by North America E-pharmacy Market has witnessed significant growth over the past few years owing to increasing preference for online platforms for purchasing medicines and drugs. E-pharmacies provide easy access to a wide range of medicines by allowing customers to place orders for drugs and medicines online from the comfort of their homes. This has eliminated the need to visit pharmacy stores physically. E-pharmacies offer doorstep delivery and enhanced convenience to customers.
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:
Growing adoption of online shopping platforms has emerged as a key trend boosting the North America E-pharmacy Market. E-pharmacies have gained immense popularity due to the increasing penetration of the internet and rising preference for convenient online shopping experiences among consumers. According to recent studies, online sales of medicines and drugs are expected to grow exponentially over the coming years primarily owing to the proliferation of e-commerce platforms and growing smartphone usage. E-pharmacies are working towards enhancing their offerings and targeting untapped regional markets to leverage the opportunities arising due to widespread digital transformation across industries.
SWOT Analysis
Strength: The North America E-pharmacy market has strong government support for digitization of healthcare services. This has promoted growth of online pharmacies.
Weakness: Security and privacy concerns persist among customers when it comes to sharing personal health and financial data online for digital transactions. This limits complete adoption of e-pharmacy platforms.
Opportunity: Growth of smartphone and internet penetration in the region is facilitating increased adoption of e-pharmacy apps and websites for prescription refills and medicine deliveries. This is an opportunity to expand customer base.
Threats: Stricter regulations can be imposed regarding online sale and home delivery of certain prescription drugs or addiction treatment medicines. This may restrict business scope. New players may also take away market share.
Key Takeaways
The North America E-pharmacy market is expected to witness high growth driven by rising internet usage and preference for contactless services amidst the COVID-19 pandemic. 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.
The region accounted for over 80% share of the global e-pharmacy market in 2024 led by U.S market size of US$ 47.68 Mn. Canada is projected to expand at a high CAGR through 2031 on the back of increasing geriatric population demanding online pharmacy platforms for prescription refills. Rapid adoption of digital health solutions makes the U.S the dominant region.
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. These players are focusing on strategic partnerships to integrate their solutions with e-platforms and strengthen regional presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
