E-pharmacy or online pharmacy refers to distribution or retailing of prescribed or over-the-counter drugs through the Internet. E-pharmacies provide significant advantages over traditional brick-and-mortar pharmacies such as convenience of ordering drugs from home, discounted prices on medicines, and home delivery services. As digital technology transformed healthcare systems, e-pharmacy gained prominence in North America to cater the growing need of consumers to purchase medicines online.

The global 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 key trends:

 The demand for e-pharmacy has been rising across North America owing to high adoption of online shopping and growing preference for convenient medicinal purchasing. With rising internet penetration in the region, people are preferring to order drugs from e-pharmacies rather than visiting medical stores. E-pharmacies provide benefits like ease of ordering medicines from home at affordable prices along with doorstep delivery. This has encouraged more consumers to opt for online pharmacies instead of conventional pharmacies over the years and driven the North America e-pharmacy market growth notably. The trend is expected to continue in the coming years.

SWOT Analysis

Strength: The North America E-pharmacy market has a large customer base due to high internet and smartphone penetration in countries like US and Canada.

Weakness: Lack of face-to-face interaction and consultation can be a challenge for elderly customers requiring medication advice. Verification of prescriptions online may also be an issue.

Opportunity: The increasing prevalence of chronic diseases and rising healthcare costs provide an opportunity to target customers looking for low-cost medication options. Online pharmacies also allow easier access to drugs for people in remote locations.

Threats: Data privacy risks and potential for cybercrimes are threats to customer trust in e-pharmacies. Existing players like CVS Caremark and Walgreens also pose competition to newer online pharmacy startups.

Key Takeaways

The North America E-Pharmacy Market Demand is expected to witness high growth at a CAGR of 18% during the forecast period of 2023 to 2030. The market size for North America E-pharmacy is estimated to reach US$ 50.9 Bn by 2023.

Regional analysis The US market currently dominates the North America E-pharmacy sector accounting for around 85% market share in 2023. This is attributed to factors like the large uninsured population, cheap internet access and growing acceptance of online shopping for health and wellness products. Canada is expected to be the fastest growing region during the forecast period due to increasing investments by key players in the region.

Key players analysis 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. These players are focusing on new product launches, increasing online drug database and enhancing overall customer experience to gain more market share.

Get more insights on this topic:

https://insightskies12.blogspot.com/2023/12/north-america-e-pharmacy-market-is.html