The market for pharmacies and drugstore franchises is predicted to expand by approximately 14% year over year to reach US$ 82.4 billion in 2023, up from US$ 72 billion in 2022. Also, a CAGR of 14.2% is predicted for the market from 2023 to 2033, leading to a valuation of US$ 310.87 billion. The popularity of pharmacies and drug store franchisees has increased as a result of the rise in the sales of generic medications for a variety of infectious as well as chronic illnesses.
Given that 90% of all prescribed medications are generic, the United States is predicted to become the market with the highest size for pharmacies and drugstore franchises. Generic medications typically cost between 80 and 85% less than brand-name medications. This disparity in prescription costs over the past ten years has prevented the American healthcare system from spending roughly US$ 2.2 trillion. This includes US$ 313 billion in savings for Medicare and Medicaid in 2019 alone, totaling US$ 96.1 billion.
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FMI, in its upcoming business report, elaborates the historical and current scenario of the global Pharmacy and Drug Store Franchises market in terms of production, consumption, volume, and value. The report scrutinizes the market into various segments, regions and players on the basis of demand pattern and growth prospects.
Crucial information and forecast statistics covered in the Pharmacy and Drug Store Franchises market report will arm both existing and emerging market players with necessary insights to craft long-term strategies as well as maintain business continuity during a crisis such as the ongoing COVID-19 pandemic.
COVID-19 Impact Analysis on Pharmacy and Drug Store Franchises Market
The recent outbreak of the COVID-19 has turned the spotlight on the healthcare industry, and subsequently impacted the Pharmacy and Drug Store Franchises market. Severe shortages of critical medical supplies and a rapid rise in number of COVID-19 cases have resulted into a revolution rather than evolution in the healthcare ecosystems. Consequently, the impact is noticeable in the Pharmacy and Drug Store Franchises market.
Following government’s measures, particularly social distancing norms and stay-at-home orders, doctors are delaying or postponing elective surgeries unless critical to prevent the spread of the virus to individuals with comorbidities or chronic conditions. Additionally, movement restrictions and supply chain disruptions have created a logistical nightmare for market players, leading to severe product shortages in the global marketplace.
The FMI’s report includes an interesting chapter on preliminary impact of the COVID-19 on the Pharmacy and Drug Store Franchises market. This allows both leading and emerging market players to understand the market scenario during a crisis and aids them in making sound decisions to gain a distinct competitive edge.
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Pharmacy and Drug Store Franchises Market: Competition Analysis
The FMI’s study presents a comprehensive analysis of global, regional, and country-level players active in the Pharmacy and Drug Store Franchises market. Competitive information detailed in the Pharmacy and Drug Store Franchises market report has been based on innovative product launches, distribution channels, local networks, industrial penetration, production methods, and revenue generation of each market player. Furthermore, growth strategies and mergers & acquisitions (M&A) activities associated with the players are enclosed in the Pharmacy and Drug Store Franchises market report.
Key players covered in the report include:
MedPlus, Medzone, Medicap, Apollo Pharmacy, Discount Drug Stores, RK Franchise Consultancy, CVS, Rite Aid, Walgreens, & Shopper’s Drug Mart
Important Questions Answered in the Pharmacy and Drug Store Franchises Market Report
- Which end user remains the top revenue contributor in different regional markets?
- At what rate has the global Pharmacy and Drug Store Franchises market been expanding during the forecast period?
- How will the global Pharmacy and Drug Store Franchises market look like by the end of the forecast period?
- What innovative strategies are adopted by Pharmacy and Drug Store Franchises market players to stay ahead of the pack?
- What are the restraints affecting the growth of the global Pharmacy and Drug Store Franchises market?
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Key Offerings of the Report
- Growth Drivers and Opportunities: Comprehensive analysis on growth-driving factors and opportunities for market players in different regional markets
- Recent Trends and Forecasts: Detailed assessment on the latest trends, technological developments, and forecasts for a 5-year or 10-year period.
- Segmental Analysis: Extensive analysis on each segment and factors differentiating the role of these segments in market revenue forecasts and growth rate analysis
- Regional Market Forecast: Thorough analysis of each regional market to arm stakeholders with necessary information to take critical decisions
- Competitive Landscape: All-inclusive insights on both leading and emerging players vying for a slice of the Pharmacy and Drug Store Franchises market
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