As per our research report, the North American e-Pharmacy Market is estimated to be growing at a CAGR of 16% from 2023 to 2030.
An e-pharmacy is a type of electronic or digital service. It is the practice of buying pharmaceutical products, like drugs. Other medical health services, like consultation and medical information, are provided. There are various apps and websites for the same. After the outbreak of the COVID-19 pandemic, this market has gained significant prominence owing to digitalization. In the future, with easier access to the internet and increasing usage, this market is set to expand tremendously. During the forecast period, a notable growth rate is expected.
One major driver in this market is the increasing demand for e-pharmacy services. North American countries have a good economy. Employment opportunities are immense. Dual income is the new norm. This has resulted in very little time for the couples due to their hectic schedules. Secondly, internet connections are stable and are present in most of the areas. Thirdly, this new method is found to be more cost-effective due to discounts and mega sale offers. Moreover, the number of people who choose virtual consultation, medicine, and other health-related services is at a greater percentage according to various sources of information available on the internet. Furthermore, the presence of key companies in the region is boosting the market growth.
Another significant driver in this market is a greater percentage of the aging population. Surveys have shown the statistics of the number of senior citizens. The total estimate as of 2022 is 17.3%. However, this is predicted to reach 22% by 2050. Apart from this, due to changes in lifestyle, eating habits, and other environmental factors, there has been a greater prevalence of diseases. A majority of the population has been diagnosed with chronic illness. Few others are unable to travel owing to their medical condition. ePharmacy is a convenient option for such people. This contributes to the market's development.
The COVID-19 pandemic had a profound impact on the market. Lockdowns, restrictions on movement, and social isolation were all part of this. When going to the doctor wasn't necessary, individuals started using telehealth services. Prescription orders increased on many e-pharmacy applications. Government funding was concentrated on medical applications. For use in home testing, COVID kits were acquired from several internet stores. All these resulted in an upsurge. Post-pandemic, the market continued to generate profits.
Increased use of electronic devices like tablets, smartphones, and laptops is opening up a wide range of business prospects. Apps for ePharmacy are integrating telehealth services. Transparency is made possible by organized order tracking at every stage. Additionally, data analytics and AI are helping with individualized medical advice.
However, this market has a few barriers which can hamper the growth. The biggest difficulties include unprescribed medicine purchases, stable internet, data security, and shipping delivery delays.
Based on drug type, over-the-counter (OTC) drugs are the largest growing segment in the North American e-pharmacy market. Convenience, dependability, and rising demand are the reasons behind this. OTC medications are also not widely accessible at retail pharmacies and health stores. Additionally, self-care's growing popularity is spurring category expansion. Moreover, the rise is being aided by customers' increased faith in authenticity. Furthermore, E-Commerce enlargement is boosting the growth. Prescription drugs are the fastest-growing in this market. This is because of an increase in the number of physical and mental health diseases urging individuals to seek help from doctors.
Based on drug type, the skin care segment is one of the largest growing segments in the North American e-pharmacy market. This is due to reasons like increased awareness from social media, a rise in the number of healthcare products, interest in self-care, and growing dermatological diseases due to eating and environmental factors. The cold and flu segment is one of the fastest-growing segments. This is a result of how common it is to get the symptoms. The COVID-19 pandemic caused a rise in this group.
Based on the platform, the app-based segment is the largest and fastest-growing in the North American e-pharmacy market. The applications' legitimacy, a larger customer base that trusts them, order monitoring, practicality, user-friendly features, and secure payments are the key causes of this.
Based on payment method, online payment is the largest growing in the North American e-pharmacy market. This is because of increasing adoption, secure transactions, knowledge, and convenience. However, cash on delivery is the fastest-growing. This is a popular category in places with erratic internet access. Additionally, some elderly people find technology to be perplexing and difficult. Additionally, a smaller portion of the populace chooses cash on delivery out of concern for hacking and fraud.
Based on region, the United States is the largest growing. This is because of E-Commerce culture, pharmaceutical enlargement, market size, demand, and technological infrastructure. Canada is the fastest growing in the North American e-pharmacy market owing to rising adoption, demand, digital infrastructure, telemedicine integration, aging population, expanding healthcare system, and convenience.
Over the Counter (OTC) Drugs
Prescription Drugs
Skin Care
Dental
Cold and Flu
Vitamins
Weight Loss
Others
App-Based
Web-Based
Cash on Delivery
Online Payment
United States
Canada
Mexico
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