1.The Asia-Pacific region is Expected to Lead the Pharmacy retail Market in the future
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From Watsons in Singapore to Guoda Drugstores in China to Century Healthcare in Indonesia, Asia’s retail pharmacy market is emerging as one of Asia’s hot healthcare opportunities. Most Asian-Pacific markets still have room to grow. Today, Singapore has the most pharmacy locations per capita -- 1,540 persons for each pharmacy location. The pace of innovation and disruption will further intensify these anticipated market and investment shifts.
2.E-pharmacies helping to bridge the gap in the Global healthcare system
With increasing internet penetration and smartphone availability, e-commerce has witnessed exponential growth across categories – from apparel to groceries, people have started purchasing most of their requirements via online platforms. As a result of this drastic shift in shopping behavior, e-pharmacies has emerged as a promising sector as they managed to offer the convenience of shopping out of the comfort of homes. In the statistics by the International Telecommunication Union (ITU), the internet penetration rate across the globe peaked at 53% from 17% in-between the years 2005-2019 which is further propelling the e-pharmacies industry, especially after covid-19.
3.With 9,706 stores, CVS Pharmacy (USA), is the largest chemist/pharmacy store chain in the world.
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In the coming years, competition is expected to heat up, particularly from big-box retailers and mail-order and online pharmacies. The top U.S. pharmacy in 2021 by market share based on prescription drug revenue was CVS Health Corporation. It held nearly 25 percent of the prescription drug market revenue. Payors have also steered customers towards mail ordering, such as by covering a 90-day supply of medications delivered to the home rather than the 30-day supply available at a traditional pharmacy. Finally, Internet pharmacies are aggressively pursuing cash-paying customers by offering discounted medications.
4.AI is giving a major boost to the Global pharmacy retail market to reach 1 trillion dollars by 2027.
In recent years, the pharmacy industry has been using AI and Machine Learning for various stages of the pharmaceutical development process. AI systems can be used to automate tasks that will help in saving time and also the tasks will be performed by using fewer resources. More than 60% of life sciences companies spent over US$20 million on AI initiatives in 2019, and more than half expect investments in AI to increase in 2020, which will have a direct impact in the pharmaceutical companies. In 2018, Sanofi partnered with an AI startup in order to build an AI solution that would automate medical literature reviews, which will help the pharmacy market to study the customer base and medical needs.
Market Taxonomy
By Market Structure
OrganizedUnorganizedBy Type of Pharmacies
Community PharmaciesDiscount PharmaciesHospital PharmaciesBy Type of Products
Prescribed DrugsOver-The-CounterNon-Pharmaceutical ProductsMedical EquipmentBy Therapeutic Area
Anti-InfectiveCardiovascularCentral Nervous SystemPain/AnalgesicsVitamins/Minerals/NutrientsAntibioticsRespiratoryGastro-IntestinalGynecologyOthersBy Drug Type
Patented DrugsGenericsRegion
North AmericaEuropeAsia PacificLatin AmericaMiddle East & AfricaKey Target Audience
Pharmaceutical Manufacturing CompaniesPharmacy Retail CompaniesIndependent PharmaciesIndustry AssociationsRegulatory BodiesTelemedicine CompaniesPharmaceutical Distributors & WholesalersTime Period Captured in the Report
Historical Period: 2017-2022Base Period: 2022Forecast Period: 2022-2027Major Players Mentioned in the Report
Ahold DelhaizeAlbertsons Companies Inc.CiplaCVS PharmacyGlaxoSmithKlineLoblawMerck KGaANovo NordiskRite AidSanofiWalgreens Boots AllianceFor More Insights On Market Intelligence, Refer to the Link Below: –
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Australia Pharmacy Retail Market Outlook to 2025
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