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Institutional Pharmacies Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024

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Institutional Pharmacies Market: Overview

Pharmacies, or pharmaceutical shop is a kind of shop which is engaged in the selling and distribution of pharmaceutical and healthcare related products (drugs, devices and others) and services (dosing training, medical advice, information about side effects and precautions) to the patients and customers. Pharmacy shop is an inseparable aspect of pharmaceutical sciences field and is one of the most growing field in the healthcare industry.

Pharmacies are broadly classified on the basis of sales nature and end customers, namely, retail pharmacy and institutional (consultant) pharmacy. Retail pharmacies comprises traditional, independent pharmaceutical shops, which are engaged in satisfying the customer needs and interaction with routine customers, whereas, institutional pharmacies offer more emphasis on provision of long-term care facilities, products and services, and on maintenance of patient data and medication history and records.

Although, the institutional pharmacies were not directly involved in patient interaction, due to rising geriatric population and changes in the pharmacy practices, institutional pharmacies have started consulting and guiding the patients directly. Sometimes, institutional pharmacies are considered similar to hospital pharmacies, but former is different on the basis of principles of operating the business and end users.

Institutional Pharmacies Market: Drivers and Trends

The market of institutional pharmacies is expected to grow steadily in upcoming period, owing to various market drivers, such as, benefits of bulk purchase, increased need of institutional pharmacies, rise in geriatric population where patient data monitoring has became essential. In addition, rising prevalence of chronic disease propelling the needs of long-term care, large employment opportunities and rising awareness amongst the pharmaceutical graduates and hospitals regarding the benefits of institutional pharmacies against the traditional pharmacies. Rising geriatric population and chronic disease prevalence are some of the most important drivers of this market.

According to Center for Disease Control and Prevention (CDC), by the 2050, the aged population in the U.S. would exceed 89 million, twice of the 2013. Institutional pharmacies play an important role in maintaining the clinical database and guiding the geriatric patients regarding medications and its associated issues.

Further, increased prevalence of chronic disease is another growth propeller of the institutional pharmacies. According to International Diabetes Federation, 382 million people across the globe are suffering from diabetes, by 2013, and this number is expected to grow to 592 million by the end of 2035.

Institutional Pharmacies Market: Restraints

The institutional pharmacies play a vital role in the maintenance of patient medication database related to such chronic diseases and helps in the estimation of further treatments. On the other hand, lack of awareness, high initial costs and stringent government regulations are the major hurdles, expected to impose a threat to the market growth. In addition to this, shrinking medical reimbursement and increasing consolidation of the industry are additional threats to the market growth. The major opportunities include government programmes and campaigns for the promotion of this concept in the world, regulation of laws and rules related to institutional pharmacies would enhance the institutional pharmacies across the globe.

Institutional Pharmacies Market: Key Players

Major players operating in this market include OmniCare, PharMerica, BGS Pharmacy Partners, Golden Horizons, NuScriptRx, Uvanta, Chem Rx Corporation and others. Due to extensive trend of consolidation of the industry, many major players are employing the strategies of acquisitions and partnerships to expand their product portfolio and geographic presence. For instance, Chem Rx Corporation formed partnership with PharMerica to expand the business in New Jersey and New York, U.S. Similarly, BGS Pharmacy Partners acquired Spectrum Pharmacy Services, LLC, to expand the business in Las Vegas, U.S. 

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

The study is a source of reliable data on:

  • Market segments and sub-segments
  • Market trends and dynamics
  • Supply and demand
  • Market size
  • Current trends/opportunities/challenges
  • Competitive landscape
  • Technological breakthroughs
  • Value chain and stakeholder analysis

The regional analysis covers:

  • North America (U.S. and Canada)
  • Latin America (Mexico, Brazil, Peru, Chile, and others)
  • Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, Luxembourg)
  • Eastern Europe (Poland, Russia)
  • Asia Pacific (China, India, Japan, ASEAN, Australia and New Zealand)
  • Middle East and Africa (GCC, Southern Africa, North Africa)

The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.

A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.

Highlights of the report:

  • A complete backdrop analysis, which includes an assessment of the parent market
  • Important changes in market dynamics
  • Market segmentation up to the second or third level
  • Historical, current, and projected size of the market from the standpoint of both value and volume
  • Reporting and evaluation of recent industry developments
  • Market shares and strategies of key players
  • Emerging niche segments and regional markets
  • An objective assessment of the trajectory of the market
  • Recommendations to companies for strengthening their foothold in the market

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.


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