North America E-Pharmacy Market to Witness High Growth Owing to...

North America E-Pharmacy Market to Witness High Growth Owing to Increasing Penetration of Internet and Mobile Phones

Posted 2023-11-20 13:46:18

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The North America e-pharmacy market is estimated to be valued at US$ 50.9 Bn in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
The North America E-pharmacy market involves business-to-customer (B2C) and business-to-business (B2B) transactions of pharmaceuticals through online channels. This includes the sale of prescription medicines as well as over-the-counter drugs. It provides convenience of ordering medicines from home and getting it delivered to the doorstep. Users can order medicines from a large assortment of branded and generic medications available on e-pharmacy platforms.

Market Dynamics:
Increasing penetration of internet and mobile phones: Widespread availability of high-speed internet and high adoption of smartphones is fueling the growth of e-pharmacy market in North America. Consumers can easily order medicines online through their mobile devices from remote locations and track order status.
Presence of chronic diseases: Growing incidence of chronic diseases such as diabetes, cardiovascular diseases, and cancer is creating high demand for medicines, fueling the growth of e-pharmacy market. Online platforms provide 24/7 access to medicines required for treatment of chronic conditions.

SWOT Analysis

Strength: The North America E-Pharmacy market provides convenience to customers by allowing them to order medicines online. It saves time spent on visiting medical stores physically. E-Pharmacies ensure easy accessibility of medicines for customers located in remote locations.

Weakness: Lack of personal interaction between customers and pharmacists in E-Pharmacies can lead to wrong understanding of dosage and other instructions. There are also privacy and security concerns regarding customer's medical records and payment details.

Opportunity: Growing preference for contactless services since COVID-19 pandemic has increased demand for E-Pharmacies. An aging population needing regular medicines also offers scope for market growth.

Threats: Strict regulations in some countries can hamper the E-Pharmacy business model. Additionally, presence of local medical stores poses threat from substitutes.

Key Takeaways:

The global North America E-Pharmacy Market Share is expected to witness high growth, exhibiting CAGR of 18% over the forecast period, due to increasing preferenace for contactless services amid COVID-19 pandemic. E-pharmacies enable people to order medicines without any physical interaction, thereby driving their demand.

Regional analysis

The U.S. dominates the North America E-pharmacy market, accounting for around 80% share. This is attributed to growing Internet penetration and increasing shift towards online platforms for healthcare needs. Canada is projected to witness fastest growth during the forecast period, owing to rising geriatric population base requiring frequent drug supply.

Key players

Key players operating in the North America E-pharmacy market include CVS Caremark, Zur Rose Group AG, PlanetRX.com Inc., Walgreen Company, Familymeds, Inc, Medisave, The Kroger Co., Cigna, Optum Rx, Inc, Giant Eagle, Walmart, Inc.,Express Scripts Holding Company, Optum Rx, Inc., Rowlands Pharmacy, Apollo Pharmacy and Netmeds

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