Global pharmaceutical retail market to record substantial growth during 2019-2026

May 15, 2020

As per the report titled ‘Global Pharmaceutical Retail Market Size study, by Type (Independent Retailers, Pharmacy Chain), by Distribution Channel (Online, Offline) and Regional Forecasts 2019-2026’, available with Market Study Report LLC, global pharmaceutical retail market is projected to record a healthy growth over 2019-2026.

Rising prevalence of chronic diseases such as cancer and diabetes, coupled with the emergence of online pharmacies and ayurvedic product retailers are fueling the global pharmaceutical retail market growth.

Pharmaceutical retail or community pharmacy are counters where drugs are sold to patients directly, unlike the hospital pharmacy. In pharmaceutical retail, a pharmacist administers the contents of medical prescriptions and is allowed to advice on their aids of over the counter (OTC) drugs. The prescription of drugs is better and easier in retail pharmacies as compared to hospitals, which along with high availability of newer antibiotics is favoring the growth of pharmaceutical retail market.

According to International Agency for Research on Cancer (IARC), 17 million new cancer cases and 9.5 million cancer deaths were registered throughout the globe in 2018. In addition, it is estimated that global cancer burden will grow with about 27.5 million new cases and 16.3 million cancer deaths by 2040 due to the increasing geriatric population who are at high risk of developing cancer. This factor coupled with changing disease profiles and strong competition among the market majors are among the other forces supporting the market expansion. However, high treatment cost may hinder the market growth over the forecast period.

Based on the type, the market is split into independent retailers and pharmacy chain. Whereas, the distribution channel segregates pharmaceutical retail market into online and offline.

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As per the regional outlook, North America pharmaceutical retail market is anticipated to display strong growth trends in the forthcoming years, supported by rising healthcare expenditure and increasing prevalence of respiratory diseases such as chronic obstructive pulmonary disease (COPD) and asthma in the region.

Major players in global pharmaceutical retail market are Walgreens Boots Alliance Inc., CVS Health, Albertsons, Rite Aid, Rossmann, Jean Coutu, Sun valley Pharmacy, Pharma Direct, Nepstar, and MediRite.

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