Online Pharmacy - Canada

Canada

Highlights

The Online Pharmacy market in Canada is expected to generate a revenue of US$2.05bn in 2024.
This revenue is projected to grow at an annual rate of 9.16% from 2024 to 2029, resulting in a market volume of US$3.17bn by 2029.
The user penetration rate is expected to be 21.59% in 2024 and is projected to reach 26.65% by 2029.
The average revenue per user (ARPU) is estimated to be US$242.70.
When compared globally, United States is expected to generate the highest revenue in the Online Pharmacy market, amounting to US$24.18bn in 2024.
Canada's online pharmacy market is growing rapidly, fueled by the country's high internet penetration and increasing demand for convenient healthcare solutions.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Online Pharmacy market in Canada has been experiencing significant growth and development in recent years.

Customer preferences: Consumers in Canada are increasingly turning to online pharmacies for convenience, cost savings, and accessibility to a wide range of medications. The ability to order prescription drugs and over-the-counter products from the comfort of their homes is a major draw for customers. Additionally, the availability of medication checker apps provides an added layer of safety and assurance for consumers when managing their medications. Furthermore, the rising popularity of contraception and fertility apps reflects a growing trend towards digital solutions for reproductive health needs.

Trends in the market: One notable trend in the Canadian online pharmacy market is the emphasis on telemedicine services, allowing patients to consult with healthcare providers remotely and receive prescriptions electronically. This trend aligns with the overall shift towards digital healthcare solutions in the country. Another trend is the increasing focus on personalized medicine, with online pharmacies offering tailored medication recommendations and dosage adjustments based on individual health profiles. The integration of artificial intelligence and machine learning technologies in medication checker apps is also a growing trend, enhancing the accuracy of drug interaction checks and dosage information.

Local special circumstances: In Canada, the regulatory environment plays a significant role in shaping the online pharmacy market. The country has stringent regulations in place to ensure the safety and quality of medications sold online, which instills trust among consumers. Moreover, the presence of a universal healthcare system provides a strong foundation for the adoption of online pharmacy services, as it complements traditional healthcare services and helps improve access to medications for all Canadians, regardless of their location.

Underlying macroeconomic factors: The increasing adoption of online pharmacy services in Canada can also be attributed to demographic shifts, such as an aging population and the rise of chronic diseases requiring long-term medication management. Additionally, the COVID-19 pandemic has accelerated the digital transformation of healthcare services, prompting more Canadians to explore online options for their medication needs. The growing acceptance of digital payment methods and the overall tech-savvy nature of the Canadian population further support the expansion of the online pharmacy market in the country.

Data coverage:

The data encompasses B2C enterprises. Figures are based on revenues and user data of relevant mobile applications and consumer electronics companies.

Modeling approach / Market size:

Market sizes are determined through a combined top-down and bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of key players, industry reports, third-party reports, and survey results from primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, population, internet penetration, smartphone penetration, consumer spending, and healthcare spending. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption.

Additional notes:

The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.