by E-pharmacies in North America are online platforms that enable individuals to remotely purchase medicines. They allow consumers to select products, pay for their purchases, and arrange home delivery or pick-up options, all from the comfort of their homes. Common products sold include prescription drugs, over-the-counter medications, vitamins & supplements, and traditional remedies. E-pharmacies provide added convenience for consumers with chronic conditions or limited mobility to access medications.
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 Dynamics:
One of the key drivers for the growth of the North America e-pharmacy market is the increasing sales of medicines through online channels. Consumers are preferring the convenience of ordering medications from various e-pharmacy sites and apps instead of visiting medical stores physically. E-pharmacies allow people to purchase medicines from the comfort of their homes at any time without having to deal with queues or wait times at pharmacies. This factor has boosted the demand for e-pharmacies in North America and helped the market witness robust growth over the past few years. Additionally, the advancement of technologies like artificial intelligence and blockchain have made online purchasing of medicines simpler and more secure, thereby increasing consumer confidence in e-pharmacies. The development of sophisticated logistics networks by e-pharmacies has also supported their penetration into rural and remote areas by enabling fast and reliable delivery of products. These aspects are anticipated to drive the North America e-pharmacy market substantially over the forecast period.
SWOT Analysis
Strength: The North America e-pharmacy market has high growth potential owing to increasing penetration of internet and smartphones in the region. Growing preference for online shopping among millennials is driving the adoption of e-pharmacy services. E-pharmacies enable consumers to purchase medicines conveniently without having to visit a brick-and-mortar pharmacy. This factor is positively impacting the growth of the market.
Weakness: Lack of touch and feel experience for consumers while purchasing medicines online is a major challenge faced by e-pharmacies. Online pharmacies are also unable to provide personal medical consultation to customers which is available at physical pharmacies. There are also privacy and security concerns related to sharing of personal health details online.
Opportunity: Growing geriatric population susceptible to various chronic diseases in North America is creating an opportunity for e-pharmacies to cater to their medication needs conveniently. Partnerships between e-pharmacies and health insurers can help expand insurance coverage for online purchase of medicines. This will boost the customer base for e-pharmacies.
Threats: Strict regulations pertaining to online sale of prescription drugs is a challenge faced by e-pharmacies. Existing players such as drug stores and retail pharmacies competing in the offline channel can potentially challenge the growth of e-pharmacies through their online presence.
Key Takeaways
The North America E-Pharmacy Market Demand is expected to witness high growth over the forecast period of 2023-2030 supported by increasing digitalization in the healthcare industry. The United States is currently dominating the market and is expected to continue its dominance during the forecast period supported by high internet penetration and adoption of e-commerce.According to recent study around 60% of total prescription in United States will be filled online by 2030 indicating huge potential for e-pharmacy players.
Regional analysis comprises:
The United States accounts for the major share in the North America e-pharmacy market currently. High level of digitalization in the country along with growing consumer preference for online shopping is driving the growth of e-pharmacy sector. As per a recent report, the US e-pharmacy market is projected to reach over US$ 130 Bn by 2025 indicating around 28% of the total prescription market share online. Canada is also emerging as a high potential market for e-pharmacies supported by rapid internet penetration and growing consumer demand for hassle free fulfillment of medication needs.
Key players related content comprises:
Key players operating in the North America e-pharmacy market are 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. The major players are focusing on expanding their product portfolios through M&A activities and strengthening operational efficiencies.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
