The most recent study conducted by Report Ocean, titled “Global Pharmacy Market Size, Share, Pricing, Trends, Growth, Report and Forecast 2023-2030,” presents a comprehensive analysis of the worldwide market. This research delves into the factors driving the market, emerging trends, opportunities for development, as well as potential limitations that may affect the Pharmacy. The report provides an estimation of the global market size and examines recent strategic actions taken by prominent international competitors.
Global Pharmacy Market Size study, by Product Type (Prescription, OTC) by Pharmacy Type (Retail, ePharmacy) and Regional Forecasts 2022-2028Global Pharmacy Market is valued approximately USD $ billion in 2021 and is anticipated to grow with a healthy growth rate of more than $ over the forecast period 2022-2028. The increasing investments and increase in number of stores has led the adoption of Pharmacy across the forecast period. For Instance: in 2021, Rite Aid Corporation opened two new stores, relocated five stores and finished their store remodeled 1,826 remodeled stores in the fiscal year 2020. The increasing pharmaceutical industry is driving the market growth for forecasted period.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
For instance: as per the Statista, Pfizer a well renowned company in pharmaceutical industry illustrated the total revenue of USD 51.7 billion in 2019, and briefed that the major driver for the revenue is sale of the products. Furthermore, increase in R&D of pharmaceutical sector is also driving the growth of the Pharmacy Market for the forecasted period. For instance: as per the Statista, companies invested 20 per cent or more than 20 per cent of the sales revenue in R&D. Also, with the increasing technological advancement, the adoption & demand for Pharmacy is likely to increase the market growth during the forecast period. However, high level of storage of medics is impeding the growth of the market over the forecast period of 2022-2028.
The key regions considered for the Global Pharmacy Market study includes Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the significant region across the world in terms of market share owing to the presence of key market player in the region and increase in technological advancement is driving the growth for the Pharmacy Market in the region. Whereas, Asia-Pacific is anticipated to exhibit highest growth rate over the forecast period 2022-2028. Factors such as increase in R&D and high government support and increase in healthcare spending would create lucrative growth prospects for the Pharmacy Market across Asia-Pacific region.
Major market player included in this report are:
CVS Health
Boots Walgreens
Cigna
Walmart
Kroger
Rite Aid Corp.
Lloyd Pharmacy
Well Pharmacy
Humana Pharmacy Solutions
Matsumoto Kiyoshi
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The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Product Type:
Prescription
OTC
By Pharmacy Type:
Retail
e-Pharmacy
By Region:
North America
U.S.
Canada
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Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Russia-Ukraine War on Market
The market is anticipated to suffer because of the Russia-Ukraine War. The demand for the market has decreased as a result of the political unrest and economic unrest in the area. The war had a detrimental impact on global economic activity, adding to inflationary pressures globally and hindering the post-pandemic recovery, even if it was not the primary cause of the slower-than-anticipated economic growth in 2022 and revised estimates for 2023.
The Five Forces analysis examines the following factors:
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
The PESTLE analysis takes into account the following dimensions:
- Political factors: This includes political policies, stability, and factors related to trade, fiscal policies, and taxation policies.
- Economic factors: This involves analyzing interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates.
- Social factors: These encompass changing family demographics, education levels, cultural trends, shifts in attitudes, and changes in lifestyles.
- Technological factors: This examines changes in digital or mobile technology, automation, and research and development in the relevant industry.
- Legal factors: This entails analyzing employment legislation, consumer law, health and safety regulations, as well as international trade regulations and restrictions.
- Environmental factors: This dimension considers aspects such as climate change, recycling procedures, carbon footprint, waste disposal, and sustainability practices.
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