As cited by 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 Market Study Report LLC, global pharmacy retail market was worth USD 575.12 billion in 2020 and is estimated to expand significantly over 2021-2026.
 

Rising prevalence of chronic diseases like diabetes, hypertension, cancer, and cardiovascular diseases, which require prolonged medication coupled with strong competition among the leading players are the major factors driving the global pharmacy retail market growth.
 

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Changing disease profiles, introduction of new business models, innovative marketing strategies, and rise in the hospital-based pharmacies & wellness stores are likely to propel the industry growth in the projected timeline.
 

In addition, with increasing public healthcare expenditure, pharmaceuticals have now been made more accessible, mainly in rural areas and tier-II cities, thus augmenting the market outlook. The launch of various patented drugs by international pharmaceutical companies is also positively swaying global pharmacy retail industry dynamics.
 

Based on distribution channel, the industry is segmented into brick & mortar pharmacy and online pharmacy. Speaking of type, the marketplace is divided into prescription drugs and over the counter drugs.
 

On the regional front, North America, Asia Pacific, Latin America, Middle East & Africa, and Europe are considered to be the prominent contributors towards the total valuation of the industry.
 

Of these, the report cites that North America market is likely to expand at a significant rate over the estimated timeline owing to the growing prevalence of chronic diseases, expanding e-commerce sector, mounting healthcare spending, increasing availability of OTC drugs, rising geriatric population, and favorable government regulations.
 

Meanwhile, Asia Pacific is also poised to emerge as a lucrative revenue generating avenue for the industry contenders, primarily due to growing unmet medical needs.
 

Prominent players influencing the industry dynamics are Rite Aid Corporation, CVS Pharmacy Inc., Albertsons Companies Inc., Loblaw Companies Ltd., Cipla Ltd., Novo Nordisk A/S, GlaxoSmithKline plc, Sanofi S.A., Merck Group, Koninklijke Ahold Delhaize N.V., and Walgreens Boots Alliance Inc.