SEATTLE, June 03, 2021, (MEDGADGET) — North America E-pharmacy market analysis
Impact of COVID-19 epidemic
Since December 2019, the outbreak of SARS-CoV-2 virus has been transmitted to over 100 nations around the world and the World Health Organization (WHO) had declared it a public health emergency on March 11, 2020. As reported by the World Health Organization (WHO), the exhibition of the SARS-CoV-2 virus has led to over 14 million infections across the globe as of July, 2020. The outbreak of COVID-19 epidemic has led to nationwide lockdowns in several countries which has created financial burden on the private healthcare sectors such as specialty clinics, pharmaceutical industries, and pharmacy stores. In spite of such slowdown of the economy of the healthcare sector, virtual healthcare services such as e-pharmacy, e-prescription, and e-health have witnessed a robust growth over this epidemic. This growth of e-pharmacy sector can be accredited to the rising consumer choices for digital purchase of medicinal products through virtual pharmacy stores, hence, promoting the social distancing measures. Furthermore, reduced outdoor activities excluding the distribution and procurement of necessary goods and services such as medicinal products along with the rising demand for face masks and hand sanitizers, has stimulated growth of the North America e-pharmacy market.
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The North America e-pharmacy market is expected to manifest a CAGR of 18.2% over the forecast period of 2020-2027 and is approximated to reach a market valuation of US$ 31,030.0 million in 2020.
E-pharmacies can essentially manage various issues of the customers such as giving alternative for the prescribed drugs or sharing comprehensive data on medicines, providing easy accessibility to the hard-to-find drugs, maintaining medicinal records, and others. Use of e-pharmacy enables the customers to buy medicines or drugs digitally through their smartphone or laptop.
A large section of North American population has adopted e-pharmacy services on a rapid rate, which has led the pharmaceutical companies of this region to focus on introducing digital pharmacy services or e-pharmacy. In March 2020, the Digital Health and Supply Chain Entrepreneurs had launched the Genius Rx, a full-time, totally computerized digital pharmacy platform. In June 2020, the Medicure Inc., had launched a direct-to-patient virtual pharmacy program for dispensing ZYPITAMAG in the U.S. This virtual initiative will allow the organization to provide services at controlled costs excluding the retail pharmacy filling fees, and hike the product availability.
Circumstances such as substance abuse are expected to hamper growth of the North America e-pharmacy market. Virtual accessibility of prescription drugs such as anxiolytics, sedative hypnotics, narcotic painkillers, and stimulants on digital retail platforms can lead to increased incidences of substance abuse, causing a significant concern over public health.
Furthermore, availability of illegal e-pharmacies in large number can lessen the trust of the customers, which will limit growth of the North America e-pharmacy market. There are a lot of fake or illegal e-pharmacies which do not obey the government regulations. Those pharmacies will offer medications without any prescription from the doctor and neither considering the patient’s medical history. Consequently, there is rise in cases of fake drug deliveries which will hinder the trust of the customers on online drug purchasing.
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- According to the type of product: Over-the-counter and Prescription (Rx).
According to the country, the North America e-pharmacy market is classified into the U.S. and Canada. Due to the emergence of newer e-pharmacy platforms in the U.S., the country is expected to experience a robust growth in the North America e-pharmacy market. In December 2019, the British e-pharmacy company, MedExpress announced to launch Zip Health, the company’s American franchise, for distributing drugs in the U.S. via online mode in the Q1 of 2020. In June 2020, the Medicure Inc., had launched a direct-to-patient virtual pharmacy program for dispensing ZYPITAMAG in the U.S. This virtual initiative will allow the organization to provide services at controlled costs excluding the retail pharmacy filling fees, and hike the product availability.
Major companies contributing in the North America e-pharmacy market are Familymeds, Giant Eagle, Inc., Medisave, CVS Caremark, PlanetRX.com Inc., Zur Rose Group AG, Walgreen Company, Cigna, Optum Rx, Inc., and Kroger Co.
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