The sale of pharmaceutical products, such as over-the-counter (OTC) and prescription pharmaceuticals, is referred to as pharmacy retail. Along with pharmaceuticals and related services, pharmacy retail stores provide a variety of FMCG products. The introduction of online pharmacies and Ayurvedic product sellers in the global market is assisting the market’s quick expansion. Given the potential of this market, several traditional merchants have opened online sites in order to boost revenue.
The global pharmacy retailing market is booming with the increasing expansion of the pharmaceutical industry, increase in health awareness among consumers, and rise in middle-class families. Consumers’ health awareness is growing, as is their understanding of the additional services provided by organized players. Furthermore, the most prevalent causes of the rise in the number of people suffering from lifestyle-related illnesses include stress, sedentary lives, and bad eating habits. This will assist global market to grow by regulating medication on a continuous basis. This will render prescription-based drugs mandatory, which would help the global pharmacy retail business grow. On the other side, pharmacy retailing is a capital-intensive business structure that necessitates strategic store locations and a profit margin based on Gov. policy prices which may hinder the growth of the market.
The global pharmacy retailing market is bifurcated based on type, application, and region. Based on type, the global market for pharmacy retailing is categorized into online and offline. The application segment of the market is categorized into OTC and Rx.
North America is expected to hold the largest market share for global pharmacy retailing market during the forecast period. This is attributed to an increase in number of self-medication, a large network of pharmacy outlets, and a large number of populations under continuous medication. The US is likely to be the major revenue contributor whereas, the market in Canada is projected to grow at the fastest rate over the forecast period. Asia Pacific is projected to offer most lucrative growth opportunities for the expansion of pharmacy retailing market. This is mainly due to increase number of pharmacy outlets, large number of local drug manufacturers, increased awareness among consumers, and significant penetration of health insurance in emerging countries such as India & China.
Some of the major players functioning in the global pharmacy retailing market include CVS, RITE AID, WALGREEN, Loblaw, AinPharmaciez, DIPLOMAT, AHOLD, Guoda Drugstore, Yixintang, Apollo Pharmacy Private Limited, and Albertsons.
In Aug 2021, Apollo Pharmacy Private Limited announced to use digital technology to move closer to the consumer and offer services that are much easier to access.
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