North America ePharmacy Market By Drug Type (Over-the-Counter Products and Prescription Medicines), By Country, Opportunity Analysis and Industry Forecast, 2021 - 2027
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Get in-depth analysis of the COVID-19 impact on the North America ePharmacy Market
Market Report Description
The North America ePharmacy Market would witness market growth of 15.6% CAGR during the forecast period (2021-2027).
Medical stores are considered as vital services and ePharmacies emerged as the major beneficiaries during the pandemic as patients resisted themselves to go outside with a fear of catching highly contagious corona virus. The growing aging population is also offering lucrative opportunities for market growth. Factors such as growing number of beneficiaries registering under Medicare, rising digitalization, and ease of operation are responsible to boost the demand of ePharmacy.
Though, the growing number of unauthorized ePharmacies is hampering the market growth. Such pharmacies sell medicines that are not approved by the FDA that have surged the chances of adulterated and counterfeit medications that may also contain incorrect active ingredients. However, in 2020, FDA has warned some unauthorized ePharmacies and also fined them for violating the US Federal Food, Drug, and Cosmetic Act and being engaged in illegal activities like the sale of prescription drugs without prescription, inadequate explanation of directions for safe use of some prescription drugs, and sale of unapproved prescription drugs, and others.
The ePharmacy market in North America is showcasing strong growth due to the extensive adoption of online services and a growing number of internet users. The emergence of COVID-19 in the US compelled the American Association of Homeopathic Pharmacists (AAHP) to introduce a new law, the Coronavirus Aid Relief and Economic Security (CARES) Act (HR 748). The implementation of this law is to support the customers to increase the use of OTC products for relief of self-treatable symptoms that will be refunded via pre-tax funds. Thus, these initiatives by the government of the US would spread more awareness among the citizens, which would propel the adoption of ePharmacy services for the purpose of purchasing medicines without any direct interaction with human beings. This will also accelerate the growth of the regional market.
In addition, the dependence on ePharmacies is surging as there is a significant rise in the prevalence of minor illnesses like cough, cold, fever, flu, and backache. This has also fueled the demand for OTC medications. Moreover, the facility provided by these ePharmacies has largely gained the attention of customers as they deliver the order within the stipulated time frame at the customer residence. Further, the presence of various market players and integration of the latest technologies by these players to enhance the customer experience are some of the factors that are estimated to augment the growth of the regional ePharmacy market in the upcoming years.
The US market dominated the North America Prescription Medicines Market by Country in 2020, thereby, achieving a market value of $14,538 Million by 2027. The Canada market is experiencing a CAGR of 19.5% during (2021 - 2027). Additionally, The Mexico market would witness a CAGR of 18.5% during (2021 - 2027).
Based on Drug Type, the market is segmented into Over-the-Counter Products and Prescription Medicines. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global ePharmacy Market is Estimated to Reach USD 167.6 Billion by 2027 at a CAGR of 16.4%
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of The Kroger Co., Walgreen Co., Giant Eagle, Inc., Walmart, Inc., Express Scripts Holding Company (Cigna), CVS Health (CVS Pharmacy, Inc.), Optum Rx, Inc. (United Health Group), Rowlands Pharmacy (the PHOENIX group), DocMorris (Zur Rose Group AG), and Amazon Pharmacy (Amazon.com).
Global ePharmacy Market Segmentation
By Drug Type
- Over-the-Counter Products
- Prescription Medicines
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
- The Kroger Co.
- Walgreen Co.
- Giant Eagle, Inc.
- Walmart, Inc.
- Express Scripts Holding Company (Cigna)
- CVS Health (CVS Pharmacy, Inc.)
- Optum Rx, Inc. (United Health Group)
- Rowlands Pharmacy (the PHOENIX group)
- DocMorris (Zur Rose Group AG)
- Amazon Pharmacy (Amazon.com)
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