by The global North America E-pharmacy Market is estimated to be valued at US$ 50.9 Bn or billion 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 online platforms that enable customers to purchase prescription medicine and over-the-counter drugs directly from licensed pharmacists without having to visit a pharmaceutical store physically. These online platforms offer convenience to customers living in remote areas or are unable to visit a brick and mortar store by providing doorstep delivery of medicines. The E-pharmacy platforms also provide access to a wide range of medicines with detailed information and reviews of each product. This helps customers to make informed purchase decisions.
Market key trends:
The growth of the E-pharmacy market in North America can be attributed to one major trend – the increasing adoption of E-commerce by consumers and healthcare facilities. As more people prefer shopping online due to convenience over visiting physical stores, the online pharmacy model is gaining popularity in the region. Moreover, the Covid-19 pandemic has further accelerated this trend as people feared stepping out and relied on online platforms for healthcare and medication needs. Additionally, factors like growing geriatric population, increasing prevalence of chronic diseases, rising healthcare costs, and technological advancements are some other trends fueling the North America E-pharmacy market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is relatively low in the North America e-pharmacy market owing to high investment required to compete with existing major players in terms of technology, marketing and logistics infrastructure.
Bargaining power of buyers: The bargaining power of buyers is high due to availability of various options for comparison in products and prices provided by different players in the market.
Bargaining power of suppliers: Suppliers have moderate bargaining power given the availability of substitute suppliers in the market. However, regulatory compliance and quality assurance requirements limit the options.
Threat of new substitutes: Threat from substitutes is low, as e-pharmacies provide convenience and large selection that offline pharmacies may not be able to provide.
Competitive rivalry: Highly competitive.
Key Takeaways
The North America E-Pharmacy Market Share is expected to witness high growth, exhibiting 18% CAGR over the forecast period, due to increasing preference for online platform driven by technology penetration and rising geriatric population requiring frequent drug supply.
The US dominates the North America e-pharmacy market owing to high technology adoption and strong regulatory support for e-commerce enterprises. Canada is expected to exhibit a high growth rate during the forecast period.
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. These players are focusing on strategic collaborations and development of advanced technologies to enhance customer experience.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
