The North America E-pharmacy Market, by Product Type (Prescription (Rx) and Over-the-counter) and by Country (U.S and Canada), is estimated to be valued at US$ 1,029.9 Million in 2020 and is expected to exhibit a CAGR of 18.2% during the forecast period (2020-2027), as highlighted in a new report published by Coherent Market Insights.
North America E-pharmacy Market- Impact of Coronavirus (COVID-19) Pandemic
The coronavirus (COVID 19) pandemic and lockdown in various countries across the globe have impacted the financial status of businesses in all sectors. Private healthcare sector is one of the sectors, which is majorly impacted by the COVID 19 pandemic. The lockdown in various countries due to the COVID 19 pandemic has created economic burden on the private healthcare sectors. Healthcare providers are facing problem in investing additional manpower, equipment, consumables, and other resources to ensure safety in hospitals, to provide treatment to the patients with other diseases, and declining outpatient visits, etc.
Moreover, coronavirus pandemic has negatively impacted the development, production, and supply of pharmaceutical and nutritional products, and affected growth of the healthcare businesses of various companies across the globe, as COVID 19 pandemic has led to unprecedented lockdown in several countries, globally.
This lockdown has resulted in closure of industrial establishments, except manufacturing of essential commodities and disruption in supply chain of the products. Thus, COVID-19 pandemic has affected the economy in three main ways; 1) By directly affecting the production and demand; 2) By creating disruptions in distribution channels; and 3) By its financial impact on firms and financial market. Supply chain and manufacturing activities in North America region are being disrupted due to global lockdowns and also, the distributors are facing problems with regards to transportation of drugs from one place to another. This has impacted negatively to North America e-pharmacy market.
Browse 07 Market Data Tables and 11 Figures spread through 113 Pages and in-depth TOC on North America E-pharmacy Market, by Product Type (Prescription (Rx) and Over-the-counter) and by Country (U.S and Canada) - Forecast to 2027"
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Increasing utilization of smart devices and rising adoption of internet are providing robust opportunities to e-pharmacy service providers to reach large customer pool and provide them high level e-pharmacy services. Moreover, factors such as well-developed infrastructure, high level distribution and supply chain, awareness among the population about online platforms, and government initiatives are expected to boost growth of the North America e-pharmacy market.
Key Takeaways of the North America E-pharmacy Market: