North America E-Pharmacy Market Is Driven By Increasing Preference For Online Shopping

 
North America E-Pharmacy Market

The North America e-pharmacy market involves the online sales of prescription and over-the-counter drugs and other health products. With increasing Internet penetration and rising preference for online shopping across sectors, more consumers are opting for e-pharmacies for medical needs. This has enabled e-pharmacies to offer a wide range of drugs without requiring customers to visit a brick-and-mortar pharmacy in person. E-pharmacies allow customers to place orders for prescription refills, over-the-counter drugs, vitamins, and natural supplements conveniently through their websites or mobile apps from the comfort of their homes.

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

Market key trends:
One of the major trends in the North America e-pharmacy market is the increasing consumer preference for online purchase of generic drugs over branded drugs. This is supported by the fact that generic drugs are usually more affordable than branded equivalents. Moreover, e-pharmacies focus on increased supply of generic drugs from verified manufacturers and suppliers in order to offer competitive prices. Another key trend is the rising adoption of telehealth services along with online pharmacy platforms. This enables e-pharmacies to provide virtual healthcare consultation via video, phone or chat. This has streamlined medical consultation and prescription delivery, benefiting customers in remote locations with limited physical access to healthcare practitioners. Such integrated telehealth and online pharmacy models are expected to witness increased preference in the coming years.

Porter’s Analysis

Threat of new entrants: The North America e-pharmacy market is moderately difficult to enter due to the presence of established players and requirements of licenses and certifications.

Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of a wide range of products from various e-pharmacy platforms. However, established loyalty to platforms increases switching costs.

Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to the fragmented nature of the market and availability of substitutes.

Threat of new substitutes: The threat is moderate as other online mediums and platforms provide similar offerings.

Competitive rivalry: The market is highly competitive with the presence of major retail chains offering online pharmacy services.

Key Takeaways

The North America E-Pharmacy Market Demand is expected to witness high growth. The market size for 2023 is US$ 50.9 Bn and it is expected to grow at a CAGR of 18% during the forecast period of 2023 to 2030.


Regional analysis: The US dominates the North America e-pharmacy market owing to the fast adoption of online platforms for healthcare and medication requirements. Growing awareness about online pharmacy platforms and rising internet penetration are further driving the market in the country. Canada is expected to witness notable growth during the forecast period supported by initiatives to shift healthcare services to online mediums and rising demand for doorstep delivery of medicines.

Key players: Key players operating in the North America e-pharmacy market are 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, and Optum Rx, Inc., Rowlands Pharmacy, Apollo Pharmacy and Netmeds. CVS Caremark leads the market owing to its strong supply chain and established retail pharmacy network.

Get more insights on this topic:

https://www.marketwebjournal.com/north-america-e-pharmacy-market-size-market-share-analysis/

Comments

Post a Comment

Popular posts from this blog

Cellulose Films is the largest segment driving the growth of Cellulose Plastics Market

Image
  Cellulose Plastics Market The global Cellulose Plastics Market is estimated to be valued at US$ 819.69 Mn or Million in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030 , as highlighted in a new report published by Coherent Market Insights. Market Overview: Cellulose plastics are bioplastics made from cellulose, one of the most abundant organic polymer on Earth. They are produced from plant materials like wood and agricultural residues. Cellulose plastics offer advantages like biodegradability, recyclability and sustainability. They are widely used in agriculture films, food packaging and textiles. Market key trends: One of the key trend in the cellulose plastics market is growing demand for biodegradable and sustainable packaging solutions. Rising environmental concerns regarding widespread use of conventional plastics is driving the demand for eco-friendly cellulose plastics. Strict government regulations prohibiting use of single use plast
Read more

Electronic Warfare Market Poised to Witness High Growth Owing to Increasing Usage of EW Systems Across Military and Defense Sectors

Image
Electronic Warfare Market Electronic warfare (EW) systems are used for detecting, deceiving or damaging enemy’s communication and radar systems. It involves deliberate emission or suppression of electromagnetic energy to maintain information dominance. EW systems find wide applications across military, including land, sea, air and space operations for counteracting threats from armed forces of other nations. The need for situational awareness and gaining tactical advantage over opponents has catalyzed demand from armed forces globally. The global electronic warfare market is estimated to be valued at US$ 18.45 Bn in 2024 and is expected to exhibit a CAGR of 5.7% over the forecast period 2024 to 2031.  Key players operating in the electronic warfare market are BAE Systems plc, Elbit Systems Ltd., General Dynamics Corporation, Israel Aerospace Industries Ltd., L3Harris Technologies Inc., Leonardo SpA, Lockheed Martin Corporation, Northrop Grumman Corporation, Raytheon Technologies Corpor
Read more

Eyewear Market Is Estimated To Witness High Growth Owing To the Growing Demand for Prescription Eyewear

Image
  Eyewear Market The global Eyewear Market is estimated to be valued at US$ 273.4 billion in 2018 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023-2030 , as highlighted in a new report published by Coherent Market Insights. Market Overview: The Eyewear Market includes products such as prescription glasses, contact lenses, and sunglasses. These products offer vision correction and protection from harmful ultraviolet (UV) rays. The increasing prevalence of eye disorders and the growing awareness about the importance of eye health are driving the demand for eyewear products. Furthermore, the rising use of digital devices and exposure to blue light is also contributing to the need for prescription eyewear to reduce eye strain and prevent vision problems. Market Key Trends: One key trend in the Eyewear Market is the increasing demand for fashionable and luxury eyewear. Consumers are not only seeking vision correction but also looking for eyewear that complements
Read more