The North America e-pharmacy market involves the online sale and purchase of pharmaceutical drugs by consumers. With the growing preference for convenience and accessibility, e-pharmacies provide easy ordering and delivery of prescription and Over-The-Counter (OTC) medications at consumers' doorsteps. This avoids waiting in long queues at physical stores and allows customers to choose from a wide range of products online. E-pharmacies also help generate digital prescriptions and maintain health records electronically for a personalized shopping experience.
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 Market Growth are BASF SE, Dow Chemical Company, Borgers A.G., Faurecia S.A., Adient Plc, Lear Corporation, Eagle Ottawa, D.K. Leather Corporation Berhad. These major players are investing in innovations to develop advanced online platforms with enhanced features.
The growing demand for convenience and ability to access medicines from any location has boosted the adoption of e-pharmacies in the region. Busy lifestyles and increasing internet penetration are propelling consumers towards digital health solutions for purchasing medications online.
E-pharmacies are expanding globally by entering new geographical markets and targeting a larger customer base. Major players are focusing on strategic collaborations to diversify their product offerings and leverage each other's distribution networks for geographic expansion.
Market drivers
The rising geriatric population prone to various chronic diseases is one of the key drivers of the North America e-pharmacy market. Older people prefer online purchasing of drugs to avoid waiting at stores. Also, advancements in digital technologies have enabled seamless experience and security of online transactions, encouraging consumers to use e-pharmacy platforms. This has significantly contributed to the growth of the market.
Geopolitical Impact on the Growth of North America E-pharmacy Market
The current geopolitical issues which have arisen due to the ongoing Russia-Ukraine war and global supply chain disruptions are posing challenges to the growth of the North America e-pharmacy market. The rising fuel and logistic costs are negatively impacting the operations of e-pharmacy players in the region. Further, a possible recession in the US and Canada on account of rising inflation can slowdown the spending power of consumers on online pharmacy platforms. However, with more people preferring contactless services amid the pandemic, the demand for e-pharmacies is likely to remain strong.
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