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$ 50.9 Billion in 2023 and is expected to exhibit a CAGR of 18.3% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
Key market players are focused on adopting inorganic growth strategies such as partnerships, which are expected to drive the North America E-pharmacy market growth during the forecast period. For instance, in May 2021, Omnicell provides innovative pharmacy and medication management solutions for healthcare professionals and health systems pursuing the autonomous pharmacy is delighted to announce a new partnership with one of the U.S.’s largest independent pharmacy chain, Well Pharmacy. This partnership highlights Omnicell’s innovative eMAR solution to more than 350 care homes across the U.S. in a bid to help reduce medication errors, improve patient safety, and operational efficiencies so that care staff can spend more time on face-to-face patient care. Through Omnicell’s eMAR solution which includes patient-specific barcode technology, care homes can significantly reduce medication error figures and improve patient safety to help ensure the right dose of the right medication is given to the right person at the right time.
North America E-pharmacy Market– Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019, as "coronavirus disease 2019" or COVID-19. This virus spreads quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries, such as India, China, Brazil, and others, faced problems with regard to the transportation of equipment from one place to another.
COVID-19 had a positive impact on the North America E-pharmacy market. For instance, 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 an economic burden on the private healthcare sectors such as pharmaceutical industries, specialty clinics, pharmacy stores, and others. Despite such an 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 the 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 the growth of the North America e-pharmacy market.
North America E-pharmacy Market: Key Developments
In February 2020, Pocket Pills, an online pharmacy operating in Canada, raised US$ 7.35 million as new funding to expand its access across the country by opening fulfillment centers in Nova Scotia and Quebec.
As per the article published in September 2021 in PubMed, Mobile health technologies (mHealth) are recognized by the American Heart Association as an emerging technique for reducing CVD risk factors, with tremendous potential for improving population health.
In September 2022, CareCloud, Inc., a company focused on healthcare technology solutions for medical practices and health systems nationwide, launched its RPM solution
In July 2022, AmerisourceBergen provide drug distribution and consulting related to medical business operations and patient services, launched DTx Connect, a fully integrated ordering, dispensing, and fulfillment platform that aims to facilitate patient access to physician-ordered digital therapeutics and diagnostics. DTx, a fast-expanding subset of digital health, uses software to offer clinical interventions to patients directly to treat, manage, or prevent a wide range of illnesses and disorders, such as diabetes and behavioral health issues.
Browse 30 Market Data Tables and 26 Figures spread through 135 Pages and in-depth TOC on “North America E-pharmacy Market”- Forecast to 2030, North America E-pharmacy Market, by Product Type (Prescription (Rx) and Over-the-counter) and By Countries (U.S., Canada)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/north-america-e-pharmacy-market-4173
Key Takeaways of the North America E-pharmacy Market:
- The North America E-pharmacy market is expected to exhibit a CAGR of 18.3% during the forecast period. The merger with emerging economies offers lucrative growth opportunities for players in the North America E-pharmacy market. Owing to factors such as governments and various non-profit organizations are actively engaged in providing a safe and secure environment for the e-pharmacy providers to build confidence in customers to buy medications online. In January 2022, the Drug Technical Advisory Board of India (DTAB), as part of a new OTC drug policy, will soon permit the sale of some medications without a prescription. A list of OTC medications, including analgesics (pain relievers), cough syrups, decongestants, laxatives, antiseptics, and medicines for gum infections, has been approved by the DTAB. Such initiatives from the governments of highly populated countries are expected to drive the market significantly.
- Among product types, the Prescription (Rx) segment is expected to hold a major revenue share in 2030, owing to the rising trend of e-prescriptions. The e-prescribing technology is expected to provide opportunities for e-pharmacy service providers to increase their customer base and level of service in the North America e-pharmacy market. For instance, in March 2021, Co-op Health, a digital prescription service that allows individuals to obtain medication via an app or the web for pickup at a nearby pharmacy or home delivery, was acquired by Phoenix UK. The app has shown a sharp increase in demand, and PHOENIX UK will use its network of Numark and Rowlands to meet that need. Such acquisitions in the e-pharmacy segment are expected to drive market growth due to the rise in the adoption and expansion of services.
- Major 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, Giant Eagle, The Kroger Co., Walmart, Inc., Express Scripts Holding Company, Optum Rx, Inc., Rowlands Pharmacy, Apollo Pharmacy and Netmeds.
