North America E-Pharmacy Market To See Huge Growth In Forecast Year 2024-2030 | Cognate Life Sciences

The Latest Research Report on North America E-Pharmacy Market 2024 outlines the key factors influencing the growth of this area in terms of the competitive and geographic environment. In addition, the research discusses the obstacles to market growth and provides information on unexplored prospects that will promote company progress in the 2024-2030 forecast period.

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Major Major Players are:
CVS Health, Walgreens, Amazon Pharmacy, Express Scripts Holding Company, OptumRx, Zur Rose Group AG, Medisave, DocMorris, Rowlands Pharmacy, The Kroger Co.

North America E-Pharmacy Market Overview:

Market Size and Overview:

The North America E-Pharmacy Market was valued at USD 27.84 Billion and is projected to reach a market size of USD 78.68 Billion by the end of 2030. Over the forecast period of 2024-2030, the market is projected to grow at a CAGR of 16%.

The electronic pharmacy sector, offering online consultations, medicines, information, and insurance services, emerged in the early 2000s, marking a shift from traditional offline medical services. With significant growth, the market has been propelled by the COVID-19 pandemic and accelerated by digitalization. Anticipated advancements in telehealth services and internet availability are expected to further expand this market, projecting substantial growth in the forecasted period.

Key Market Insights:

Estimations indicate a global online pharmacy sector worth US$ 32 billion by 2023. The United States is forecasted to reach approximately 5.7 billion, positioning itself as a leading online pharmacy market. However, China remains the dominant force in global pharmaceutical e-commerce, generating revenue nearing $8.5 billion.

Surveying US physicians revealed a remarkable shift: 65 percent did not use telehealth pre-pandemic, whereas during the peak, 43 percent consulted over 50 percent of their patients through telehealth. Future estimates suggest a continued use of telehealth for 10 to 49 percent of appointments.

In the US, a 2022 survey noted 23 percent preferring virtual appointments for chronic conditions post prior experiences with virtual healthcare.

The North American online pharmacy market is set to hit USD 45.34 billion in 2023, expected to grow at a compound annual growth rate (CAGR) of 12.41% till 2028, reaching USD 81.37 billion.

A Western European study observed one in five individuals obtaining medicines online without prescriptions, prompting pharmaceutical companies to invest in improving patient awareness regarding correct prescriptions.

North American ePharmacy Market Drivers:

Increased demand for e-pharmacy services is propelling market expansion.

The surge in online service adoption is fostering market growth. Post-pandemic, various surveys and studies demonstrate a preference for virtual consultations, medications, and other health-related services. According to Statista's 2022 data, 52 percent of surveyed American adults utilized telemedicine via live video calls with their healthcare providers. This shift eliminates miscellaneous expenses like transportation, making medical costs more affordable. Accessing a wider array of medications from the comfort of their homes contributes to this trend. Additionally, North America's technological advancements and presence of leading companies in this sector augment market growth. Stable internet connectivity in many regions further fortifies this trend. Moreover, the convenience of digital modes aligns with the hectic schedules of individuals.

The aging population is a significant contributor to market expansion.

Statista's 2022 statistics revealed that approximately 17.3 percent of the US population were 65 or older, with projections indicating an increase to 22 percent by 2050. Changing lifestyles, dietary habits, environmental factors, and the prevalence of chronic conditions like diabetes, hypertension, heart disease, cancer, Parkinson's, Alzheimer's, and paralysis contribute to difficulties in accessing clinics and hospitals. For individuals facing these challenges, ePharmacy emerges as a convenient avenue to acquire prescription medications.

Challenges and Constraints in the e-Pharmacy Market:

Critical concerns such as health security, data privacy, internet reliability, and delayed deliveries persist in the market.

Counterfeit or non-prescribed drug sales remain a substantial obstacle, posing severe health risks and endangering public well-being. Data security stands as another significant hurdle due to the sensitivity of clinical records stored within applications, making data breaches a serious concern leading to fraud and consumer losses. Additionally, remote, rural, and underserved areas lacking stable internet connectivity face limited accessibility. Delayed shipments, especially in international deliveries, can lead to health complications due to prolonged waiting periods for medications.

Opportunities in the North America e-pharmacy market:

Increasing adoption of electronic devices provides opportunities, integrating telehealth services with e-pharmacy applications. Order transparency, personalized medical recommendations through AI, and global expansion due to improved internet access in remote areas are promising prospects.

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Market Segmentation are:
Segmentation by Drug Type (Over-the-Counter (OTC) Drugs and Prescription Drugs); By Product Type (Skin Care, Dental, Cold and Flu, Vitamins, Weight Loss, and Others); By Platform (App-Based and Web-Based); Payment Method (Cash on Delivery, Online Payment); and Region - Size, Share, Growth Analysis | Forecast (2024 2030)

North America E-Pharmacy insights, overview and deep study of factors are considered to have greater influence over future course of the industry such as market size, market share, different dynamics of the industry, North America E-Pharmacy market companies, regional analysis of the domestic markets, value chain analysis, consumption, demand, key application areas and more.

NOTE: Our report highlights the major issues and hazards that companies might come across due to the unprecedented outbreak of COVID-19.

How will this report benefit potential stakeholders?
-Comprehensive assessment of all opportunities and risks in the North America E-Pharmacy market.
-The detailed study of business strategies for the growth of the North America E-Pharmacy market-leading players.
-Conclusive study about the growth plot of the North America E-Pharmacy market for forthcoming years.
-In-depth understanding of North America E-Pharmacy market-particular drivers, constraints, and major micro markets.
-Favorable impression inside vital technological and market latest trends striking the North America E-Pharmacy market.

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What North America E-Pharmacy Market report offers:
1.North America E-Pharmacy Market share assessments for the regional and country-level segments
2.Market share analysis of the top industry players
3.North America E-Pharmacy Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
4.Strategic recommendations in key business segments based on the market estimations
5.Competitive landscape covering following points: Company Overview, Product Portfolio, Financial Performance, Recent Highlights, Strategies

COVID-19 has had a major impact on the world economy in addition to that on the public health. This particular pandemic had caused severe economic destruction and not a single country has been left unaffected. The virus has forced businesses around the globe to change the way they operate. This report gives an analysis of the COVID-19 aftermath on North America E-Pharmacy market.

Competitive Rivalry:
The report highlights vital details based on the leading players in the global Industrial North America E-Pharmacy market. It features their details such as product/business portfolio, market share, financial status, regional share, segment revenue, SWOT analysis, manufacturing base, capacities, production volume, major vendors, raw material sourcing strategies, organizational structure. Their latest corporate deals, joint ventures, mergers and acquisitions, product launches, and other brand promotions are other facts about the market players included in the report.

We also offer customization on reports based on specific client requirement:
1- country-level analysis for any 5 countries of your choice.
2- Competitive analysis of any market players.
3- 40 analyst hours to cover any other data points

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Finally, North America E-Pharmacy Market is a valuable source of guidance for individuals and companies in decision framework.

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About us :

Cognate Lifesciences is a specialized hub for all market research reports related to Lifesciences Market. Some of the sub domains covered by our team are Pharmaceuticals, Medical Devices and Supplies, Healthcare, Diagnostics, Biotech, Therapeutics, Healthcare IT etc. We offer syndicated/customized market research studies along with advisory and consulting services.

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