Growing Ageing Population in Australia: Elderly Population which is 65 Years or more made up a significant proportion of Australia’s population in 2017, i.e. over 1 in 7 people were aged 65 and over. More than half of the population visiting a Pharmacy store belongs to this elderly age group. In the past 20 years, the proportion of the population aged 65 years and over increased from 12.3% in 1999 to 15.9% in 2019 in Australia. The growth in population proportion further increased health consciousness & the number of prescriptions as well as a steady demand for health and wellness products in Pharmacies in Australia.
Prevalence of Diseases in Australians: The prevalence of one or more chronic conditions in Australians increased from around 42% in 2008 to approximately 50% in 2020. Females aged 15 years and more were more likely to have these chronic diseases than males i.e. 57% compared to 51% in 2020. Major Chronic Conditions recorded in Australia 2020 were mental conditions, Back problems, Arthritis, Asthma Diabetes mellitus, Heart, stroke & other cardiovascular diseases. Australia recorded the maximum number of medicines dispensed for these therapeutic areas, especially for Cardiovascular Diseases.
Health Insurance in Australians: Health Insurance in Australia has benefited from rising premiums over the last five years wherein anticipated revenue growth is around 1% during 2020-21. Total insured patients reach 13.6 Million in June 2020. Major Private Health insurers delayed scheduled annual premium increases for six months as a result of the pandemic & other private health insurers resumed annual premium increase from October 2020. Despite the lowest increase in two decades, health insurance premiums are still growing quicker than wages or inflation, raising concerns about affordability. Amidst the pandemic, Telehealth was introduced as a part of the insurance coverage by some Private Health Insurance Providers such as Bupa and Medibank.
Impact of COVID-19 on Australia Pharmacy Retail Market: COVID19 has severely impacted all the industries across the Globe. The Pharmacy Guild of Australia and the Pharmaceutical Society of Australia, in consultation with the Department of Health, ensured equitable access to medicines for all Australians by limiting dispensing and sales of prescription and over-the-counter medicines. A decline of 30%-40% was recorded in terms of customer footfall in the country during the lockdown. However, demand for Non-Pharmaceutical products such as Sanitizers, Personal Care Medications, Masks, and other essential items saw a surge in the demand as a result of safety measures and panic buying among customers in Australia.
Analysts at Ken Research in their latest publication “Australia Pharmacy Retail Market Outlook to 2025- Led by Growth in Increasing Number of Customer Footfall and Organic Expansion of Pharmacies” observed that the Pharmacy Retail Market in Australia has been growing over the years as a result of rising Number of Services Offered, Per capita Health Expenditure, Health Budget of the country, Growth in Online Pharmacies & Tele consultations, More number of Stores and option of Home Delivery of medications. Australian Pharmacy Retail Market is anticipated to grow with a CAGR of 5.1% on the Basis of Total Revenue over the forecast period 2020-2025.
Australian Pharmacy Retail Market in terms of Number of Stores is expected to grow with a CAGR of 1.5% in the forecast period 2020-2025. The Online Pharmacy Retail Market in terms of Revenue is anticipated to grow with a CAGR of 3.9% in the forecast period 2020-2025.
Key Segments Covered: –
By Market Structure (Number of Pharmacy Outlets & Revenue in AUD Mn.)
Organized
Prescribed Drugs
Over-The-Counter
Non-Pharmaceutical Products
Medical Equipments
Unorganized
Prescribed Drugs
Over-The-Counter
Non Pharmaceutical Products
Medical Equipments
By Product Sales (Revenue in AUD Mn)
Prescribed Drugs
Over-The-Counter
Non Pharmaceutical Products
Medical Equipments
By Type of Pharmacies (Number of Pharmacy Outlets)
Community Pharmacies
Discount Pharmacies
Hospital Pharmacies
By Drug Type (Revenue in AUD Mn)
Patented Drugs
Generics
By Region
New South Wales
Victoria
Queensland
Western Australia
South Australia
Tasmania
Others
By Therapeutic Areas
Anti-Infective
Cardiovascular
Central Nervous System
Pain/Analgesics
Vitamins/Minerals/Nutrients
Antibiotics
Respiratory
Gastro Intestinal
Gynaecology
Others
Australia Pharmacy Market Companies Covered
Priceline Pharmacy
Terrywhite Chemmart
Chemist Warehouse
Advantage Pharmacy
Amcal Pharmacy
Discount Drug Stores
My Chemist
Guardian Pharmacy
Direct Chemist Outlet
Healthsave Pharmacy
Blooms the Chemist
Pharmacy4less
Pharmacy777
Pharmasave
Star Pharmacy
Capital Chemist
Pharmacist Advice
Soul Pattinson Chemist
Good Price Pharmacy
Ramsay Pharmacy
National Pharmacies
Cincotta Discount Chemist
Wizard Pharmacy
Wholelife Pharmacy
Chemist King
Pharmacy Information System (PIS) Software Companies
FRED ID
Minfos
RxOne
Posworks
Mountaintop Solutions
Simple Retail
Corum Health
Zsoftware
Key Target Audience
Pharmaceutical Manufacturing Companies
Pharmacy Retail Companies
Independent Pharmacies
Industry Associations
Regulatory Bodies
Telemedicine Companies
Pharmaceutical Distributors & Wholesalers
Time Period Captured in the Report:-
Historical Period: 2015-2020
Forecast Period: 2021-2025
Key Topics Covered in the Report: –
Overview of Australia Pharmacy Retail Market
Trends and Growth Drivers in the Industry and Challenges Faced
Australia Pharmacy Retail Market Size and Segmentations, 2013 – 2019
Ecosystem and Value Chain of Pharmacy Retail Market in Australia
Distributors & Wholesalers Landscape in Australia Pharmacy Retail Market
Industry SWOT Analysis
Australia Online Pharmacy Landscape
Pharmacy Information System Software Landscape
Case Study- Pharmacy Banner Groups
Telemedicine & Online Consultations Snapshot
Contraceptive Demand among Customers in Australia
Cross Comparison between Major Players and Company Profiles
Future Market Size and Segmentations, 2020P-2025F
Covid-19 Impact on the Industry & the Way Forward
Analysts’ Recommendations
For More Information on the research report, refer to below link: –
Australia Pharmacy Retail Market Analysis
Related Reports by Ken Research: –
Contact Us: –
Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249
