June 16, 2024
North America E-Pharmacy Market

North America E-pharmacy Market is Estimated to Witness High Growth Owing to Rising Adoption of Online Shopping

The North America e-pharmacy market has been gaining significant traction over the past few years owing to various advantages offered by online pharmacies such as convenience, easy accessibility, and lower prices. E-pharmacies provide delivery of prescribed medicines at customers’ doorsteps along with offering extensive options and information related to drugs online. Thus, e-pharmacies have the potential to improve patient adherence to medications by offering affordable options without geographic barriers.

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.

Key Takeaways

Key players operating in the North America E-Pharmacy Market Growth are BASF SE, Dow Chemical Company, Borgers A.G., Faurecia S.A., Adient Plc, Lear Corporation, Eagle Ottawa, D.K. Leather Corporation Berhad. Second paragraph is talking about the key opportunities in market and third paragraph is talking about global expansion of market.

Key players: Key players operating in the North America e-pharmacy are BASF SE, Dow Chemical Company, Borgers A.G., Faurecia S.A., Adient Plc, Lear Corporation, Eagle Ottawa, D.K. Leather Corporation Berhad.

Key opportunities: Some key opportunities in the North America e-pharmacy market are rising investment in advanced technologies, growing focus on offering customized medication, and increasing government initiatives to promote online pharmacies.

Global expansion: Major players in the North America e-pharmacy market are focused on expanding their global footprint by entering new and emerging markets. The increasing demand for e-pharmacy services from countries including Brazil, China, and India is encouraging players to tap new regions.

Market drivers

Rising adoption of online shopping is a key driver propelling the growth of North America e-pharmacy market. E-pharmacies provide 24/7 accessibility to patients living in remote areas without access to brick-and-mortar pharmacies. This coupled with benefits such as convenience, discounts, and home delivery is fueling the demand for online pharmacies in the region.

PEST Analysis

Political: The rising initiatives taken by governments to promote e-pharmacy across North America and convenience of people are driving the growth. Government regulations on online pharmacy sector are evolving to ensure patient safety.

Economic: The North America e-pharmacy market is primarily driven by factors such as increased internet penetration, rising disposable income, growing acceptance of online shopping, increasing health awareness among individuals.

Social: High adoption rate of digital technologies among population and preference for online shopping owing to ease and convenience are supporting the growth of e-pharmacy market.

Technological: Advancements in supply chain and logistics sectors, emergence of innovative product delivery mechanisms and adoption of big data analytics are facilitating the growth of e-pharmacy market in the region.

The United States dominates the North America e-pharmacy market and held around 85% share of the total market size in 2024 owing to large consumer base, high acceptance of online platforms, availability of advanced digital infrastructure and rapid expansion of key players. Canada is anticipated to witness the fastest growth during the forecast period supported by growing digitization, rising internet penetration and increasing focus of e-pharmacy companies to leverage opportunities.

The Western region accounted for the major share of North America e-pharmacy market in terms of value in 2024 primarily due to high concentration of leading players, booming e-commerce sector, large tech-savvy population and their significant spending on pharmaceutical products through online platforms.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it