Global Pharmacies and Drug Stores Market Report (2021 to 2030) - COVID-19 Implications and Growth - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--The "Pharmacies and Drug Stores Global Market Report 2021: COVID-19 Implications and Growth to 2030" report has been added to ResearchAndMarkets.com's offering.
The report covers this critical market and the impact on it from the COVID-19 virus. It provides strategists, marketers and senior management with the critical information they need to assess the increasing demand for digital publishing as a consequence of the secondary effects of COVID-19. pharmacies and drug stores
The global pharmacies and drug stores market is expected to grow from $971.51 billion in 2020 to $1038.6 billion in 2021 at a compound annual growth rate (CAGR) of 6.9%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The market is expected to reach $1299.8 billion in 2025 at a CAGR of 6%.
- Walgreens Boots (WBA)
- CVS Health (CVS)
- Rite Aid (RAD)
- Shoppers Drug Mart
- Grupo Casa Saba
- China Nepstar
- AS Watson
- Alliance Boots
- Omnicare Inc
- Diplomat Pharmacy Inc
- PharMerica Corporation
- Dougherty''s Pharmacy Inc
- Progressive Care Inc
- Apollo Pharmacy
- Discount Drug Stores
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The Pharmacies and Drug Stores market consist 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, and personal health supplies, groceries and food items, vitamins, minerals, and dietary supplements, cosmetics and other.
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 acquire a number of diseases that increase the dependence on the 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 from an estimated 524 million in 2010 to nearly 1.5 billion in 2050, with most of the increase in developing countries. There are certain health conditions that are expected to be a challenge to our health care system with the increasing aging population. These conditions include cancer, dementia, and 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 order. Governments would be the largest health-care 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 affecting the market's growth.
The pharmacies and drug stores market covered in this report are segmented by drug type: prescription drugs, OTC drugs by type: community pharmacy, hospital pharmacy, clinical pharmacy, industrial pharmacy, compounding pharmacy, consulting pharmacy, ambulatory care pharmacy, regulatory pharmacy, home care pharmacy.
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.
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