SEATTLE--(BUSINESS WIRE)--According to Coherent Market Insights, the North America e-pharmacy market is estimated to be valued at US$ 31,030.0 million in 2020 and is expected to exhibit a CAGR of 18.2% during the forecast period (2020-2027).
Key Trends and Analysis of the North America E-pharmacy Market:
Rising trend of e-prescriptions, the e-prescribing technology is expected to provide opportunities for e-pharmacy service providers to increase their customer base and level of service. For instance, as per the legislation passed by Virginia HOUSE BILL 2165, from July 1, 2020, all prescribers in Virginia, U.S. are required to prescribe controlled medications electronically (e-prescribing). Moreover, on January 1, 2020, House File 2377 (2018 Iowa Acts) mandated all health care providers to generate e-prescription for all controlled medicinal products.
The increasing adoption of internet and smartphones is expected to propel growth of the North America e-pharmacy market during the forecast period. The e-commerce services, including e-pharmacies, rely heavily on internet for profitable business. According to Pew Research Center, the percentage of households with a broadband connection in the U.S. increased from 68% in January 2018 to 77% in February 2019.
Moreover, according to Pew Research Center, as of February 2019, 81% of the adults in the U.S. were using smartphones compared to 77% in October 2018. As per Pew Research Center’s estimation, more than 285 million people in the U.S. are expected to own a smartphone by 2023. Other factors driving growth of the North America e-pharmacy market are convenience and benefits offered by e-pharmacy services. For instance, e-pharmacy platforms are easy and convenient, as they reduce the effort required to visit a pharmacy store and also helps the consumer to know about the availability of medicinal products and over-the-counter products.
Furthermore, consumers are more likely to carry out online research about the prescribed medication and products by reading reviews of the products. Thus, availability of such e-pharmacy platforms, which have the option to review and purchase products online are creating a seamless buying experience for customers. Therefore, comfort and easy access to products through e-pharmacy services is expected to increase the online customer base and contribute to the North America e-pharmacy market growth.
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Key Market Takeaways:
North America e-pharmacy market is expected to exhibit a CAGR of 18.2% during the forecast period (2020-2027), owing the rising adoption of internet and smartphones, and convenience offered by e-pharmacy services
The growth of the North America e-pharmacy market is attributed to increasing investment and funding by e-pharmacies in the North American countries. For instance, in February 2020, Pocket Pills, an online pharmacy operating in Canada, raised US$ 7.35 million as new funding to expand its access across the country, by opening fulfillment centers in Nova Scotia and Quebec.
Competitive Landscape:
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, and Giant Eagle.
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Market Segmentation:
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North America E-pharmacy Market, By Product Type:
- Prescription
- Over-the-counter
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North America E-pharmacy Market, By Country:
- U.S.
- Canada
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