E-pharmacies allow customers to purchase prescription and over-the-counter medications through online and mobile platforms. This includes providing recommendations regarding medications, health information, drug interaction alerts, and the option of repeat purchases. E-pharmacies offer affordable medication prices along with the convenience of home delivery services.
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 8.0% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Rising internet penetration across North America has substantiated online purchasing of medicines through e-pharmacies. According to sources, over 85% of the population in North America has access to the internet, enabling high adoption of online pharmacy platforms. Additionally, e-pharmacies offer doorstep delivery of medications along with low-cost options compared to offline pharmacies. This has led to an increasing shift towards online purchases of drugs and medicines. E-pharmacies also provide added advantages such as prescription reminders, interaction alerts, ability to order refills, and access to health records from mobiles and desktops, fueling their popularity in the region. The growing consumer preference for convenience has further propelled the North America e-pharmacy market growth over the forecast period.
SWOT Analysis
Strength: The North America E-pharmacy Market benefits from a well-established healthcare infrastructure and high adoption of technology in the region. Easy access to medications and convenient home delivery offered by e-pharmacies help save time for customers. Online platforms provide detailed information on drugs, their effects, and potential side-effects through which consumers can make informed choices.
Weakness: Elderly people who are not familiar with digital technologies may find it difficult to use online pharmacy platforms. Lack of personal interaction between patients and pharmacists can be a concern in some cases. Security and privacy of personal health records on digital platforms is also a risk that needs to be properly addressed.
Opportunity: Growing preference for contactless services amid the COVID-19 pandemic has boosted demand for e-pharmacy significantly. The trend of online shopping is increasing rapidly even for healthcare products and services. Favorable government policies supporting digital health adoption present an opportunity for marketplace expansion in the region.
Threats: Patients may still prefer traditional brick-and-mortar pharmacies over online channels in some cases due to concerns over quality and legitimacy of websites or apps. Existing players have to compete with new entrants which can impact their market share. Strict regulations regarding drug sourcing and dispensing online pose compliance challenges.
Key Takeaways
The North America E-Pharmacy Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. The regional market is projected to reach a value of US$ 50.9 Bn by 2023 growing at a CAGR of 8.0% during the assessment timeline. The United States accounts for the major share currently owing to high smartphone and internet penetration coupled with frequent adoption of new technologies. Canada is also emerging as a lucrative market for e-pharmacies due to growing acceptance of online platforms for healthcare needs.
The United States holds over 80% share of the North America E-pharmacy Market currently. This can be attributed to the wider availability of technologically advanced digital infrastructure and awareness among consumers regarding benefits of e-pharmacy shopping. Canada is anticipated to witness exponential growth in the near future as more companies initiate online medicine delivery services across provinces while strengthening cybersecurity measures.
Key players operating in the North America E-pharmacy Market are MV Technologies, Neogen Corporation, Bovine ELite LLC, Agtech Inc., and Zoetis Inc.. MV Technologies leads the online pharmacy segment in the US with regards to consumer base and geographical presence. Neogen Corporation has established an extensive supply chain network to source high-quality drugs from licensed distributors.
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