The taxable retail market comprises a wide range of products ranging from prescription drugs to over-the-counter medicines available for treating various chronic and lifestyle-oriented diseases. With the rising burden of chronic diseases such as cancer, diabetes, cardiovascular diseases across the world due to shifting lifestyle patterns and rapid aging of the global population, the demand for drugs and therapies to manage these diseases have gone up significantly. Additionally, growing health awareness and easy access to medicines is also fueling the growth of this market.

The Global Taxable Retail Market is estimated to be valued at US$ 19.15 BN in 2024 and is expected to exhibit a CAGR of 8.0% over the forecast period 2024 To 2031.

Key Takeaways

Key players operating in the taxable retail market are Allergan, Novartis, Pfizer, Takeda Pharmaceutical Company, Cook Medical, Medtronic, Johnson & Johnson, AstraZeneca, GlaxoSmithKline, Sanofi, Merck, Abbott Laboratories, Bayer, Astellas Pharma, Aurobindo Pharma, Ferring Pharmaceuticals, Salix Pharmaceuticals, Eli Lilly, Bristol-Myers Squibb, Boehringer Ingelheim. These players are focused on developing new and innovative drugs for various chronic and lifestyle diseases which is helping them capture major market share.

The Taxable Retail Market Share provides significant opportunities for players due to rising disease burden. Development of novel drugs with better efficacy and minimal side effects along with combination therapies is further driving the demand. Additionally, personalized medicines and digital health solutions are opening up new revenue streams for players in this industry.

Key players are also expanding their footprint globally with new production plants and distribution networks across emerging markets to capitalize on high growth opportunities. Regions such as Asia Pacific and Latin America offer ample scope for taxable retail market players given rising healthcare expenditure, large patient pools and growing medical needs in these areas.

Market drivers:
- Rising chronic disease burden globally due to lifestyle changes and obesity is a key growth driver
- Increasing health awareness leading to higher medicine consumption
- Growth in geriatric population prone to various age-related diseases