The pharmacies and healthcare stores market effectively entails of sales of pharmacy and healthcare store products and associated services by several entities (organizations, sole traders and partnerships) that function pharmacies and several other health and personal care stores.
According to the report analysis, ‘Pharmacies and Healthcare Stores Global Market Report 2019’ states that in the pharmacies and healthcare stores global market there are numerous corporates which presently operating more actively for leading the fastest market growth and registering the handsome value of market share around the globe throughout the near years while developing the better consumer services and satisfaction, spreading the awareness related to the offers and services, employing the young work force, increasing and advancing the applications of such, decreasing the associated price, implementing the profitable strategies and analyzing the strategies and policies of other pharmacies and healthcare stores includes MedPlus, Medzone, Medicap, Apollo Pharmacy, Discount Drug Stores and several others.
In addition, modernizations in the automation technology are on the augment and retail stores are progressively utilizing the in-store automation to streamline retail shopping. Automation in the retail stores is focused at automating store functions such as container movement, merchandise scanning, inventory monitoring, retrieving, packaging, and delivering products, and linking with consumers. Automation decreases the waiting times, circumvents stocking problems, advances the productivity, and augments overall consumer observation. For instance, the American retailer Lowe’s has installed multi-lingual, autonomous consumer assistance robots across 11 locations in San Francisco Bay area. Retailers are also aiming on utilizing the self-checkout stands for consumers. In addition, the Walmart has patented a system of the self-driving shopping carts.
Based on the region, the Asia Pacific region was the largest economy in the worldwide pharmacies and healthcare stores market, registering for 30% of the market in 2018. North America was the second largest region dominating for 30% of the worldwide pharmacies and healthcare stores market. For instance, the Africa was the smallest region in the international pharmacies and healthcare stores market.
In addition, the automation systems for handling the medicines have continued largely unmovable for decades, while medications have augmented in number and complexity, resulting in potentially higher hazards for error. In addition, with the traditional approaches of operation within the pharmacies, pharmacists have observed several issues such as an augment in the medication errors and increasing the patient waiting times, owing to the augmenting the patient load. During the recent times, the awareness and concerns concerning medication errors and adverse events are augmenting amongst the healthcare professionals.
Furthermore, several pharmacists do not feel the requirement for the assistance and are therefore, unwilling to approve pharmacy automation systems as part of their bestowing regimen. Although the advantages of automated pharmacy systems are significant and the widespread implementation of the technology confirms this, until now, only large-capacity pharmacies and healthcare stores could rationalize the returns on investment (ROI) attained from the installation of such automated systems. Therefore, in the near duration, it is predicted that the market of pharmacies and healthcare stores will increase around the globe more actively over the upcoming years.
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Ankur Gupta, Head Marketing & Communications