The North America e-pharmacy market consists of e-commerce platforms that allow consumers to purchase prescription or over-the-counter drugs from licensed pharmacies online. E-pharmacies provide consumers with convenience and privacy by allowing them to compare prices, order refills, and purchase medication from their homes. This eliminates the need to visit brick-and-mortar pharmacies in-person. The proliferation of digital technologies, high internet penetration, and rising consumer preference for contactless transactions has led to significant growth of the North America e-pharmacy market in recent years.
The North America E-pharmacy Market is estimated to be valued at US$ 58.64 Mn in 2024 and is expected to exhibit a CAGR of 4.0% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing consumer preference for online pharmacies over traditional brick-and-mortar stores is one of the key trends driving market growth. Buying medication online provides additional privacy for sensitive purchases and allows consumers to order at their own convenience without needing to visit a pharmacy. It also enhances accessibility by allowing consumers to order medication for home delivery, which is especially valuable for those who have difficulty visiting pharmacies due to illness, disability or lack of transportation. E-pharmacies offer added value through services such as subscription options for regular medication and automated refill reminder emails. Their user-friendly digital platforms and competitive pricing are further incentivizing the shift to online pharmacies.
Segment Analysis
The North America E-pharmacy market is dominated by the prescription segment which accounts for over 70% share. Online pharmacy services for prescription drugs is growing rapidly as people prefer the convenience of home delivery of medicines prescribed by doctors over visiting a retail pharmacy store. Prescription drugs require a doctor's approval to purchase and this segment sees continued growth in demand as telehealth and teleconsultation become popular modes of receiving medical consultation digitally.
Key Takeaways
North America E-Pharmacy Market Size is estimated to be valued at US$ 58.64 Mn in 2024 and is expected to exhibit a CAGR of 4.0% over the forecast period 2024 to 2031.
Regional analysis: The US accounts for the major share of over 85% in the North America E-pharmacy market owing to factors such as high internet penetration, rising number of chronic diseases, and preference for convenient e-commerce platforms for medicine delivery. Canada witnesses rapid market growth at a CAGR of 6.5% during the forecast period due to growing acceptance of digital healthcare platforms.
Key players: Key players operating in the North America E-pharmacy market are BASF SE, Dow Chemical Company, Borgers A.G., Faurecia S.A., Adient Plc, Lear Corporation. These players focus on expanding their product portfolio and online presence through mergers and acquisitions to capitalize on the high growth opportunities.
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