The 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 18% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
E-pharmacy refers to the online platform that enables individuals to buy medicines and other healthcare products without visiting a local pharmacy. E-pharmacies deliver prescription drugs as well as over-the-counter medications like vitamins and supplements to the customer's doorstep. They provide added benefits like the convenience of purchasing medicines online at any time of the day without having to deal with unavailability of drugs or wait in long queues.

Market key trends:
One of the key trends driving the growth of the North America e-pharmacy market is the increasing penetration of internet and growth of e-commerce platforms. As per statistics, over 90% of the U.S population has access to internet, which has enabled people to shop for medicines online from the comfort of their homes. Moreover, preference for contactless services has grown significantly amidst the COVID-19 pandemic. E-pharmacies provide prescription orders online thereby reducing physical contact. They also offer doorstep delivery which eliminates the need to step out, thus protecting high-risk groups. This has contributed to the surging demand for e-pharmacy services in North America. Furthermore, e-pharmacies provide 24x7 availability and access to a wider range of medications compared to brick-and-mortar pharmacies.

Porter’s Analysis

Threat of new entrants: The North America E-pharmacy market has moderate threat of new entrants due to existing customer loyalty to major players and high capital requirement to start an online pharmacy.

Bargaining power of buyers: Buyers have moderate bargaining power in North America E-pharmacy market due to availability of substitutes and price sensitivity of consumers.

Bargaining power of suppliers: Suppliers have low bargaining power due to presence of many players and fragmentation in pharmaceutical supplies market.

Threat of new substitutes: Threat from substitutes is low as offline pharmacy stores cannot replicate the convenience offered by e-pharmacies.

Competitive rivalry: The rivalry is high among major players to gain market share in this growing market.

SWOT Analysis

Strength: E-pharmacies offer convenience of medicine delivery at doorstep and ease of shopping from any location. They provide a wide range of medicines and products.

Weakness: Safety and privacy concerns over online transactions, lack of physical diagnosis and consultation. Dependency on internet connectivity issues.

Opportunity: Growing internet and smartphone penetration. Increasing preference for contactless services post-COVID. Untapped rural market.

Threats: Strict regulations. Supply chain disruptions and rising logistics costs. Competition from private labels.

Key Takeaways

The North America E-Pharmacy Market Share  is witnessing robust growth exhibiting a CAGR of 18% over the forecast period due to increasing adoption of online shopping and demand for convenient medicine delivery solutions. The market size is expected to reach $50.9 billion by 2023 from $30 billion in 2023.

Regionally, the U.S. dominates the North America E-pharmacy market and is estimated to grow with over 19% CAGR owing to high internet penetration, awareness and demand for healthcare services from home. Canada is also witnessing double digit growth in e-pharmacy due to COVID led shift towards online healthcare.

Key players operating in the North America E-pharmacy market include CVS Caremark, Zur Rose Group AG, PlanetRX.com Inc., Walgreen Company, Familymeds, Inc, Medisave, The Kroger Co., Cigna, Optum Rx, Inc, Giant Eagle, Walmart, Inc.,Express Scripts Holding Company, Optum Rx, Inc., Rowlands Pharmacy, Apollo Pharmacy and Netmeds. Major players are focusing on strategic acquisitions and collaborations to expand product offerings and geographic footprint in this lucrative market.

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