by The e-pharmacy market allows consumers to purchase pharmaceutical drugs online through various web portals and apps. This helps patients bypass waiting in long queues at pharmacy stores and from the comfort of their homes. E-pharmacies offer a wide range of prescription drugs, over-the-counter medications, health and beauty products along with fitness and wellness products. Some key services include online medical consultation, repeat prescriptions, medicine delivery, and reviews for quality checks.
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:
The growing prevalence of chronic diseases is a major driver fueling the growth of the North America e-pharmacy market. As per statistics, around 6 in 10 Americans suffer from at least one chronic disease like heart disease, cancer, or diabetes. With the rise in chronic conditions, demand for medicines is surging which is positively impacting the e-pharmacy industry. Additionally, the e-pharmacy market growth is supported by the increasing preference for online shopping and doorstep delivery of medicines. Busy lifestyles leave little time to visit pharmacy stores, hence e-pharmacies offering quick delivery at homes is highly convenient. This growing convenience offered by e-pharmacies along with a wide assortment of products is augmenting their popularity in the region.
Segment Analysis
The North America E-pharmacy market is dominated by the prescription segment which holds around 65% market share. E-pharmacy offers the convenience of ordering and delivery of prescription drugs to customers’s doorstep without having to visit a pharmacy store. This has been a major factor for the faster adoption of online platform for filling prescription medicines.
PEST Analysis
Political: Government policies aimed at regulating online pharmacies and ensuring drug safety like requirement of valid prescriptions for controlled drugs have supported the growth of organized e-pharmacy sector in the region.
Economic: Rising healthcare costs have encouraged customers to opt for low-cost e-pharmacy platforms for purchasing medicines. Growing insurance coverage has also boosted online purchases of prescription drugs.
Social: Changing customer preferences towards convenience and contactless services during the pandemic has boosted the social acceptance of e-pharmacy. Younger population is more receptive to digitalhealth solutions.
Technological: Advanced technologies like AI and analytics used by e-pharmacies for verifying prescriptions, preventing misuse and automating fulfillment processes have improved customer experience and compliance. Online platforms also offer pill reminders and condition management features.
Key Takeaways
The North America E-Pharmacy Market Demand is expected to reach US$ 50.9 Bn by 2023. Regional analysis comprises- The US market accounts for around 85% share due to high internet penetration and growing acceptance of e-commerce. Canada is another fast growing market for e-pharmacy driven by rising online retail trends.
Key players analysis comprises- Key players operating in the North America E-pharmacy market are MV Technologies, Neogen Corporation, Bovine ELite LLC, Agtech Inc., Zoetis Inc. MV Technologies has established itself as the leading player with wide range of prescription and OTC drugs online along with pharmacy services. Neogen Corporation offers online veterinary medications and pet care products.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
