The Australian Pharmacies market size stood at USD 39.5 billion in 2019 and is projected to reach USD xx billion by 2028, exhibiting a CAGR of xx% during the forecast period.
Long-term economic, demographic, and social trends are forecast to support the Pharmacies industry over the next forecasted years. The industry will also likely benefit from Australia’s aging population and increasing health consciousness. However, ongoing PBS reforms and the loss of market share to external competitors, such as supermarkets, are projected to limit revenue growth over the period. Operators will likely respond to these trends by diversifying their revenue streams, as they continue to move away from the traditional pharmacy business model and towards new service-based models that offer more holistic health solutions.
In Australia, the number of businesses is numbered around 5,857 and providing average industrial employment of 75,715 numbers as of 2020 by IBISWorld. Australia’s aging population significantly influences demand for industry products. An aging population generally increases demand for pharmacy growth. Consumers aged 65 and over are the major targeted market. In the forecasted period the pharmacy retailing revenue will be driven by an increase in pharmaceutical benefits scheme (PBS) revenue by 30.6%, a decline in real prices by 10.8%, and an increase in establishments by 6.0%.