Trend-Based Strategies That Players In The Pharmacies And Healthcare Stores Market Are Adopting To Revolutionize Their Businesses - By The Business Research Company
The Business Research Company's Global Market Reports Are Now Updated With The Latest Market Sizing Information For The Year 2023 And Forecasted To 2032
LONDON, Feb. 9, 2023 /PRNewswire/ -- Digital transformation is key to the future of pharmacies and healthcare stores market and is gaining significant popularity. Innovative technologies such as the Internet of Things (IoT), big data, artificial intelligence (AI), robotics, blockchain, and application programming interfaces (APIs) can improve service, optimize stock availability, and cut costs.
For instance, in December 2021, CVS Health, a US-based healthcare company and the second largest player in the market, partnered with Microsoft's technologies, including cloud computing and artificial intelligence, to accelerate its digital-first strategy. Microsoft's capabilities and the Azure cloud computing service provided CVS with a technology-forward, digital-first foundation to ramp up its consumer-centric digital strategy.
Furthermore, CVS Health launched six new innovative home health care products as an extension of the company's exclusive CVS Health product line. The products were developed in collaboration with US-based architecture and design company, Michael Graves Design, pioneers of the Design for All movement. The new CVS Health by Michael Graves Design assortment features a variety of products ranging from comfort grip canes and easy-fold travel walkers to convertible shower chairs and 3-in-1 comfort commodes.
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Per The Business Research Company's research, the global pharmacies and healthcare stores market size grew from $1,192.37 billion in 2022 to $1,274.74 billion in 2023 at a compound annual growth rate (CAGR) of 6.9%. The pharmacies and healthcare stores market size then expected to grow to $1,593.34 billion in 2027 at a CAGR of 5.7%. The rise in geriatric population and rising popularity of the franchising concept with increasing popularity of ePharmacy will drive the pharmacies and healthcare stores market growth.
The global pharmacies and healthcare stores market is segmented -
- By Type: Pharmacies and Drug Stores, Other Health and Personal Care Stores
- By Ownership: Retail Chain, Independent Retailer
- By Drug Type: Prescription Drugs, Over-the-Counter (OTC) Drugs, Other Drug Types
The top opportunities in the pharmacies and healthcare stores market will arise in the pharmacies and drug stores segment, retail chain segment, and the prescription drugs segment.
As Per TBRC's suggestions for geographic investments; North America is the largest region in the pharmacies and healthcare stores market, with rising opportunities for business growth. Going forward, companies in the pharmacies and healthcare stores market should also focus on Western Europe, Middle East, and, South America where growth will be at a greater rate in comparison to other regions.
Learn More On The Pharmacies And Healthcare Stores Market Report – https://www.thebusinessresearchcompany.com/report/pharmacies-and-healthcare-stores-global-market-report
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Pharmacies And Drug Stores Global Market Report 2023
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