As per the research report titled ‘Global Pharmacy Retail Market - Analysis By Type (Prescription Drugs, OTC Drugs), Distribution Channel, By Region, By Country (2021 Edition): Market Insights and Forecast with Impact of Covid-19 (2021-2026)’, available with MarketStudyReport, worldwide pharmacy retail market was valued at USD 575.12 billion in the year 2020 and is anticipated to grow at a significant rate through 2026.

Report findings suggest that global pharmacy retail industry growth is backed by increasing cases of chronic infections around the world, in addition to the rising competition among pharmaceutical companies. Moreover, changes in disease profile, creative marketing plans, emergence of new business designs, and a sharp increase in hospital pharmacies are also boosting the industry share.

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Additionally, rising instances of chronic ailments like diabetes, hypertension, cancer, and cardiovascular diseases requiring prolonged medicament will drive further market growth. Also, with the rise in public healthcare expenses, there's been easier access to pharmaceuticals, especially in rural areas and tier-2 cities. This, along with the launch of several patented medications by renowned pharmaceutical organizations are bolstering the industry sales.

Speaking of Covid-19 impact, there was a spontaneous growth in the global pharmacy retail market. Medical retail outlets are considered as essential services and were not shutdown during the pandemic. This factor, along with consecutive waves of coronavirus, and spurring demand for common drugs, health supplements, personal protective equipment, and medical devices are amplifying the industry remuneration scale.

As per distribution channel, the market is categorized into online pharmacy, and brick & mortar pharmacy. Based on type, the industry is segmented into over-the-counter drugs, and prescription drugs.

Regionally, North America market is expected to garner significant growth through 2026, because of the factors like rising OTC drug accessibility, increased awareness about chronic infections, rising healthcare expenses by customers, rising preference for eCommerce websites, and supportive government policies.

Parallelly, Asia Pacific industry is also expected to grow at a significant rate from 2021 to 2026, owing to huge unmet medical requirements.

The prime competitors in the global pharmacy retail market include Rite Aid Corp., Albertsons Companies Inc., Cipla Limited, GlaxoSmithKline plc, Merck KGaA, Walgreens Boots Alliance Inc., CVS Pharmacy Inc., Loblaw Pharmacy, Novo Nordisk, Sanofi S.A., and Koninklijke Ahold Delhaize N.V.