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| North America E-Pharmacy Market |
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 business-to-customer (B2C) and
business-to-business (B2B) transactions of pharmaceuticals through online
channels. This includes the sale of prescription medicines as well as
over-the-counter drugs. It provides convenience of ordering medicines from home
and getting it delivered to the doorstep. Users can order medicines from a
large assortment of branded and generic medications available on e-pharmacy
platforms.
Market Dynamics:
Increasing penetration of internet and mobile phones: Widespread availability
of high-speed internet and high adoption of smartphones is fueling the growth
of e-pharmacy market in North America. Consumers can easily order medicines
online through their mobile devices from remote locations and track order
status.
Presence of chronic diseases: Growing incidence of chronic diseases such as
diabetes, cardiovascular diseases, and cancer is creating high demand for
medicines, fueling the growth of e-pharmacy market. Online platforms provide
24/7 access to medicines required for treatment of chronic conditions.
SWOT Analysis
Strength: The North America E-Pharmacy market provides convenience to customers
by allowing them to order medicines online. It saves time spent on visiting
medical stores physically. E-Pharmacies ensure easy accessibility of medicines
for customers located in remote locations.
Weakness: Lack of personal interaction between customers and pharmacists in
E-Pharmacies can lead to wrong understanding of dosage and other instructions.
There are also privacy and security concerns regarding customer's medical
records and payment details.
Opportunity: Growing preference for contactless services since COVID-19
pandemic has increased demand for E-Pharmacies. An aging population needing
regular medicines also offers scope for market growth.
Threats: Strict regulations in some countries can hamper the E-Pharmacy
business model. Additionally, presence of local medical stores poses threat
from substitutes.
Key Takeaways:
The global North
America E-Pharmacy Market Share is expected to witness high growth, exhibiting
CAGR of 18% over the forecast
period, due to increasing preferenace for contactless services amid COVID-19
pandemic. E-pharmacies enable people to order medicines without any physical
interaction, thereby driving their demand.
Regional analysis
The U.S. dominates the North America E-pharmacy market, accounting for around
80% share. This is attributed to growing Internet penetration and increasing
shift towards online platforms for healthcare needs. Canada is projected to
witness fastest growth during the forecast period, owing to rising geriatric
population base requiring frequent drug supply.
Key players
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
Read More,
https://www.trendingwebwire.com/north-america-e-pharmacy-market-trends-size-and-share-analysis/
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