The global Pharmacy Retail market was valued at USD 600 Bn in 2022 and is projected to reach USD 1 trillion by 2027.
The COVID-19 pandemic has fueled growth in both traditional pharmacy retail outlets and online pharmacy channels. Medical retail outlets were classified as essential services globally, but due to the virus’s fear, online pharmacies emerged as the most dynamic channel for obtaining drugs and devices. The online pharmacy sector has seen an increase in orders for medical devices, personal protective equipment, health supplements, and common drugs as a result of the various waves of COVID-19.
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1. People aged 65+ are projected to grow to nearly 1 billion in 2030, with most of the increase in developing countries, which will drive retail pharmacy growth
According to the Office of Disease Prevention and Health Promotion, the first Baby Boomers (those born between 1946 and 1964) turned 65 in 2011. By 2030, it is projected that more than 60% of this generation will be managing more than 1 chronic condition. Managing these chronic conditions, along with a patient’s level of disability, will increase the financial demands on our healthcare system which will increase the stress on the pharmacy chain industries.
2. With the increasing population growth in Tier II and Tier III cities, there is an untapped potential for retail pharmacies in their market
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E-Pharmacies still have a lot of scope for expansion in tier II and III cities, that can be achieved by making huge investments for the improvement of logistics channels in these cities. Presently, close to 55% of the global population today is living in tier-2 & tier-3 cities. In such areas, the local pharmacy becomes the go-to place for all healthcare services. Furthermore, statistics show that for every 1000 people, there is 0.83 pharmacist available. Since many doctors are not able to reach people living in tier-2 & tier-3 cities, local pharmacies can become huge healthcare support by going online and providing quick, trusted, & efficient healthcare solutions.
3. Digiceutical Apps Also known as “digital therapeutics” are Improving patient outcomes through convergence
In 2018, there was a massive growth in investment in the field of digital therapeutics, and the Food and Drug Administration (FDA) has actually been on board with the trend for quite some time as well. In late 2017, they launched a digital health pilot program, which included 9 companies. Among the participants were the big guys like Apple, Samsung, and Johnson and Johnson, yet small-but-mighty startups were also included. One such startup is Pear Therapeutics, which has already received FDA approval for two of its app products; one for substance abuse, and the other specifically for opioid use. The goal of the program is to soften the regulatory requirements for digital health companies with proven records of developing and testing quality products.
4. Huge E-commerce websites like Amazon are becoming a threat to other pharmacies’ retail stores worldwide
The company is a threat to retail pharmacies on multiple fronts. Initially, the emergence of Amazon.com gave consumers less of a reason to do in-person shopping for general merchandise. Then the company got into the prescription game with its 2018 acquisition of PillPack and the 2020 launching of Amazon Pharmacy and an Amazon Prime prescription discount benefit. And then, just a few months ago, Business Insider reported that Amazon was looking to create physical pharmacies. Whether that comes to fruition — and what it would look like — remains to be seen, but one thing is clear: Amazon will continue to be a thorn in the side and strain the bottom line of retail pharmacies.
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