Categories: Healthcare

Insights Into The Pharmacies and Drug Stores Market’s

The Pharmacies And Drug Stores Global Market Report 2023 by The Business Research Company, provides pharmacies and drug stores market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Pharmacies And Drug Stores Global Market Report 2023, the market size 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, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the global pharmacies and drug stores is expected to grow to $1,513.65 billion in 2027 at a CAGR of 5.8%.

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.

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The pharmacies and drug stores market is segmented:

1) By Drug Type: Prescription Drugs, OTC drugs

2) By Type: Community Pharmacy, Hospital Pharmacy, Clinical Pharmacy, Industrial Pharmacy, Compounding Pharmacy, Consulting Pharmacy, Ambulatory Care Pharmacy, Regulatory Pharmacy, Home Care Pharmacy

3) By Product Type: Skin Care, Cold and Flu, Dental, Weight Loss, Vitamins, Other Product Types

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.

The pharmacies and drug stores market report table of contents includes: