The global pharmacies and drug stores market size is expected to grow from $923.06 billion in 2019 to $1007.99 billion in 2020. Due to the global Covid-19 pandemic, the market for pharmacies and drug stores is expected to grow significantly in 2020 as people want to keep stock of all medicines to cope with extended quarantine periods. Pharmacies and rugs stores are among the essential businesses that are allowed to operate even in lockdown situations across the globe. The pharmacies and drug stores market is expected to stabilize at a compound annual growth rate of 3% and reach $1040.08 billion by 2023.
The growing aging population and increasing health consciousness among the global populace are likely to drive the pharmacies and drug stores industry. The geriatric population are more vulnerable to acquire number of diseases that increase the dependence on pharmacies and drug stores, thus indirectly affecting market growth. According to the Global Health and Aging report, the number of people aged 65 or older is projected to grow from an estimated 524 million in 2010 to nearly 1.5 billion in 2050, with most of the increase in developing countries. There are certain health conditions that are expected to be a challenge to the health care system with the increasing aging population. These conditions include cancer, dementia, an increase in the number of falls, obesity, and diabetes. Due to the increasing aging population, the number of cases is expected to increase, thus providing a growing customer base for pharmacies and drug stores.
According to pharmacies and drug stores market trends, working long hours and drive-through locations are other major factors driving the pharmacies and drugstores market growth. As competition has increased from mass merchandisers and supermarkets, as well as from direct mail prescription services, drug stores have been adding value in the form of 24-hour operations and drive-through pharmacies. The US Pharmacy Study measures customer satisfaction with their pharmacy experience across major chain drug stores, mass merchandisers, supermarkets, and mail-order pharmacies. The study shows that retail pharmacy businesses continue to deliver when it comes to engaging patient-centric services that drive satisfaction. These convenience factors will drive the growth of the pharmacies and drugstores market.
The pharmacies and drug stores market consist of establishments involved in sales of prescription and over-the-counter medications, health and beauty items, toiletries and consumable goods, directly to consumers. Some companies may also provide basic health and photo processing services. The pharmacies and drug stores market consist of establishments that are concerned with branded prescription drugs, generic drugs, nonprescription medicines, personal health supplies, groceries and food items, vitamins, minerals, and dietary supplements, cosmetics and others.
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