June 19, 2024

The Global North America E-Pharmacy Market Growth Accelerated By Rising Adoption Of Online Medication

E-pharmacies allow patients to order and purchase prescription drugs as well as consumer health and beauty products online. E-pharmacies provide various advantages such as convenience, lower upfront costs, home delivery of products, and timely delivery of medications. The COVID-19 pandemic has further accelerated the adoption of online platforms for ordering medications due to fear of contracting the virus and nationwide lockdowns enforced in various countries.

The global 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 key trends:

Various e-pharmacy companies operating in the region offer wide range of products with quick delivery options and competitive pricing. For instance, CVS Caremark offers same day delivery for health, beauty, and general merchandise products purchased on its online stores. Such offerings attract more customers and drive the growth of the market. Furthermore, the COVID-19 pandemic has encouraged people to adopt digital health solutions for safety reasons and this is expected to continue favoring market growth over the next few years.

Segment Analysis
The North America E-pharmacy market is dominated by drug-specific segments. Prescription medicines segment holds the largest share and is expected to continue its dominance over the forecast period. The high demand for generic and expensive medicines and growth in online penetration are major factors driving the segment’s growth. Over-the-counter drugs segment is expected to witness the highest growth over the forecast period due to increased preference toward self-medication and easy accessibility of these drugs through online platforms.

Key Takeaways
The North America E-Pharmacy Market Demand is expected to witness high growth. The global 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 2023-2030.

The North America region dominates the global E-pharmacy market currently. Factors attributing to its dominance include high penetration of internet services and adoption of e-commerce, presence of major players, rising prevalence of chronic diseases, and preference toward home delivery services. The US is expected to remain the largest market during the forecast period owing to a well-established internet infrastructure and rising consumer acceptance of online shopping.

Key players related content comprises:
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. CVS Caremark is anticipated to hold a significant share owing to its extensive product portfolio, distribution network, and multi-specialty services.

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