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Global Telepharmacy Market – Industry Trends and Forecast to 2031

Healthcare IT

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Global Telepharmacy Market – Industry Trends and Forecast to 2031

  • Healthcare IT
  • Upcoming Report
  • Jul 2024
  • Global
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60

Global Telepharmacy Market – Industry Trends and Forecast to 2031

Market Size in USD Billion

CAGR :  % Diagram

Diagram Forecast Period 2023–2031
Diagram Market Size (Base Year) USD 10.17 USD Billion
Diagram Market Size (Forecast Year) USD 16.44 USD Billion
Diagram CAGR %

Major Markets Players

  • PipelineRx (U.S.)
  • NORTH WEST COMPANY (Canada)
  • MCKESSON VENTURES (U.S.)
  • AMN Healthcare (U.S.)
  • One Touch Video Chat. (U.S.)

Global Telepharmacy Market, By Type (Inpatient, Remote Dispensing, IV Admixture, Remote Counselling), Component (Hardware, Software), Delivery Mode (On-Premises, Web Based, Cloud Based), Devices (Computers, Smartphones, Tablets, Kiosk), Application (Hospitals, Small Pharmacies, Nursing Home, Prisons, Military Base, War Ships) – Industry Trends and Forecast to 2031.

Telepharmacy Market

 

Telepharmacy Market Analysis and Size

Remote patient counseling is a vital component of the telepharmacy market, enabling pharmacists to deliver personalized medication counseling and education to patients from a distance. Through telepharmacy platforms, pharmacists can conduct virtual consultations, review medication regimens, and address patient concerns in real-time. This approach is particularly beneficial in reaching patients in remote or underserved areas where access to local pharmacies or healthcare facilities may be limited. It enhances patient convenience, improves medication adherence through tailored counseling, and facilitates ongoing support for chronic disease management.

The global telepharmacy market size was valued at USD 10.17 billion in 2023 and is projected to reach USD 16.44 billion by 2031, with a CAGR of 6.19% during the forecast period of 2024 to 2031.

In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Report Scope and Market Segmentation       

Report Metric

Details

Forecast Period

2024-2031

Base Year

2023

Historic Years

2022 (Customizable to 2016-2021)

Quantitative Units

Revenue in USD Billion, Volumes in Units, Pricing in USD

Segments Covered

Type (Inpatient, Remote Dispensing, IV Admixture, and Remote Counselling), Component (Hardware, and Software), Delivery Mode (On-Premises, Web Based, and Cloud Based), Devices (Computers, Smartphones, Tablets, and Kiosk), Application (Hospitals, Small Pharmacies, Nursing Home, Prisons, Military Base, and War Ships)

Countries Covered

U.S., Canada, Mexico, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America

Market Players Covered

PipelineRx (U.S.), NORTH WEST COMPANY (Canada), MCKESSON VENTURES (U.S.), AMN Healthcare (U.S.), One Touch Video Chat. (U.S.), Comprehensive Pharmacy Services (U.S.), MedTel Services (U.S.), Cisco (U.S.), Cerner Corporation (U.S.), Plantronics, Inc. (U.S.), Koninklijke Philips N.V. (Netherlands), Medly Pharmacy (U.S.), Aspen RxHealth (U.S.), Cardinal Health (U.S.), alliantRx (U.S.), AZOVA (U.S.), Medtronic (Ireland)

Market Opportunities

  • Growing Awareness Regarding Telepharmacy
  • High Demand of Chronic Disease Management

Market Definition

Telepharmacy involves the remote provision of pharmacy services through telecommunications technology. It allows pharmacists to communicate with patients, review medication orders, provide counseling, and monitor adherence to treatment plans from a distance. Telepharmacy is particularly beneficial in underserved or remote areas where access to traditional pharmacy services may be limited, improving convenience and ensuring continuity of care.

Telepharmacy Market Dynamics

Drivers                                                                                          

  • Rising Advancements in Telecommunication Technology

Advancements in telecommunication technology such as high-speed internet, secure video conferencing platforms, and mobile health applications have significantly enhanced the feasibility and effectiveness of remote pharmacy services. These advancements enable pharmacists to conduct virtual consultations, review medication regimens, and provide counseling with clarity and efficiency. Moreover, robust telecommunication infrastructure supports seamless transmission of patient data, enhancing medication management and monitoring capabilities. As technology continues to evolve, telepharmacy becomes increasingly accessible, reliable, and integrated into broader healthcare systems, promoting better patient outcomes and healthcare delivery efficiency.

For instance, in June 2022 the acquisition of Trellis Rx, LLC by CPS Solutions expands their telepharmacy capabilities, leveraging advanced telecommunication technology to offer enhanced patient support and services. This integration allows for a more comprehensive range of remote pharmacy services, including improved medication management and patient counseling, thereby contributing to the growth and innovation within the telepharmacy market.

  • Growing Supportive Regulatory Frameworks

Supportive regulatory frameworks creates a favorable environment for its adoption and implementation by telepharmacy companies. These frameworks include policies that support telehealth reimbursement, licensure for remote pharmacy practice, and regulatory guidelines ensuring patient privacy and safety. By providing clarity and legal backing, regulatory frameworks reduce barriers to entry for telepharmacy services, encouraging healthcare providers and pharmacies to invest in telehealth infrastructure. As telehealth regulations evolve and become more supportive, they further facilitate the integration of telepharmacy into mainstream healthcare delivery, benefiting both providers and patients alike.

Opportunities

  • Growing Awareness Regarding Telepharmacy

Growing awareness regarding telepharmacy, including its benefits for accessibility, convenience, and personalized care which leads to the high demand of telepharmacy services and telepharmacy jobs. Public awareness campaigns, educational initiatives, and positive patient experiences highlight telepharmacy's role in bridging healthcare access gaps, especially in remote or rural areas. The COVID-19 pandemic further emphasized the importance of telehealth solutions, including telepharmacy, in maintaining continuity of care, thereby accelerating its adoption and creating opportunities in the telepharmacy job market.

  • High Demand of Chronic Disease Management

Chronic disease management necessitates consistent and personalized patient care outside traditional healthcare settings. Telepharmacy enables remote monitoring, medication adherence support, and regular counseling for patients managing chronic conditions such as diabetes, hypertension, and cardiovascular diseases. By providing convenient access to healthcare professionals via telecommunication technologies, telepharmacy helps improve patient outcomes, reduces healthcare costs associated with hospitalizations, and enhances overall quality of life. This approach is especially crucial in addressing the needs of aging populations and individuals in remote or underserved areas, where access to regular healthcare services may be limited.

Restraints/Challenges

  • High Security Concerns

High security concerns stemming from the sensitive nature of healthcare data and the potential risks associated with remote interactions. Maintaining patient confidentiality and data security during telepharmacy consultations is challenging due to the transmission of personal health information over digital channels. Concerns about data breaches, unauthorized access to patient records, and the integrity of telecommunication platforms can undermine trust in telepharmacy services among healthcare providers and patients asuch as.

  • Limitations in Reimbursement Policies

Limitations in reimbursement policies creates uncertainty and financial barriers for healthcare providers. Inconsistent or inadequate reimbursement rates for telepharmacy consultations and services can deter pharmacies and healthcare organizations from investing in telepharmacy infrastructure and expanding service offerings. This limitation may also lead to disparities in access to telepharmacy services, particularly in underserved areas where financial viability is crucial for sustaining healthcare delivery.

This market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Developments

  • In April 2022, Advanced Dermatology and Cosmetic Surgery (ADCS) expanded its network by integrating Maragh Dermatology, Surgery, and Vein Institute into its brand. Maragh Dermatology, with locations in Ashburn, VA, Warrenton, VA, and Rockville, MD, brings additional expertise and geographic coverage to ADCS's portfolio of over 150 offices nationwide, strengthening its presence in dermatology and vein care services
  • In April 2020, amidst the COVID-19 pandemic, ADCS rapidly adapted to the healthcare landscape by significantly scaling up its telehealth capabilities. From initially offering no telehealth appointments in early 2020, ADCS swiftly transitioned to conducting over 4,000 telehealth consultations per week by mid-April. This strategic pivot enabled ADCS to continue providing essential dermatological care while adhering to social distancing guidelines, demonstrating its agility and responsiveness to emerging healthcare needs

Telepharmacy Market Scope

The market is segmented on the basis of type, component, delivery mode, devices, and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

  • Inpatient
  • Remote Dispensing
  • IV Admixture
  • Patient Counselling
  • Drug Therapy Monitoring
  • Refill Authorization for Prescription Drugs

Component

  • Hardware
    • Monitors
    • Peripheral Medical Device
  • Software
    • Integrated Software
    • Standalone Software

Delivery Mode

  • On Premises
  • Web Based
  • Cloud Based

Devices

  • Computers
  • Smartphones
  • Tablets
  • Kiosk

Application

  • Hospitals
  • Small Pharmacies
  • Nursing Home
  • Prisons
  • Military Base
  • War Ships

Telepharmacy Market Regional Analysis/Insights

The market is analyzed and market size insights and trends are provided by country, type, component, delivery mode, devices, and application as referenced above.

The countries covered in the market report are U.S., Canada, Mexico, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America.

North America dominates the market primarily due to its supportive reimbursement policies, which incentivize remote healthcare services. The region's high disposable income levels enable greater adoption of telepharmacy solutions among consumers. Additionally, North America boasts advanced technological infrastructure and widespread internet access, facilitating seamless implementation and use of telehealth technologies. These factors collectively contribute to the region's dominance in telepharmacy, driving innovation and growth within the healthcare sector.

Asia-Pacific is expected to have significant growth in the market due to rising patient awareness and a shift towards proactive healthcare management. Government initiatives supporting healthcare infrastructure development, such as improved access to healthcare services and expanded insurance coverage, further bolster this growth. Additionally, advancements in technology and digital health solutions are transforming healthcare delivery, making it more accessible and efficient across the region. These factors collectively contribute to the rapid expansion and evolution of the healthcare landscape in Asia-Pacific.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Healthcare Infrastructure Growth Installed base and New Technology Penetration

The market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the market. The data is available for historic period 2016-2021.

Competitive Landscape and Telepharmacy Market Analysis

The market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to market.

Some of the major players operating in the market are:

  • PipelineRx (U.S.)
  • NORTH WEST COMPANY (Canada)
  • MCKESSON VENTURES (U.S.)
  • AMN Healthcare (U.S.)
  • One Touch Video Chat. (U.S.)
  • Comprehensive Pharmacy Services (U.S.)
  • MedTel Services (U.S.)
  • Cisco (U.S.)
  • Cerner Corporation (U.S.)
  • Plantronics, Inc. (U.S.)
  • Koninklijke Philips N.V. (Netherlands)
  • Medly Pharmacy (U.S.)
  • Aspen RxHealth (U.S.)
  • Cardinal Health (U.S.)
  • alliantRx (U.S.)
  • AZOVA (U.S.)
  • Medtronic (Ireland)


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FREQUENTLY ASK QUESTIONS

The Telepharmacy Market Size will reach USD 16.44 billion with a CAGR of 6.19% in the forecast by 2031.
The Rising Advancements in Telecommunication Technology & Growing Supportive Regulatory Frameworks are the growth drivers of the Telepharmacy Market.
The type, component, delivery mode, devices, and application are the factors on which the Telepharmacy Market research is based.
The major data pointers of the Telepharmacy Market are down-stream and upstream value chain analysis, technical trends Porter's five forces analysis, and case studies.
The Hospitals, Small Pharmacies, Nursing Home, Prisons, Military Base, War Ships are the market applications of the Telepharmacy Market.
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