What is Pharmaceutical Retail Chain Market?
A pharmaceutical retail chain means any pharmaceutical company which has multiple medical stores or pharmacies. Pharmacy retail is used to the sale of pharmaceutical products, which include over-the-counter (OTC) drugs and prescription drugs. Pharmacy retail stores also sell various FMCG products along with pharmaceutical products and their related services. Covid-19 has changed the definition of health to a predict-and-prevent model. An increase in demand for better quality healthcare and focus on wellness is now single-handedly driving up the growth of organized retail pharmacies
Highlights from Pharmaceutical Retail Chain Market Study
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Walgreens Company (United States), CVS Health (United States), Walmart (United States), Rite Aid Corp (United States), WALGREENS BOOTS ALLIANCE (United States), Fortis Healthworld (India), The Kroger (United States), Humana Pharmacy Solutions (United States), Botanics (India) and Liz Earle (United Kingdom) |
The global pharmaceutical retail chain market is fragmented due to its benefits include an increase in the number of pharmacies, better access, lower unit costs, extensive health insurance contract, and lower costs due to economies of scale. So the players are focusing on investing in artificial intelligence tools to improve the service. These will enhance their market presence. The companies are also planning strategic activities like partnerships, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Pharmaceutical Retail Chain market throughout the forecasted period.
Walgreens Company (United States), CVS Health (United States), Walmart (United States), Rite Aid Corp (United States), WALGREENS BOOTS ALLIANCE (United States), Fortis Healthworld (India), The Kroger (United States), Humana Pharmacy Solutions (United States), Botanics (India) and Liz Earle (United Kingdom) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Kaiser Permanente (United States), Rite Aid Corporation (United States), Cigna/Express Scripts (United States) and Deep Healthcare Enterprises (India). Pharmaceutical Retail Chain Market Segmentation:
Scope | Sub-Segments |
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Type | Retail Pharmacy, Hospital Pharmacy, Clinic Pharmacy, Home care Pharmacy and Others |
Services | App/Website,On-Call |
Medication | Injectable,Infusible,Others |
Offerings | Ambulatory Care,Critical Care Pharmacy,Nutrition Support Pharmacy,Others |
On the basis of geography, the market of Pharmaceutical Retail Chain has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Technological Innovations in the Pharmaceutical Retail Chain and Enhancement in Medical Infrastructure
Market Growth Drivers:
Increased Penetration of Health Insurance Highly Impacts the Growth of the Domestic Pharmaceuticals Sector, Increasing number of Pharmacies in the Urban Area, Increasing Demands due to the Awareness of Better Quality Health Care and Consumers Increasing Inclination towards the Healthcare
Challenges:
Lack of Transparency and Lack of Proper Regulation and Supervision
Restraints:
Concerns related to Pharmaceutical fraud and Stringent regulation due to COVID-19
Opportunities:
Enhancement of Service towards customers' Holistic Wellness, Implantation of the Artificial intelligence tools to Improve the Pharmaceutical Retail Chain and Rising Opportunity from Generic Pharmaceuticals
Key Target Audience
Pharmaceutical Retail Chain, New Entrants, Regulatory Bodies, Potential Investors, Research and Development Institutes and Others
Market Leaders & Development Strategies
On 14th July 2021, Eli Lilly announced the acquisition of Promoter Technologies, a private Biotech company. Promoter Technologies enables the development of therapeutic peptides and proteins with tunable activity that can be controlled using small molecules. Promoter Technology's glucose-sensing insulin program which is based on proprietary molecular engineering of protein sensors platform shows significant promise and Lilly is excited to enhance the diabetic pipeline with the company’s innovative technology.
On 8th March 2022, Toyota Tsusho Corporation announced an acquisition of 30% shares in Goodlife Pharmacies which is East Africa’s leading retail African pharmacy chain. This acquisition makes Toyota Tsusho Corporation's first entry into the retail pharmacy industry in Africa. Toyota Tsusho Corporation further contributes in Goodlife Pharmacies to improving access to high-quality pharmaceuticals in east Africa and Toyota Tsusho seeks to contribute to the improvement of healthcare outcomes on the African continent