The COVID-19 pandemic increased the adoption of online pharmacies. Moreover, increased caseloads along with regional lockdowns augmented the demand for online pharmacies The ePharmacy segment gained rapid traction during the pandemic due to the increasing number of initiatives supporting ePharmacy. In 2021, the market will witness an increase by 5.4% from 2020 owing to rising initiatives for automation and digitalization The global market increased by 6.4% from 2019 to 2020 For instance, Walgreens Boots Alliance introduced micro-fulfillment centers for supporting prescription shipping demand.ĬOVID - 19 Global Pharmacy market impact: 6.4% growth in revenue growth Pharmacies are adopting innovative strategies for different functions, such as fulfilling prescriptions. CVS Health acquired eight million new customers through COVID-19 testing in 2020. Moreover, the pharmacies also started offering COVID-19 testing and vaccination services. Moreover, collaborative drug therapy agreements were offered by 39% of pharmacies, diabetes training by 33%, ostomy supplies by 32%, smoking cessation by 23%, patient education classes by 16%, asthma management by 13%, and weight management by 11%. According to an article published in National Community Pharmacy Association (NCPA) Digest in 2019, 77% of the pharmacies offered medication therapy management, 76% offered immunizations for flu, 69% offered immunization for non-flu conditions, 57% offered blood pressure monitoring, and 56% provided compounding services. Pharmacies are providing various patient care services and introducing various initiatives to promote medication sales.
Such digitalization and automation strategies are estimated to drive the market during the forecast period. Moreover, in December 2021, the company announced a partnership with Microsoft to scale up retail personalization and loyalty programs using advanced machine learning by using Azure. For instance, CVS Health introduced a Digital Transformation program to personalize the healthcare experience using artificial intelligence, machine learning, data, and analytics. Moreover, pharmacies are adopting various digitalization programs to cater to the growing consumer demand and form a profitable business model.
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Automation systems are widely used in e-prescribing, point-of-sale programs, bar code verification, robotic dispensing, automated pill counting, interactive voice response systems, and automated prescription pick-up.Īccording to a survey conducted by Pharmacy Purchasing and Products on pharmacy automation devices in 2019, 84.0% of the hospital pharmacies have adopted or planned to adopt automated dispensing cabinets. Retail and hospital pharmacies are rapidly adopting various automation devices to increase patient safety and provide rapid & accurate services to their patients. opened two new stores, relocated five stores, and completed store remodeling to get 1,826 remodeled stores in the fiscal year 2020. Rapid expansion and upgradation of existing pharmacies to increase market penetration are positively impacting the market growth. consumed at least one prescription drug between 20, while 21.3% of the population consumed three or more prescription drugs during the same period.
According to the Centers for Disease Control and Prevention, 45.7% of the population in the U.S. According to the National Health Services, the cost of prescriptions in the financial year 2020 - 21 increased by 3.46% as compared to 2019-20 in England.
The increasing number of people suffering from diseases, increasing aging population, and growing number of prescriptions are the key parameter driving the market. The global pharmacy market size was valued at USD 1,008.5 billion in 2020 and is projected to expand at a compound annual growth rate (CAGR) of 4.3% from 2021 to 2028.
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