Pharmacies & Drug Stores in Ohio - Industry Market Research Report

Pharmacies & Drug Stores in Ohio - Industry Market Research Report

  • March 2018 •
  • 21 pages •
  • Report ID: 5470498 •
  • Format: PDF
Sweeten the pill: Rising disposable income and an aging population have benefited the Ohio industry

Abstract

Pharmacies & Drug Stores in Ohio
The Pharmacies and Drug Stores industry in Ohio includes operators that retail a range of prescription and over-the-counter medications and general merchandise directly to consumers but excludes mail-order retailers, hospitals and clinics. Over the five years to 2018, the industry’s growth can largely be attributed to the rising number of adults in Ohio aged 65 and older and increased disposable income in the state. Since adults aged 65 and older are one of the industry’s largest markets, a rise in this demographic generally leads to an increase in demand and revenue. Due to rising demand, operators opened more locations during the five-year period. However, the industry has experienced mounting competition from mail-order pharmaceutical services and large retail stores that have ancillary pharmaceutical services such as Costco and Walmart. This heightened competition has stifled revenue growth over the past five years and is expected to persist moving forward. Over the five years to 2023, the industry is projected to grow at a slightly faster rate, despite anticipated increases in external competition.

Pharmacies and drug stores retail a range of prescription and over-the-counter medications, health and beauty items, toiletries and consumable goods directly to consumers on a walk-in basis. Industry companies may also provide basic health and photo processing services. The industry includes retail stores with a pharmacy but excludes mail-order retailers, hospitals and clinics.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
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