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Pharmacies and Drug Stores Global Market Report 2022
Major players in the pharmacies and drug stores market are Walgreens Boots (WBA), CVS Health (CVS), Rite Aid (RAD), MedPlus, Rexall, Shoppers Drug Mart, Grupo Casa Saba, China Nepstar, AS Watson, and Matsumoto Kiyoshi.
New York, June 01, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Pharmacies and Drug Stores Global Market Report 2022" - https://www.reportlinker.com/p06282515/?utm_source=GNW
The global pharmacies and drug stores market is expected to grow from $1,036.92 billion in 2021 to $1,144.91 billion in 2022 at a compound annual growth rate (CAGR) of 10.4%. The market is expected to grow to $1,614.21 billion in 2026 at a compound annual growth rate (CAGR) of 9%.
The pharmacies and drug stores market consists of establishments involved in sales of prescription and over-the-counter medications, health and beauty items, toiletries, and consumable goods directly to consumers.Industry companies may also provide basic health and photo processing services.
The pharmacies and Drug stores consist of establishments that are concerned with branded prescription drugs, generic drugs, non-prescription medicines, personal health supplies, groceries and food items, vitamins, minerals, dietary supplements, cosmetics, and others.
The main drug types of pharmacies and drug stores are prescription drugs and otc drugs.Prescription drugs refer to a drug that is obtained only using 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 home care pharmacy. The different product types included are skincare, cold and flu, dental, weight loss, vitamins, and other product types.
Asia Pacific was the largest region in the pharmacies and drug stores market in 2021.North America was the second-largest region in the pharmacies and drug stores market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The growing aging population and increasing health consciousness among the global populace are likely to drive the pharmacies and drug stores market.The geriatric population is more vulnerable to acquiring several diseases that increase the dependence on pharmacies and drug stores 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 aging 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 delivery of direct or mail orders. Governments would be the largest healthcare payer 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 increasing cost pressures from regulatory agencies and affect the market’s growth.
Working long hours and drive-through locations are the major factors to increase the Pharmacies and Drugstores 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. acquisition of Alliance Healthcare will be providing even stronger support for pharmacies and pharmacists across the world and integrated solutions for pharmaceutical manufacturers. Walgreens Boots Alliance, Inc is a US-based holding company that owns the retail pharmacy chains, manufacturing of pharmaceutical 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.
Read the full report: https://www.reportlinker.com/p06282515/?utm_source=GNW
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