by 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 the online sale and purchase of prescription drugs and over-the-counter medications. Major products sold through e-pharmacies include prescription medicines, over-the-counter drugs, and herbal remedies/diet supplements. E-pharmacies provide various benefits such as the convenience of home delivery, availability of cheaper generic alternatives, and ease of comparing prices between different pharmacies. The emergence of e-prescription functionality allows electronic transmission of prescriptions from doctors to pharmacies, reducing administrative errors and paperwork.
Market Dynamics:
The growth of the North America e-pharmacy market is supported by the increasing internet penetration and rising adoption of e-commerce in the region. According to the U.S. Census Bureau, the percentage of households with a computer in the U.S. increased from 61.8% in 2013 to over 81.7% in 2019. Additionally, total e-commerce sales in the region have grown from US$ 603 billion in 2017 to an estimated US$ 777 billion in 2020. Another driver for the market growth is the rising healthcare costs. According to a study by Altarum, total healthcare spending in the U.S. grew by 4.6% to reach US$ 3.8 trillion in 2019. This has encouraged more patients to opt for lower-cost e-pharmacy services. Furthermore, the increasing incidence of chronic diseases such as diabetes, cancer and heart diseases has boosted the demand for prescription medicines, fueling the need for convenient online pharmacy platforms.
Segment Analysis
The North America e-pharmacy market is dominated by three key sub-segments which include Over the Counter products, prescription medicine, and health and wellness products. Among these, the prescription medicine segment holds the major market share and is expected to continue its dominance over the forecast period of 2023-2030. This is majorly because online platforms provide convenience to patients in ordering repeat prescriptions and managing chronic diseases through timely refills without having to visit a pharmacy store.
PEST Analysis
Political: Favorable regulations regarding online pharmacy practices and digital healthcare in countries like US and Canada are boosting market growth in the region. Economic: High penetration of internet and rise in disposable incomes have made online pharmacy an affordable option for consumers in North America. Social: Changing consumer preferences towards using digital platforms for meeting healthcare needs is a key driver. Technological: Advent of advanced technologies like AI, blockchain, and mobile applications are enabling e-pharmacies to provide enhanced Virtual care services.
Key Takeaways
The North America E-Pharmacy Market Share is expected to witness high growth, exhibiting a CAGR of 18% over the forecast period of 2023-2030, due to increasing penetration of internet facilities and rise in preference for online healthcare services among consumers. Regional analysis shows that the US market holds the major share currently due to high awareness about e-pharmacy services and availability of advanced digital infrastructure. However, Canada market is expected to exhibit fastest growth over the coming years.
The global North America e-pharmacy market size for 2023 is estimated at US$ 50.9 Bn. Key players operating in the (incorporate given market name) are Major 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
Regional analysis related content comprises Regional analysis shows that the US market holds the major share currently due to high awareness about e-pharmacy services and availability of advanced digital infrastructure. However, Canada market is expected to exhibit fastest growth over the coming years. This is because reimbursement frameworks in Canada are expected to get more inclusive for e-pharmacy purchases in future which will increase their affordability among consumers. Also, supportive regulatory norms will push digital healthcare transformation in the country.
Key players related content comprises 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. The major players are focused on implementing organic strategies like enhancing service portfolios and inorganic strategies such as acquisitions to strengthen their presence in the high potential North America E-pharmacy market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
