The North America E-pharmacy market is growing significantly owing to the increasing adoption of online pharmacies due to busy lifestyle and hectic work schedules leaving no time for frequent visits to retail pharmacies. E-pharmacies offer convenience by allowing consumers to order their medications online and have them delivered at their doorsteps. Some key players operating in the North America e-pharmacy market allow consumers to consult with licensed physicians online for prescription drugs or medication renewals.
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 Dynamics:
One of the major drivers fueling the growth of the North America e-pharmacy market is the increasing adoption of online pharmacies due to busy lifestyle and hectic work schedules leaving no time for frequent visits to retail pharmacies. E-pharmacies allow consumers to order their medications online and have them conveniently delivered. The second driver augmenting the market growth is the convenience offered by e-pharmacies such as 24/7 availability, prescription refills and renewals, product price comparison, and home delivery. This offers a great appeal to the highly mobile population.
Segment Analysis
The North America e-pharmacy market can be segmented into drug type and product type. Based on drug type, the prescription drugs sub-segment dominates the market as it accounts for over 60% share of the total e-pharmacy market in North America. This is because prescriptions drugs require doctor’s consultation for purchase and e-pharmacies provide a convenient way for people to order prescription refills online and get them delivered. Based on product type, the skin care sub-segment dominates under the over-the-counter products category. This is because people frequently order skin care products online from the comfort of their homes instead of visiting stores for non-essential products.
PEST Analysis
Political: Regulations around prescription drug sales online vary across different states in North America. This affects the scope of services e-pharmacies can offer.
Economic: High internet penetration and rising healthcare costs are driving greater adoption of e-pharmacy services in North America.
Social: Young population is more open to purchasing drugs and health products online due to convenience offered.
Technological: Advanced technologies like AI and analytics enable e-pharmacies to offer personalized recommendations, improve customer experience.
Key Takeaways
The North America e-pharmacy market is expected to witness high growth over the forecast period of 2024 to 2031 supported by a growing young tech-savvy population and rising healthcare expenditures. 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.
The United States region currently dominates the market as regulations are more evolved, allowing wider range of products and services to be offered online. However, Canada region is projected to witness fastest growth during the forecast period supported by advancement of regulations to encourage telehealth and e-pharmacy models.
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 are focusing on strategic partnerships to expand product catalog and service offerings. In addition, investments are being made in technologies like AI and analytics to personalize customer experience and fulfillment processes.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
