Telepharmacy Market Size, Share, Trends & Outlook | 2031
Telepharmacy Market Size, Share, Trends & Outlook | 2031
Segments - Telepharmacy Market by Service (Remote Order Entry, Pharmacy Consultation, Remote Dispensing, Patient Counseling, Drug Therapy Monitoring, and Others), Delivery Mode (On-premises, Web-based, and Cloud-based), Component (Hardware and Software), End-user (Primary Care Centre, Hospitals, Pharmacies, Nursing Homes, and Others), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
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| Report ID :HC-5051
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| 191 Pages
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Report Description
The global telepharmacy market size was USD 7.9 Billion in 2022 and is likely to reach USD 22.7 Billion by 2031, expanding at a CAGR of 30.5% during the forecast period, 2023-2031. The market growth is attributed to the growing requirement to reduce unnecessary hospital visits.
Telepharmacy is a method used in pharmacy practice, which deals with delivering pharmaceutical products to needy patients through means of telecommunication. It is recognized as a form of a delivery platform that delivers pharmaceutical products in areas where there are no pharmacists available.
Telepharmacy offers pharma care services, which include drug therapy monitoring, pharmacy consultation, and patient counseling. It assists people in remote areas using the internet video calling or another type of communication. It saves costs as there is no need to visit the hospital.
It enables pharmacists to operate in a remote location without physical presence. The major advantage of telepharmacy is that it provides 24/7 support to offer quality care to multiple patients at the same time.
The market report finds that the COVID-19 pandemic boosted the market, due to the increasing preference for online health services. The strict government regulations, social distancing, and lockdown encouraged the population to use telepharmacy to limit exposure of infection, which boosted the market during the pandemic.
According to the National Institute of Health (NIH) survey on patients’ perspectives and preferences in adopting telepharmacy versus in-person visits to the pharmacy during the COVID-19 pandemic, about 77% of respondents preferred appointments via telepharmacy. Whereas, about 23% of respondents preferred in-person services. The use of telepharmacy platforms reduces the incidence of contagious diseases, requires less time for receiving pharmaceutical services, cuts costs, and saves time.
Telepharmacy Market Dynamics
Major Drivers
High usage of telehealth platforms among the population of developed countries is a major factor driving the market. It minimizes hospital visits and offers care services at a low cost. Furthermore, the growing penetration of the internet and the ease of access encouraged the population to accept e-health services, which fuels the market.
Increasing digitization is another major factor driving market growth. Advancements in digital infrastructure and the emergence of several telehealth platforms encouraged the healthcare sector to use those platforms to train medical staff and impart medical education. Moreover, the rising focus to improve patient safety by providing better patient counseling is likely to boost the demand for telepharmacy.
Existing Restraints
Lack of awareness regarding the benefits of telehealth and telepharmacy, especially in the population of rural areas hinders the market in the coming years. Moreover, the lack of complete control in dispensing drugs to the patient is a major drawback of telepharmacy, which restraints the market at a certain limit.
Emerging Opportunities
The emergence of mHealth apps creates potential growth opportunities in the market. These apps allow pharmacists to find out important drug information quickly. Rising investments in R&D by pharmaceuticals establish advanced software fuel the market.
Scope of Telepharmacy Market Report
The market report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes |
Details |
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Report Title |
Telepharmacy Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2022 |
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Historic Data |
2016–2021 |
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Forecast Period |
2023–2031 |
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Segmentation |
Service (Remote Order Entry, Pharmacy Consultation, Remote Dispensing, Patient Counseling, Drug Therapy Monitoring, and Others), Delivery Mode (On-premises, Web-based, and Cloud-based), Component (Hardware and Software), and End-user (Primary Care Centre, Hospitals, Pharmacies, Nursing Homes, and Others) |
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Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
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Report Coverage |
Company Share, Telepharmacy Market Size and Analysis, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast |
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Key Players Covered in the Report |
TelePharm, LLC.; Medication Review; McKesson Ventures; North West Company; PIPELINE HEALTH; MITSUI & CO., LTD; Medtel Communications; One Touch Telehealth; CPS Solutions, LLC; Lightship; and AMN Healthcare |
Telepharmacy Market Segment Insights
Service Segment Analysis
On the basis of service, the telepharmacy market is segmented into remote order entry, pharmacy consultation, remote dispensing, patient counseling, drug therapy monitoring, and others. The pharmacy consultation segment is anticipated to expand at a significant growth rate during the projected period, due to the increasing preference of people to consult directly with a pharmacist. Growing requirements toward reducing hospital visits is likely to boost the segment.
The remote order entry segment is estimated to grow at a rapid pace in the coming years, due to the capability of pharmacists to access patients’ electronic health records from a remote location. The segment growth is further attributed to the rising demand for real-time medication and verification steps.
Delivery Mode Segment Analysis
Based on delivery mode, the market is segregated into on-premises, web-based, and cloud-based. The cloud-based segment is estimated to expand at a considerable CAGR during the projected period, due to the ease of access from a remote location. Cloud-based software serves through the internet, which enhanced flexibility and scalability.
End-User Segment Analysis
Based on end-user, the market is divided into primary care centre, hospitals, pharmacies, nursing homes, and others. The hospital segment is projected to register a robust growth rate during the projection period, due to the unavailability of pharmacists in hospitals of rural areas. Furthermore, private hospitals and other healthcare providers cannot afford pharmacists, thus they use telepharmacy to prescribe medicines.
Component Segment Analysis
On the basis of component, the telepharmacy market is segmented into hardware and software. The software segment is expected to dominate the market during the forecast period, as it offers both counseling and digital prescription verification services. Pharmacy software incorporates workflow, automation, and operational management into a single unified architecture. This software system batch and tracks orders from entry to the point of sale and improved the accuracy of the prescription dispensing process.
Regional Analysis
In terms of region, the global telepharmacy market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is projected to dominate the market during the assessment period, due to the rising investments in technological advancements.
Growing adoption of smartphones along with internet penetration, and favorable reimbursement policies are likely to foster the market in the region. Increasing disposable income coupled with Canada encouraging people to adopt telepharmacy solutions is expected to boost the market in the region.
The market in Asia Pacific is anticipated to expand at a significant pace during the projection period, due to the increasing patient of chronic diseases at a rapid pace. The market growth is further attributed to the growing usage of smartphones, increasing government funding for developing healthcare sectors, and rising digitization.
Segments
The global telepharmacy market has been segmented on the basis of
Service
- Remote Order Entry
- Pharmacy Consultation
- Remote Dispensing
- Patient Counseling
- Drug Therapy Monitoring
- Others
Delivery Mode
- On-premises
- Web-based
- Cloud-based
Component
- Hardware
- Software
End-user
- Primary Care Centre
- Hospitals
- Pharmacies
- Nursing Homes
- Others
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- TelePharm, LLC.
- Medication Review
- McKesson Ventures
- North West Company
- PIPELINE HEALTH
- MITSUI & CO., LTD
- Medtel Communications
- One Touch Telehealth
- CPS Solutions, LLC
- Lightship
- AMN Healthcare
Competitive Landscape
Key players competing in the global telepharmacy market are TelePharm, LLC.; Medication Review; McKesson Ventures; North West Company; PIPELINE HEALTH; MITSUI & CO., LTD; Medtel Communications; One Touch Telehealth; CPS Solutions, LLC; Lightship; and AMN Healthcare.
These companies adopt strategies including mergers, acquisitions, partnerships, collaboration, product launches, and production expansion to expand their consumer base worldwide. For instance,
- On December 12, 2022, Matternet launched the world’s largest Urban Drone Delivery Route connecting to hospitals and laboratories in Zurich, Switzerland. This delivery system has begun the test operations on a five-kilometer beyond-visual-line-of-sight (BVLOS) route over the city of Zurich. This route is used to transport diagnostic samples between the Triemli and Wapid Hospitals and the world’s longest drone delivery route over the city.
- On September 28, 2022, Lightship entered into a strategic partnership with Acclinate, a digital health company. The partnership is to increase engagement and access of diverse populations in a decentralized neurology clinical trial for a large pharmaceutical company.
- On June 2, 2022, CPS Solutions, LLC successfully completed its acquisition of Trellis Rx, LLC. The acquisition complements existing end-to-end suite of products and solutions across inpatient, outpatient, & specialty pharmacy.
- On December 1, 2021, Cureatr, Inc. launched an updated version of its website to bring focus to the significant traction, where the company is helping health plans and at-risk provider organizations with its Medication Reconciliation Post-Discharge (MRP) clinical telepharmacy service and other clinical telepharmacy services enhanced by or triggered by the company’s real-time data assets.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Telepharmacy Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Telepharmacy Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Telepharmacy Market - Supply Chain
4.5. Global Telepharmacy Market Forecast
4.5.1. Telepharmacy Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Telepharmacy Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Telepharmacy Market Absolute $ Opportunity
5. Global Telepharmacy Market Analysis and Forecast by End Users
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by End Users
5.2.2. Y-o-Y Growth Projections by End Users
5.3. Telepharmacy Market Size and Volume Forecast by End Users
5.3.1. Primary Care Centers
5.3.2. Hospitals
5.3.3. Pharmacies
5.3.4. Nursing Homes
5.3.5. Others
5.4. Absolute $ Opportunity Assessment by End Users
5.5. Market Attractiveness/Growth Potential Analysis by End Users
6. Global Telepharmacy Market Analysis and Forecast by Region
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Region
6.2.2. Y-o-Y Growth Projections by Region
6.3. Telepharmacy Market Size and Volume Forecast by Region
6.3.1. North America
6.3.2. Latin America
6.3.3. Europe
6.3.4. Asia Pacific
6.3.5. Middle East and Africa (MEA)
6.4. Absolute $ Opportunity Assessment by Region
6.5. Market Attractiveness/Growth Potential Analysis by Region
6.6. Global Telepharmacy Demand Share Forecast, 2019-2026
7. North America Telepharmacy Market Analysis and Forecast
7.1. Introduction
7.1.1. Basis Point Share (BPS) Analysis by Country
7.1.2. Y-o-Y Growth Projections by Country
7.2. North America Telepharmacy Market Size and Volume Forecast by Country
7.2.1. U.S.
7.2.2. Canada
7.3. Absolute $ Opportunity Assessment by Country
7.4. North America Telepharmacy Market Size and Volume Forecast by End Users
7.4.1. Primary Care Centers
7.4.2. Hospitals
7.4.3. Pharmacies
7.4.4. Nursing Homes
7.4.5. Others
7.5. Basis Point Share (BPS) Analysis by End Users
7.6. Y-o-Y Growth Projections by End Users
7.7. Market Attractiveness/Growth Potential Analysis
7.7.1. By Country
7.7.2. By Product Type
7.7.3. By Application
7.8. North America Telepharmacy Demand Share Forecast, 2019-2026
8. Latin America Telepharmacy Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.1.3. Latin America Average Pricing Analysis
8.2. Latin America Telepharmacy Market Size and Volume Forecast by Country
8.2.1. Brazil
8.2.2. Mexico
8.2.3. Rest of Latin America
8.3. Absolute $ Opportunity Assessment by Country
8.4. Latin America Telepharmacy Market Size and Volume Forecast by End Users
8.4.1. Primary Care Centers
8.4.2. Hospitals
8.4.3. Pharmacies
8.4.4. Nursing Homes
8.4.5. Others
8.5. Basis Point Share (BPS) Analysis by End Users
8.6. Y-o-Y Growth Projections by End Users
8.7. Market Attractiveness/Growth Potential Analysis
8.7.1. By Country
8.7.2. By Product Type
8.7.3. By Application
8.8. Latin America Telepharmacy Demand Share Forecast, 2019-2026
9. Europe Telepharmacy Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Europe Average Pricing Analysis
9.2. Europe Telepharmacy Market Size and Volume Forecast by Country
9.2.1. Germany
9.2.2. France
9.2.3. Italy
9.2.4. U.K.
9.2.5. Spain
9.2.6. Russia
9.2.7. Rest of Europe
9.3. Absolute $ Opportunity Assessment by Country
9.4. Europe Telepharmacy Market Size and Volume Forecast by End Users
9.4.1. Primary Care Centers
9.4.2. Hospitals
9.4.3. Pharmacies
9.4.4. Nursing Homes
9.4.5. Others
9.5. Basis Point Share (BPS) Analysis by End Users
9.6. Y-o-Y Growth Projections by End Users
9.7. Market Attractiveness/Growth Potential Analysis
9.7.1. By Country
9.7.2. By Product Type
9.7.3. By Application
9.8. Europe Telepharmacy Demand Share Forecast, 2019-2026
10. Asia Pacific Telepharmacy Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Asia Pacific Average Pricing Analysis
10.2. Asia Pacific Telepharmacy Market Size and Volume Forecast by Country
10.2.1. China
10.2.2. Japan
10.2.3. South Korea
10.2.4. India
10.2.5. Australia
10.2.6. Rest of Asia Pacific (APAC)
10.3. Absolute $ Opportunity Assessment by Country
10.4. Asia Pacific Telepharmacy Market Size and Volume Forecast by End Users
10.4.1. Primary Care Centers
10.4.2. Hospitals
10.4.3. Pharmacies
10.4.4. Nursing Homes
10.4.5. Others
10.5. Basis Point Share (BPS) Analysis by End Users
10.6. Y-o-Y Growth Projections by End Users
10.7. Market Attractiveness/Growth Potential Analysis
10.7.1. By Country
10.7.2. By Product Type
10.7.3. By Application
10.8. Asia Pacific Telepharmacy Demand Share Forecast, 2019-2026
11. Middle East & Africa Telepharmacy Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Middle East & Africa Average Pricing Analysis
11.2. Middle East & Africa Telepharmacy Market Size and Volume Forecast by Country
11.2.1. Saudi Arabia
11.2.2. South Africa
11.2.3. UAE
11.2.4. Rest of Middle East & Africa (MEA)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Middle East & Africa Telepharmacy Market Size and Volume Forecast by End Users
11.4.1. Primary Care Centers
11.4.2. Hospitals
11.4.3. Pharmacies
11.4.4. Nursing Homes
11.4.5. Others
11.5. Basis Point Share (BPS) Analysis by End Users
11.6. Y-o-Y Growth Projections by End Users
11.7. Market Attractiveness/Growth Potential Analysis
11.7.1. By Country
11.7.2. By Product Type
11.7.3. By Application
11.8. Middle East & Africa Telepharmacy Demand Share Forecast, 2019-2026
12. Competition Landscape
12.1. Global Telepharmacy Market: Market Share Analysis
12.2. Telepharmacy Distributors and Customers
12.3. Telepharmacy Market: Competitive Dashboard
12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
12.4.1. TelePharm, LLC.
12.4.2. Medication Review
12.4.3. McKesson Ventures
12.4.4. North West Company
12.4.5. PIPELINE HEALTH
12.4.6. MITSUI & CO., LTD
12.4.7. Medtel Communications
12.4.8. One Touch Telehealth
12.4.9. CPS Solutions, LLC
12.4.10. Lightship
12.4.11. AMN Healthcare
Methodology
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