Drug Stores Industry Profile

Report Page Length: 10-12
Last Quarterly Update: 12/25/2023
SIC Codes: 5912
NAICS Codes: 44611
Chapters Include:
Industry Overview Trends & Challenges Industry Forecast
Quarterly Industry Update Call Prep Questions Website & Media Links
Business Challenges Financial Information Glossary & Acronyms
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Excerpt from Drug Stores Industry Profile

Companies in this industry sell prescription drugs, over-the-counter medications, health and beauty, and general merchandise from physical retail locations as well as online stores. Major companies include CVS Health, Rite Aid, and Walgreens (all based in the US), along with AS Watson Group (Hong Kong), Boots (UK), China Nepstar (China), Dm-Drogerie Markt and Rossmann (both based in Germany), Jean Coutu and Shoppers Drug Mart (both based in Canada), and Matsumoto Kiyoshi (Japan).

Annual worldwide revenue for pharmaceutical market is expected to reach $1.1 trillion by 2023, and is expected to grow to $1.5 trillion by 2028, according to Statista.

The US drug stores industry includes about 45,000 establishments (single-location companies and units of multi-location companies) with combined annual revenue of about $270 billion.

COMPETITIVE LANDSCAPE

The evolving US health care system and growing competition from online and other retail channels are rapidly transforming the retail pharmacy business. Independent pharmacies, many in rural and low-income areas, are closing. As a result, CVS and Walgreen dominate the US chain drug store industry, especially in big cities. Other major players include Walmart, which ranks among the top five US retail pharmacies by prescription revenue, and grocery-giant Kroger. In a move that further consolidated the market, Walgreen in 2018 won a hard-fought battle with federal regulators to acquire about 1,650 stores from Rite Aid, giving Walgreen about 9,300 US locations. Walgreen also operates Duane Reade drugstores. Diminished ...

 
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