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Press Release: North America E-pharmacy Market to Surpass US$ 99,981.7 Million by 2027
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
E-pharmacies can effectively address a number of customers' issues such as comprehensive information on drugs or alternatives for the prescription drug, easy access for the medicines that are otherwise hard to find, medicine records, and others. With the help of e-pharmacies, consumers can order the drugs conveniently from their smartphone or computer.
Owing to the increasing adoption of e-pharmacy services by a large population group in North America, pharmaceutical companies are focusing on launching e-pharmacy or digital pharmacy services in the region. For instance, in March 2020, Digital Health and Supply Chain Entrepreneurs launched Genius Rx, a full-service, fully automated digital pharmacy. On June 25, 2020, Medicure Inc. launched a direct-to-patient online pharmacy program for the distribution of ZYPITAMAG in the U.S. This program will help the company to offer services at reduced costs, including no retail pharmacy filling fees, and increase the availability of products.
North America E-pharmacy Market - Impact of Coronavirus (COVID-19) Pandemic
Due to the outbreak of COVID-19 in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization has declared it a public health emergency. According to the World Health Organization’s report, the manifestation of coronavirus (COVID-19) has resulted in more than 14 million infected individuals worldwide as of July, 2020. The lockdown in various countries due to the COVID 19 pandemic has created economic burden on the private healthcare sectors such as pharmaceutical industries, specialty clinics, pharmacy stores, and others. Despite such economic slowdown in the healthcare sector, digital healthcare sectors such as e-health, e-pharmacy, and e-prescription experienced significant growth during this COVID 19 pandemic. The growth of e-pharmacy sector is attributed to the increasing consumer preference for online buying of medicinal products from online pharmacy stores with an aim to maintain social distancing. Moreover, restricted outdoor movement except for supplying and procuring essential goods and services including medicinal products, and increasing demand for hand sanitizers and face masks have accelerated growth of the North America e-pharmacy market
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).
Figure 1: North America E-pharmacy Market Share (%) Analysis, By Product Type, 2020
North America E-pharmacy Market - Restraints
Occurrences of substance abuse are expected to hinder growth of the North America e-pharmacy market. Easy availability of controlled prescription drugs such as stimulants, anxiolytics, narcotic painkillers, and sedative hypnotics through online retail platforms can result in higher instances of substance abuse, which in turn can be a major public health concern. Moreover, presence of a large number of rogue/illegal e-pharmacies reduce customer trust, which can hinder growth of the market. There is a large number of false or illegitimate e-pharmacies, which do not abide by the government regulations. Such pharmacies provide medication and do not require doctor’s prescription nor the patient’s medical history. As a result, there are increasing instances of falsified drug deliveries, which are hampering the trust of consumers about purchasing their prescription drugs online.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2019 | Market Size in 2019: | US$ 1,029.97 Mn |
| Historical Data for: | 2016 to 2019 | Forecast Period: | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR: | 18.2% | 2027 Value Projection: | US$ 99,981.7 Mn |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
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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| Growth Drivers: |
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| Restraints & Challenges: |
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North America E-pharmacy Market – Country Analysis
On the basis of country, the North America e-pharmacy market is segmented into the U.S. and Canada. The U.S is expected to witness significant growth in the North America e-pharmacy market, owing to launching of new e-pharmacy platform in the country. For instance, in December 2019, MedExpress, a British e-pharmacy, announced the launch of its American franchise, Zip Health, to dispense drugs online in the U.S. in the first quarter of 2020. On June 25, 2020, Medicure Inc. launched an online pharmacy program for the distribution of ZYPITAMAG in the U.S. This program will help the company to provide services at reduced costs, including no retail pharmacy filling/dispensing fees, and increase the availability of products.
Figure 2: North America E-pharmacy Market Value (US$ mn) & Y-o-Y Growth (%), 2017-2027
North America E-pharmacy Market - 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.
E-pharmacy, also known as electronic pharmacy or internet pharmacy, is an online retail platform that acts as an intermediary between customers and the vendors to enable the sales of medicines. It offers round-the-clock delivery of drugs, access to comprehensive information on prescribed drugs, and transparency in prices. Patients need not physically visit the pharmacies to receive their medication, but can instead order the drugs online.
E-pharmacy deals with sales and distribution of pharmaceutical and medical products through online channels. E-pharmacy involves use of information, communication, and technology in medical products, and services. Any pharmacy can become an e-pharmacy, as long as it has computerized services, active internet connection, and a working detailed website. Pharmacies can offer their products and services through online website to its customers.
Market Dynamics
Increasing adoption of internet is expected to propel growth of the North America e-pharmacy market over the forecast period. For instance, according to Pew Research Center, the percentage of households with broadband connection in the U.S. increased from 68% in January 2018 to 77% in February 2019.
Increasing consumer spending on healthcare and personal care products is expected to drive growth of the North America e-pharmacy market in the region. According to the U.S. National Health Expenditures 2016 highlights, the U.S. health care spending was US$ 3.3 trillion, accounting to an average spending of around US$ 10,348 per person in 2016. Moreover, overall share of gross domestic product (GDP) related to healthcare spending increased to 17.9 % in 2016 from 17.7 % in 2015.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
Table of Contents
*Browse 07 market data tables and 11 figures on "North America E-pharmacy Market” - Forecast to 2027”
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