Reports By The Business Research Company:
Pharmacies and Drug Stores Global Market Report 2021: COVID-19 Implications And Growth to 2030
Other Health and Personal Care Stores Global Market Report 2020-30: COVID-19 Implications and Growth
Healthcare E-Commerce Global Market Report 2021: COVID-19 Growth And Change To 2030
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