The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The global pharmacies and healthcare stores market is witnessing robust growth, with the market size projected to increase from $1,192.37 billion in 2022 to $1,274.74 billion in 2023, boasting a compound annual growth rate (CAGR) of 6.9%. Looking ahead, the market is anticipated to reach $1,593.34 billion in 2027, sustaining a steady CAGR of 5.7%.
Economic Growth Fueling the Market
- Benefiting from Steady Economic Growth: The pharmacies and healthcare stores market is poised to benefit from the steady economic growth forecasted for developed and developing countries.
- Global GDP Growth and Economic Recovery: According to the International Monetary Fund (IMF), global GDP growth was 3.3% in 2020 and 3.4% in 2021. Recovering commodity prices are expected to drive significant economic growth.
- Stable Growth in the US: The US economy is expected to register stable growth during the forecast period, contributing to the overall expansion of the pharmacies and healthcare stores market.
- Emerging Markets Driving Growth: Emerging markets are projected to grow slightly faster than developed markets, driving public and private investments, joint ventures, and foreign direct investments in the end-user markets.
Industry Leaders Shaping the Landscape
- Key Companies: Major players in the pharmacies and healthcare stores market include CVS Health Corporation, McKesson Corporation, Walgreens Boots Alliance Inc., Rite Aid Corp, and Costco Wholesale Corp.
- Adoption of Innovative Solutions: Pharmacies are increasingly leveraging innovative solutions to enhance service delivery, especially in remote locations where establishing traditional establishments may not be feasible.
Medicine Vending Machines Revolutionizing Accessibility
- Introduction of Medicine Vending Machines: Pharmacies are adopting medicine vending machines, particularly in remote areas where traditional establishments are impractical.
- Features of Medicine Vending Machines: Equipped with a phone, internet connection, prescription scanner, in-built POS machine, and up to 2,000 packs of commonly used prescription drugs.
- Functionality: The machine identifies drugs through microchips, and patients can communicate with a pharmacist via video link for prescription authorization.
- Payment Options: Patients can pay in cash or through debit/credit cards, and once the payment is confirmed, the medicine can be collected from the machine’s dropbox.
- Example of PharmaTrust: PharmaTrust, a Canadian company, has developed vending machines installed in the UK, allowing patients to interact with an on-call pharmacist for prescription validation.
- Pharmaceutical Vending Machines in Universities: Arizona State University and Florida State University have installed pharmaceutical vending machines in Student Health Services buildings for dispensing a wide range of drugs.
Market Segmentation: Understanding Diversity
The pharmacies and healthcare stores market is segmented based on critical factors:
- By Type: Pharmacies and Drug Stores, Other Health and Personal Care Stores
- By Ownership: Retail Chain, Independent Retailer
- By Drug Type: Prescription Drugs, Over-the-Counter (OTC) Drugs, Other Drug Types
Regional Dynamics: North America Takes the Lead
- Dominance of North America: In 2022, North America emerged as the largest region in the pharmacies and healthcare stores market, highlighting the region’s influential role in shaping the industry.
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The Pharmacies and Healthcare Stores Global Market Report 2023 provides an overview of the pharmacies and healthcare stores market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The pharmacies and healthcare stores market forecast analyzes pharmacies and healthcare stores market size, pharmacies and healthcare stores market share, leading competitor and their market positions.
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