New York, Feb. 17, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Pharmacies and Drug Stores Global Market Report 2023" - https://www.reportlinker.com/p06282515/?utm_source=GNW
The global pharmacies and drug stores market will grow from $1,126.63 billion in 2022 to $1,205.81 billion in 2023 at a compound annual growth rate (CAGR) of 7.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The pharmacies and drug stores market is expected to grow to $1,513.65 billion in 2027 at a CAGR of 5.8%.
The pharmacies and drug stores market include revenues earned by entities by branded prescription drugs, generic drugs, non-prescription medicines, personal health supplies, and dietary supplements, cosmetics.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.
A pharmacy is where one can get prescription medications.It may be located inside a grocery shop, drugstore, chemist, or other establishment.
Drug store refers to a location whose major activity is the selling of pharmaceuticals, medicines, and pharmaceutical preparations. Drug stores have a regular prescription department and hire a registered pharmacist on-site at all times.
Asia Pacific was the largest region in the pharmacies and drug stores market in 2022.North America was the second-largest region in the pharmacies and drug stores market.
The regions covered in the pharmacies and drug stores market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main drug types of pharmacies and drug stores are prescription drugs and over-the-counter drugs.Prescription drugs refer to a drug that can be obtained only with a physician’s prescription.
The various types involved are community pharmacy, hospital pharmacy, clinical pharmacy, industrial pharmacy, compounding pharmacy, consulting pharmacy, ambulatory care pharmacy, regulatory pharmacy, and homecare pharmacy. The different product types included are skincare, cold and flu, dental, weight loss, vitamins, and other product types.
The growing ageing population and increasing health consciousness among the global populace are likely to drive the pharmacy and drug store market.The geriatric population is more vulnerable to acquiring several diseases that increase their dependence on pharmacies and drug stores, thus indirectly affecting the market.
According to the Global Health and Aging report, 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. Certain health conditions are expected to be a challenge to our health care system with the increasing ageing population. These conditions include cancer, dementia, an increase in the number of falls, obesity, and diabetes. Due to the increasing aging population, the number of cases is expected to increase, thus providing a growing customer base for pharmacies and drug stores.
Rapidly increasing cost pressures from regulatory agencies and payers will restrain the pharmacies and drug stores market.Government budgetary pressures are leading to lower pharmacy compensation for most countries with public health care.
The consolidation of pharmacy benefit management firms in the U.S. has worked similarly, driving lower costs and margins, and shifting prescription volumes to the delivery of direct or mail orders. Governments would be the largest healthcare payers in virtually every country. This, in turn, creates increased pressure on taxpayers and government spending, with consequent pharmaceutical effects. These factors are expected to have a negative impact on the pharmacies and drug stores market as they increase cost pressures from regulatory agencies and affect the market’s growth.
Working long hours and drive-through locations are the major factors contributing to increasing the pharmacy and drugstore market 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.
The US Pharmacy Study measures customer satisfaction with their pharmacy experience across major chain drug stores, mass merchandisers, supermarkets, and mail-order pharmacies.The study shows that retail pharmacy businesses continue to shine when it comes to engaging patient-centric services that drive satisfaction.
These convenience factors anticipate the growth of pharmacies and the drugstore market.
In January 2021, AmerisourceBergen Corporation, a US-based drug wholesale company, acquired Walgreens Boots Alliance, Inc. for the amount of $6.275 billion in cash and 2 million shares of AmerisourceBergen common stock. Acquiring Alliance Healthcare will provide even stronger support for pharmacies and pharmacists across the world and integrate solutions for pharmaceutical manufacturers. Walgreens Boots Alliance, Inc. is a US-based holding company that owns the retail pharmacy chains and manufactures pharmaceuticals and distribution companies.
The countries covered in the pharmacies and drug stores market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The pharmacies and drug stores market research report is one of a series of new reports that provides pharmacies and drug stores market statistics, including pharmacies and drug stores industry global market size, regional shares, competitors with a pharmacies and drug stores market share, detailed pharmacies and drug stores market segments, market trends and opportunities, and any further data you may need to thrive in the pharmacies and drug stores industry. This pharmacies and drug 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.
Read the full report: https://www.reportlinker.com/p06282515/?utm_source=GNW
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