by The North America E-pharmacy market has witnessed significant growth in recent times on account of rising penetration of smartphones and internet connectivity. E-pharmacies allow consumers to remotely purchase prescription medicines as well as over-the-counter drugs and healthcare products after consulting a physician online. They provide the added benefit of home delivery of medicines with features like automatic refills and timely prescription reminders. The COVID-19 pandemic has further accelerated digital transformation across industries including healthcare and catalyzed the adoption of e-pharmacy services in the region.
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 key trends:
Strategic partnerships and collaborations between e-pharmacies and medical insurance providers are expected to drive market growth over the forecast period. Major e-pharmacies are collaborating with insurers to expand insurance coverage for online pharmacy services. For instance, CVS Health partnered with Aetna and Cigna to offer insured customers access to e-pharmacy services. Such initiatives help reduce out-of-pocket spending for customers and attract more users to e-pharmacies. In addition, increasing acceptance of mobile health applications and telemedicine consultations is fueling the demand for e-pharmacy delivery services across North America. Digitally savvy customers are embracing the convenience offered by virtual healthcare platforms for doorstep delivery of prescribed drugs.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the established players dominate the regional landscape. However, barriers to entry are low due to absence of regulatory barriers.
Bargaining power of buyers: The bargaining power of buyers is high due to large number of established players providing e-pharmacy services. Buyers can easily switch between brands.
Bargaining power of suppliers: The bargaining power of suppliers is low given the fragmented nature of suppliers and large number of pharmacies and drug manufacturers.
Threat of new substitutes: The threat of new substitutes is low as e-pharmacy services have few alternatives. Traditional pharmacy stores are the main substitute.
Competitive rivalry: The competitive rivalry is high due to presence of numerous regional and international players competing on basis of product portfolio and pricing.
Key Takeaways
North America E-Pharmacy Market Size is expected to witness high growth. The 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.
Regional analysis: The U.S. dominates the regional market owing to high adoption of online platforms for ordering medicine and well-established logistics. Canada is anticipated to grow at fastest pace during the forecast period.
Key players: 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, Eagle Ottawa, D.K. Leather Corporation Berhad. These players are focused on offering wide range of products and enhancing their digital presence to gain higher market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
