The North America e-pharmacy market involves the online sales of prescription and over-the-counter drugs and other health products. With increasing Internet penetration and rising preference for online shopping across sectors, more consumers are opting for e-pharmacies for medical needs. This has enabled e-pharmacies to offer a wide range of drugs without requiring customers to visit a brick-and-mortar pharmacy in person. E-pharmacies allow customers to place orders for prescription refills, over-the-counter drugs, vitamins, and natural supplements conveniently through their websites or mobile apps from the comfort of their homes.
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:
One of the major trends in the North America e-pharmacy market is the increasing consumer preference for online purchase of generic drugs over branded drugs. This is supported by the fact that generic drugs are usually more affordable than branded equivalents. Moreover, e-pharmacies focus on increased supply of generic drugs from verified manufacturers and suppliers in order to offer competitive prices. Another key trend is the rising adoption of telehealth services along with online pharmacy platforms. This enables e-pharmacies to provide virtual healthcare consultation via video, phone or chat. This has streamlined medical consultation and prescription delivery, benefiting customers in remote locations with limited physical access to healthcare practitioners. Such integrated telehealth and online pharmacy models are expected to witness increased preference in the coming years.
Porter’s Analysis
Threat of new entrants: The North America e-pharmacy market is moderately difficult to enter due to the presence of established players and requirements of licenses and certifications.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of a wide range of products from various e-pharmacy platforms. However, established loyalty to platforms increases switching costs.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to the fragmented nature of the market and availability of substitutes.
Threat of new substitutes: The threat is moderate as other online mediums and platforms provide similar offerings.
Competitive rivalry: The market is highly competitive with the presence of major retail chains offering online pharmacy services.
Key Takeaways
The North America E-Pharmacy Market Demand is expected to witness high growth. The market size for 2023 is US$ 50.9 Bn and it is expected to grow at a CAGR of 18% during the forecast period of 2023 to 2030.
Regional analysis: The US dominates the North America e-pharmacy market owing to the fast adoption of online platforms for healthcare and medication requirements. Growing awareness about online pharmacy platforms and rising internet penetration are further driving the market in the country. Canada is expected to witness notable growth during the forecast period supported by initiatives to shift healthcare services to online mediums and rising demand for doorstep delivery of medicines.
Key players: 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, and Optum Rx, Inc., Rowlands Pharmacy, Apollo Pharmacy and Netmeds. CVS Caremark leads the market owing to its strong supply chain and established retail pharmacy network.
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