by The North America e-pharmacy market allows consumers to purchase prescription medications online from licensed pharmacies. E-pharmacies offer customers the convenience of purchasing prescription drugs from their homes without having to visit a pharmacy in-person. Prescription medications available on these platforms include both generic and branded drugs for chronic illnesses and other conditions. Growing internet and smartphone penetration across North America is enabling more individuals to utilize online services for prescription refills and new medication orders.
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:
One of the key trends in the North America e-pharmacy market is the increasing availability of low-cost generic drugs and subscription services online. Low-cost generic equivalents are helping drive patient affordability and adherence to medication regimens. Several e-pharmacies have also launched customizable subscription services, which provide patients with a low-cost approach to purchase chronic illness medications on a recurring basis. These pharmacy subscription packages help increase medication adherence and support consumer convenience. Advancements in e-prescription adoption across healthcare settings are further fueling market opportunities for e-pharmacy platforms in North America.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low in the North America e-pharmacy market due to high capital requirements and stringent regulations.
Bargaining power of buyers: The bargaining power of buyers is high due to the availability of substitutes and transparency in pricing online.
Bargaining power of suppliers: Suppliers have low bargaining power due to the presence of a large number of pharmaceutical manufacturers and suppliers in the market.
Threat of new substitutes: The threat of new substitutes is moderate as pharmaceutical drugs have strict regulations for approval and production.
Competitive rivalry: The competitive rivalry in the North America e-pharmacy market is high due to the presence of established players.
Key Takeaways
The North America E-Pharmacy Market Demand is expected to witness high growth.
Regional analysis:
The North America e-pharmacy market is the largest globally led by the US due to increasing internet penetration and shift towards online platforms. Canada is also expected to witness considerable growth in the forecast period.
Key players:
Key players operating in the North America E-pharmacy market are MV Technologies,,Neogen Corporation,,Bovine ELite LLC,,Agtech Inc.,,Zoetis Inc. E-pharmacy platforms are consolidating to expand their product portfolio and geographic presence through acquisitions.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals.
