What is the Global and North America Pharmacy Retailing Market Size?
The global Pharmacy Retailing Market was valued at USD XXX billion in 2017 and is expected to grow at a CAGR of approximately XXX% to reach USD XXX billion by the end of 2023. North America is the leading contributor to the global market and accounts for almost 44% of the total revenue. Pharmacy retailing involving the supply of medicinal drugs at supermarkets, discount stores, health maintenance organizations and others. The advent of e-commerce has also increased the market share for pharmacy retailing.
Factors Driving the Growth of Global and North America Pharmacy Retailing Market:
The increase of retail chains in the pharmacy has helped in the integration of several healthcare components that enhanced the purchasing convenience of drugs and other products to the consumers. The United States of America in North America accounted for almost 71% of medical prescription sales through pharmacy retailers. Customers all around the world are preferring for over the counter drugs and prescription drugs at the retail stores compared to the pharmacy chains.
There are several factors supporting the growth of global and North America pharmacy retailing market. Some of the prominent factors among them are the increasing availability of OTC drugs, growing prevalence of chronic diseases, rising health care spending of the consumers, increasing demand for e-commerce sites, growth in the annual income of the population, increasing number of geriatric population and the favourable government regulations. However, the risks of expiry and the side effects of OTC drugs are hindering the market expansion to a small extent.
Based on the regional analysis, North America is dominating the global pharmacy retailing market owing to the extensive chain of hyper stores and discounted drug stores. It is expected to continue its domination in the future with the growing preference for pharmacy retails among the population. The Asia Pacific region is expected to witness rapid growth in the future due to the increasing investments in the healthcare and related spending of the population.
Some of the Leading Companies in the Global and North America Pharmacy Retailing Market:
The leading contributors to the global and North America pharmacy retailing market are CVS, Walgreen, Rite Aid, Loblaw, Diplomat, Ahold, AinPharmaciez, Guoda Drugstore, Yixintang, and Albertsons.
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