DUBLIN--(BUSINESS WIRE )--The "Pharmacies and Healthcare Stores Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.
The global pharmacies and healthcare stores market is expected to grow from $1,093.87 billion in 2021 to $1,202.94 billion in 2022 at a compound annual growth rate (CAGR) of 10%. The market is expected to grow to $1,673.56 billion in 2026 at a compound annual growth rate (CAGR) of 8.6%.
Major companies in the pharmacies and healthcare stores market include CVS Health Corporation, McKesson Corporation, Walgreens Boots Alliance Inc, Rite Aid Corp, Costco Wholesale Corp, Loblaw, George Weston ltd, TSURUHA Holdings Inc., COSMOS Pharmaceutical Corporation, and Welcia Holdings Co. Ltd.
The pharmacies and healthcare stores market consists of sales of pharmaceuticals and healthcare products by entities (organizations, sole traders, and partnerships) that sell pharmaceuticals and healthcare products such as drugs, medical devices, and other personal care products through pharmacies and other health and personal care stores.
The main types of pharmacies and healthcare stores are pharmacies and drug stores and other health and personal care stores. A pharmacy is a venue where one can purchase prescription drugs within a chemist's or drugstore or in a supermarket or other stores. The forms of ownership are retail chain and the independent retailer selling types of drugs that include prescription drugs, over-the-counter (otc) drugs, and other drug types.
North America was the largest region in the pharmacies and healthcare stores market in 2021. Western Europe was the second-largest region in the pharmacies and healthcare stores market. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The pharmacies and healthcare stores market is expected to benefit from steady economic growth forecasted for many developed and developing countries. According to International Monetary Fund (IMF), the global GDP growth was 3.3% in 2020 and 3.4% in 2021. Recovering commodity prices, after a decline in the historic period is further expected to be a significant factor driving economic growth. The US economy is expected to register stable growth during the forecast period.
Additionally, emerging markets are expected to continue to grow slightly faster than the developed markets in the forecast period. Greater economic growth is likely to drive public and private investments, joint ventures, foreign direct investments in the end-user markets, thereby driving the market during the forecast period.
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the pharmacies and healthcare stores market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally. COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing.
The virus was first identified in 2019 in Wuhan, Hubei province of the People's Republic of China, and spread globally including Western Europe, North America, and Asia. Steps by national governments to contain the transmission have resulted in a decline in manufacture and trade of non-essential goods and an overall decline in economic activity with countries entering a state of 'lock down' and the outbreak had a negative impact on businesses throughout 2020 and into 2021.
However, it is expected that the pharmacies and healthcare stores market will recover from the shock across the forecast period as it is a 'black swan' event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Pharmacies are increasingly using medicine vending machines to service customers, especially in remote locations where they cannot invest in opening an establishment and stationing pharmacists. The medicine vending machine is equipped with a phone, internet connection, a prescription scanner, an in-built POS machine, and up to 2,000 packs of commonly used prescription drugs. The machine identifies drugs with the help of a microchip attached to the packs.
The vending machine also allows patients to discuss with a pharmacist via video link. The pharmacist checks the prescription and authorizes the transaction and then the patients can pay either by inserting cash into the machine or through a debit or credit card. Once the payment is confirmed, the medicines can be collected from the dropbox of the machine. For instance, PharmaTrust, a Canadian company has developed vending machines and has installed them in the UK.
Patients go up to the PharmaTrust kiosk, insert their prescription, scan their health card, then pick up the phone and talk personally to an on-call pharmacist. The pharmacist determines if the medication is appropriate and then authorizes the transaction. Arizona State University and Florida State University installed pharmaceutical vending machines to dispense a wide range of drugs in their Student Health Services buildings.
3. Pharmacies and Healthcare Stores Market Characteristics
4. Pharmacies and Healthcare Stores Market Product Analysis
5. Pharmacies and Healthcare Stores Market Supply Chain
6. Pharmacies and Healthcare Stores Market Customer Information
6.2. End Use Market Size and Growth
7. Pharmacies and Healthcare Stores Market Trends And Strategies
8. Impact Of COVID-19 On Pharmacies and Healthcare Stores
9. Pharmacies and Healthcare Stores Market Size And Growth
9.2. Historic Market Growth, Value ($ Billion)
9.3. Forecast Market Growth, Value ($ Billion)
10. Pharmacies and Healthcare Stores Market Regional Analysis
10.1. Global Pharmacies and Healthcare Stores Market, 2021, By Region, Value ($ Billion)
10.2. Global Pharmacies and Healthcare Stores Market, 2016-2021, 2021-2026F, 2031F, Historic And Forecast, By Region
10.3. Global Pharmacies and Healthcare Stores Market, Growth And Market Share Comparison, By Region
11. Pharmacies and Healthcare Stores Market Segmentation
11.1. Global Pharmacies and Healthcare Stores Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
11.2. Global Pharmacies and Healthcare Stores Market, Segmentation By Ownership, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
11.3. Global Pharmacies and Healthcare Stores Market, Segmentation By Drug Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
12. Pharmacies and Healthcare Stores Market Metrics
12.1. Pharmacies and Healthcare Stores Market Size, Percentage Of GDP, 2016-2026, Global
12.2. Per Capita Average Pharmacies and Healthcare Stores Market Expenditure, 2016-2026, Global
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ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900