The pharmacy and drug store franchises market share is enormous and is set to grow at an astounding rate over the next several years, increasing by more than 14% yearly, from US$ 72 billion in 2022 to a projected US$ 82.4 billion in 2023. This trend is predicted to continue, with a Compound Annual Growth Rate (CAGR) of 14.2% from 2023 to 2033, driving the market to a valuation of US$ 310.87 billion. The primary force behind this significant expansion is the growing need for widely accessible channels of distribution, mostly due to the increase in sales of generic drugs for a range of ailments.
The pharmacy and drug store industry plays a vital role in providing accessible healthcare solutions to communities worldwide. One significant facet of this industry’s growth and outreach is the emergence of pharmacy and drug store franchises. These franchises contribute significantly to the expansion of healthcare services, medication distribution, and health-related retail offerings.
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The pharmacy and drug store franchising market has experienced consistent growth over the years. With the increasing demand for healthcare services and the rising prevalence of chronic illnesses, the need for easily accessible pharmaceuticals and medical supplies has become more pronounced. Pharmacy and drug store franchises have seized this opportunity to bridge the gap between medical services and retail convenience.
Meeting Consumer Needs with Accessibility and Affordability
The rising popularity of pharmacy and drug store franchises is underpinned by the growing demand for easy access to healthcare products, particularly generic drugs catering to chronic and infectious ailments. These franchises have become go-to destinations for consumers seeking economical options, given that generic drugs cost substantially less than their brand name counterparts. The potential savings in drug costs have not only benefited individuals but have also significantly impacted healthcare systems.
USA: A Focal Point for Growth
The USA is anticipated to emerge as a dominant player in the pharmacy and drug store franchises market due to its strong emphasis on generic drugs. Approximately 90% of prescribed medicines in the USA are generic, offering significant cost savings. Over the past decade, this difference in drug costs has contributed to massive savings of nearly US$ 2.2 trillion for the USA healthcare system. This includes notable savings of US$ 313 billion in 2019 alone, with substantial contributions from Medicare and Medicaid.
Beyond serving as hubs for generic drugs, pharmacy and drug store franchises offer an array of consumer products including toiletries, cosmetics, beauty products, and confectionery. Their strategic accessibility, proximity, and ease of access make them attractive destinations for consumers seeking both healthcare essentials and other everyday needs.
As healthcare providers recommend pharmacy and drug store visits for non-generic drugs and a range of essential products, these franchises are positioned at the forefront of providing convenience, accessibility, and affordability to consumers.
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The report covers exhaustive analysis on
- Market Segments
- Market Dynamics
- Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Technology
- Value Chain
Regional analysis includes
- North America (USA, Canada)
- Latin America (Mexico. Brazil)
- Western Europe (Germany, Italy, France, UK, Spain)
- Eastern Europe (Poland, Russia)
- Asia Pacific (China, India, ASEAN, Australia & New Zealand)
- Japan
- Middle East and Africa (GCC, S. Africa, N. Africa)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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