The Global North America E-Pharmacy Market Growth Accelerated By Increased Adoption Of Online Pharmacy Services
E-pharmacy enables customers to purchase prescription drugs and over-the-counter medications, supplementing pharmaceutical and healthcare needs with convenience and affordability online or through a mobile application. The adoption of e-pharmacy services has grown significantly during the pandemic as customers opted for contactless healthcare solutions. With the ease of at-home delivery, North Americans have embraced e-pharmacy for all healthcare and pharmacy needs.
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 8.0% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increased adoption of online pharmacy services is one of the major trends driving the growth of the North America e-pharmacy market. During the pandemic, people shifted to e-pharmacies for their healthcare and medicine needs due to its contactless and convenience nature. This increased the awareness and adoption of e-pharmacy platforms among customers. Even post-pandemic, customers have continued using e-pharmacy services due to familiarity with the process and benefits like pay-at-home delivery, medicine reminders, low pricing etc. This increase in customer base and adoption of e-commerce platform for healthcare has been a key factor spurring the growth of the North America e-pharmacy market over the forecast period.
Segment Analysis
The North America e-pharmacy market is dominated by prescription segment owing to increasing adoption of online platform for fulfilling prescription medication needs. Prescription drugs are witnessing higher demand for convenience and price competitiveness provided by e-pharmacy retailers. The rising prevalence of chronic diseases is driving the need for long-term prescription drugs across the region.
Key Takeaways
The North America E-Pharmacy Market Demand is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis:
The United States is currently dominating the regional market and is expected to maintain its lead throughout the forecast period. Rapid digitalization of healthcare and increasing internet penetration are some of the major factors fueling the growth of e-pharmacy in the region. Canada is projected to be the fastest growing market in North America owing to growing acceptance of online platforms for purchasing medicines.
Key players:
Key players operating in the North America E-pharmacy market are MV Technologies,,Neogen Corporation,,Bovine ELite LLC,,Agtech Inc.,,Zoetis Inc. MV Technologies has emerged as the leading player with highest market share of over 20% in 2023. The company has established strong online presence and offers wide assortment of products on its platform. Neogen Corporation is also among the top 3 players with around 15% revenue share in 2023. The company focuses on chronic disease categories and has robust supply chain network across major cities in the United States.
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