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. E-pharmacies in North America offer medicines and prescription drugs online along with health condition screening, COVID-19 tracking, telehealth platform, and lab testing services. Growing digital adoption and penetration coupled with increasing prevalence of chronic diseases are expected to boost growth of the North America E-pharmacy market over the forecast period.
Market Overview:
E-pharmacies provide doorstep delivery of prescription and over-the-counter drugs. They have online inventory of variety of drugs and assist customers through teleconsultation with doctors for new prescriptions or refills. This improves access and compliance to medications especially for geriatric populations and residents in remote areas.
Market key trends:
One of the major trends fueling the growth of North America E-pharmacy market is increasing penetration of telehealth services. E-pharmacies have integrated telehealth platforms that allow patients to consult doctors online for their medical needs through phone or video calls. This reduces wait times and need for hospital visits. Growing preference for contactless services amid COVID-19 pandemic has further accelerated adoption of telehealth and online pharmacy models in the region.
Segment Analysis
The North America e-pharmacy market is segmented by product type into prescription medicines and over-the-counter (OTC) medicines. The prescription medicines segment dominated the market in 2022 and is expected to continue its dominance over the forecast period owing to the increasing incidence of chronic diseases such as diabetes, cardiovascular diseases, respiratory diseases etc. in the region driving the demand for prescription drugs.
Key Takeaways
The North America E-Pharmacy Market Share is expected to witness high growth, exhibiting a CAGR of 18% over the forecast period, due to increasing adoption of e-pharmacy services by consumers and healthcare providers to reduce overhead costs.
Regional analysis
The United States holds the major share in the North America e-pharmacy market and is expected to reach US$ 41.2 Bn by 2030 growing at a CAGR of 18% over the forecast period. This is attributed to factors such as fast adoption of advanced technologies, presence of major market players in the region, and growing geriatric population.
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, Optum Rx, Inc., Rowlands Pharmacy, Apollo Pharmacy and Netmeds. Major players are focusing on mergers and acquisitions to consolidate their market position.
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