Market Forecast By Drug Type (Prescription Drugs, OTC Drugs), By Type ( Community Pharmacy, Hospital Pharmacy, Clinical Pharmacy, Industrial Pharmacy, Compounding Pharmacy, Consulting Pharmacy, Ambulatory Care Pharmacy, Others) And Competitive Landscape
Product Code: ETC036169 | Publication Date: Mar 2023 | Product Type: Report | |
Publisher: 6Wresearch | No. of Pages: 70 | No. of Figures: 35 | No. of Tables: 5 |
The Philippines Pharmacies And Drug Stores Market is growing significantly and will continue to do so in the years to come. Also, the market has been obtaining strong growth due to several factors. For instance, the increased demand for online pharmacies due to the COVID-19 pandemic. Consumers are turning to online pharmacies for their medication needs which have led to an increase in the number of online pharmacies in the Philippines. Moreover, the growing demand for generic drugs among consumers as the cost of branded drugs in the Philippines is high is one of the major factors driving the market growth. In response to this, many pharmacies and drug stores are now focusing on offering a wide range of affordable generic drugs to meet the needs of consumers.
Furthermore, the government has launched various initiatives to support the overall growth of the pharmacies and drug stores market in the Philippines. Many pharmacies and drug stores are expanding their services beyond just dispensing medication which includes consultation services, health and wellness products, and laboratory testing. Overall, the Philippines pharmacies and drug stores market is expected to grow in the coming years on the back of expanding healthcare coverage, increasing healthcare awareness, and growing demand for accessible healthcare services.
Philippines Pharmacies And Drug Stores Market is projected to grow rapidly owing to the growing geriatric population, increasing prevalence of chronic diseases, and evolving healthcare infrastructure. The healthcare system in the Philippines is mainly composed of both public and private institutions. The services are provided by clinics, hospitals, and health centres. The Philippines Pharmacies And Drug Stores Market is growing primarily due to the rising prevalence of chronic diseases and increasing cases of chronic diseases such as diabetes and hypertension. Subsequently, the need to control these diseases and the demand for pharmacies and drug stores are increasing.
According to 6Wresearch, the Philippines Pharmacies And Drug Stores Market is expected to grow during 2022-2028. The main reasons for cumulative growth include an increase in the number of pharmacies and drug stores in the country, rising awareness about healthcare and self-medication among people, and rowing government initiatives to promote the use of generic medicines. Moreover, the availability of a large number of over-the-counter (OTC) products and the growing middle-class population are other drivers for the growth of the Philippines Pharmacies And Drug Stores Industry over the forecast period. Essentially, the insuring prevalence of chronic diseases such as diabetes, cancer, blood pressure, and hypertension has been on the rise in the Philippines over the past few years. This has resulted in an upsurge in the demand for prescribed medicines which has uplifted the demand for the Philippines Pharmacies And Drug Stores Market. The high cost of medicines and the presence of counterfeit drugs are anticipated to plunge the market growth potential in the coming time zone.
Due to COVID-19, the demand for drugs and medical supplies has decreased as people are either avoiding going to physical stores or opting for online options. This scenario gave rise to several challenges to market players. However, they have been able to adapt to the situation by offering home delivery services. The Philippines health care system has been overwhelmed by the number of patients needing treatment for Novel Coronavirus. Consequently, this has had a knock-on effect on the Philippines Pharmacies And Drug Stores Market share which has seen a sharp increase in demand for medicines and other medical supplies.
The Philippines Pharmacies And Drug Stores Industry is segmented By Type is categorized into Community Pharmacy, Hospital Pharmacy, Clinical Pharmacy, Industrial Pharmacy, Compounding Pharmacy, Consulting Pharmacy, Ambulatory Care Pharmacy, and Others. The Community Pharmacy segment includes drug stores that are independently operated by individuals. These pharmacies are typically located within a grocery store or a retail outlet. On the other hand, the Hospital Pharmacy segment comprises inpatient pharmacies. Further, the Online Pharmacy segment sells prescription and non-prescription drugs through online mediums.
The Philippines Pharmacies And Drug Stores Market landscape is highly competitive. There are a large number of players in the market, ranging from small, independently owned pharmacies to large international chains. There are a few large players in the Philippines pharmacies and drug stores market which is an integral part of the Asia Pacific Pharmacies And Drug Stores Market. There is also a significant presence of unbranded local players. The competitive landscape is fragmented with no clear leader in the market. The competition is intense in terms of both price and service. Therefore, companies need to offer competitive prices to gain a competitive edge. The Philippines has a well-developed healthcare system, with many hospitals, clinics, and pharmacies. The government provides an extensive range of health insurance schemes for its citizens which covers both inpatient and outpatient treatment.
The report offers a comprehensive study of the subsequent market segments:
1 Executive Summary |
2 Introduction |
2.1 Key Highlights of the Report |
2.2 Report Description |
2.3 Market Scope & Segmentation |
2.4 Research Methodology |
2.5 Assumptions |
3 Philippines Pharmacies and Drug Stores Market Overview |
3.1 Philippines Country Macro Economic Indicators |
3.2 Philippines Pharmacies and Drug Stores Market Revenues & Volume, 2021 & 2028F |
3.3 Philippines Pharmacies and Drug Stores Market - Industry Life Cycle |
3.4 Philippines Pharmacies and Drug Stores Market - Porter's Five Forces |
3.5 Philippines Pharmacies and Drug Stores Market Revenues & Volume Share, By Drug Type, 2021 & 2028F |
3.6 Philippines Pharmacies and Drug Stores Market Revenues & Volume Share, By Type, 2021 & 2028F |
4 Philippines Pharmacies and Drug Stores Market Dynamics |
4.1 Impact Analysis |
4.2 Market Drivers |
4.3 Market Restraints |
5 Philippines Pharmacies and Drug Stores Market Trends |
6 Philippines Pharmacies and Drug Stores Market, By Types |
6.1 Philippines Pharmacies and Drug Stores Market, By Drug Type |
6.1.1 Overview and Analysis |
6.1.2 Philippines Pharmacies and Drug Stores Market Revenues & Volume, By Drug Type, 2018 - 2028F |
6.1.3 Philippines Pharmacies and Drug Stores Market Revenues & Volume, By Prescription Drugs, 2018 - 2028F |
6.1.4 Philippines Pharmacies and Drug Stores Market Revenues & Volume, By OTC Drugs, 2018 - 2028F |
6.2 Philippines Pharmacies and Drug Stores Market, By Type |
6.2.1 Overview and Analysis |
6.2.2 Philippines Pharmacies and Drug Stores Market Revenues & Volume, By  Community Pharmacy, 2018 - 2028F |
6.2.3 Philippines Pharmacies and Drug Stores Market Revenues & Volume, By Hospital Pharmacy, 2018 - 2028F |
6.2.4 Philippines Pharmacies and Drug Stores Market Revenues & Volume, By Clinical Pharmacy, 2018 - 2028F |
6.2.5 Philippines Pharmacies and Drug Stores Market Revenues & Volume, By Industrial Pharmacy, 2018 - 2028F |
6.2.6 Philippines Pharmacies and Drug Stores Market Revenues & Volume, By Compounding Pharmacy, 2018 - 2028F |
6.2.7 Philippines Pharmacies and Drug Stores Market Revenues & Volume, By Consulting Pharmacy, 2018 - 2028F |
6.2.8 Philippines Pharmacies and Drug Stores Market Revenues & Volume, By Others, 2018 - 2028F |
6.2.9 Philippines Pharmacies and Drug Stores Market Revenues & Volume, By Others, 2018 - 2028F |
7 Philippines Pharmacies and Drug Stores Market Import-Export Trade Statistics |
7.1 Philippines Pharmacies and Drug Stores Market Export to Major Countries |
7.2 Philippines Pharmacies and Drug Stores Market Imports from Major Countries |
8 Philippines Pharmacies and Drug Stores Market Key Performance Indicators |
9 Philippines Pharmacies and Drug Stores Market - Opportunity Assessment |
9.1 Philippines Pharmacies and Drug Stores Market Opportunity Assessment, By Drug Type, 2021 & 2028F |
9.2 Philippines Pharmacies and Drug Stores Market Opportunity Assessment, By Type, 2021 & 2028F |
10 Philippines Pharmacies and Drug Stores Market - Competitive Landscape |
10.1 Philippines Pharmacies and Drug Stores Market Revenue Share, By Companies, 2021 |
10.2 Philippines Pharmacies and Drug Stores Market Competitive Benchmarking, By Operating and Technical Parameters |
11 Company Profiles |
12 Recommendations |
13 Disclaimer |