According to the business intelligence 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, global pharmacy retail market was valued at USD 575.12 billion in 2020 and is projected to grow significantly between 2021-2026.
 

Growing number of hospital-based pharmacies & wellness stores, changing disease profiles and cut-throat competition among industry leaders are key factors stimulating global pharmacy retail market growth.
 

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Furthermore, surging incidences of chronic diseases such as diabetes, hypertension, cancer, and cardiovascular diseases will aid industry expansion over the analysis duration.
 

The report cites that increasing healthcare expenditure has made pharmacies more accessible in tier-II cities and rural areas which has further facilitated worldwide pharmacy retail industry proliferation. 
 

The launch of patent drugs by leading companies in tandem with their new business models and marketing strategies will stimulate the industry outlook.
 

Speaking of covid-19 impact, the pandemic has propelled the growth of traditional pharmacies as well as online platforms as medical stores were categorized under essential services even when lockdown protocols were announced. The fear of the virus has resulted in stellar expansion in the online pharmacy sector as people preferred to order common drugs, health supplements, medical devices, and personal protective equipment online.
 

Regionally speaking, North America held a major portion of global pharmacy retail market share in the recent past owing to availability of OTC drugs, increasing healthcare spending, and rising per capita income. Surging geriatric population, favorable government policies, and increasing preference for online pharmacies will also encourage industry growth in North America.
 

Meanwhile, Asia Pacific market is projected to record significant expansion between 2021-2026 due to surging medical needs which haven’t been met owing to a lack of proper medical infrastructure.
 

Key players profiled in the worldwide pharmacy retail industry report are Walgreens Boots Alliance Inc., Rite Aid Corporation, Koninklijke Ahold Delhaize N.V., CVS Pharmacy, Merck KGaA, Albertsons Companies Inc., Sanofi S.A., Loblaw Companies Limited, GlaxoSmithKline plc, Cipla Limited, and Novo Nordisk A/S.