North America E-pharmacy Market is Anticipated to Witness High Growth Owing to Growing Consumer Preference for Online Channels

E-pharmacy enables consumers to purchase prescription and non-prescription drugs through online portals. It provides easier accessibility to medicines with home delivery services along with convenient digital payment options through websites and mobile applications. With the increasing internet penetration and rapid adoption of online shopping, consumers are preferring to order medicines from the comfort of their homes rather than visiting medical stores. This has led to the tremendous growth of e-pharmacy platforms in North America.

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.

Key Takeaways

Key players operating in the North America E-Pharmacy Demand 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 focusing on new product launches and enhancing their online presence across the region to cater to the growing demand.

There is high growth potential for e-pharmacy in the North America region owing to rapid advancements in digital technologies and increasing health awareness among consumers. Online pharmacies provide a wide range of medicines and ensure their safe delivery. This convenience is a major attraction for both urban and rural populations.

The e-pharmacy market players are expanding their global footprint through strategic partnerships and mergers & acquisitions. For instance, Canadian e-pharmacy companies are collaborating with regional players in South America and Asia Pacific to cater to the international customer base. This global expansion enables companies to leverage various growth opportunities.

Market Drivers
Growing geriatric population and increasing prevalence of chronic diseases like diabetes, cardiovascular disorders are propelling the demand for medications on a regular basis. This makes e-pharmacy an ideal option over traditional pharmaceutical stores. Further, the onset of COVID-19 pandemic has boosted the acceptance of online healthcare channels among consumers.

Market Restrains
Lack of personal medical examinations and potential for medication errors or prescriptions without proper physician consultations are key challenges faced by the e-pharmacy industry. Moreover, stringent regulations in some countries pertaining to online sale of prescription drugs may hamper the industry growth.

Segment Analysis
The North America e-pharmacy market is dominated by the drug class sub-segment. Drug class e-pharmacy accounts for over 60% share as people are more comfortable ordering medication online rather than medical devices or cosmetics. The demand for prescription drugs through online channels is high due to benefits like convenience, affordability and home delivery. Over-the-counter drugs sub-segment is the second largest due to increasing preference for online purchase of common medicines without prescription.

Global Analysis
The United States holds over 80% share of the North America e-pharmacy market and is expected to continue dominating during the forecast period. This is due to high internet penetration, rising geriatric population prone to chronic diseases and increasing reliance on online platforms for purchase needs. Canada is projected to witness the fastest growth rate of around 6% annually between 2024-2031. This can be attributed to growing acceptance of e-commerce platforms, rising number of young population and improving regulatory scenario for online pharmacies in the country. The untapped potential and ongoing initiatives to promote digital health by the government would support the market expansion in Canada.

Get more insights on North America E-Pharmacy Market

Si prega di attivare i Javascript! / Please turn on Javascript!

Javaskripta ko calu karem! / Bitte schalten Sie Javascript!

S'il vous plaît activer Javascript! / Por favor, active Javascript!

Qing dakai JavaScript! / Qing dakai JavaScript!

Пожалуйста включите JavaScript! / Silakan aktifkan Javascript!