PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1403435
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1403435
Telepharmacy Market Forecasts to 2030 - Global Analysis By Service (Drug Therapy Monitoring, Patient Counselling and Other Services), By Delivery Mode (On-premises, Cloud-based and Web-based), Device, End User and By Geography
According to Stratistics MRC, the Global Telepharmacy Market is accounted for $9.2 billion in 2023 and is expected to reach $30.1 billion by 2030 growing at a CAGR of 18.4% during the forecast period. Telepharmacy encompasses remote pharmaceutical services delivered via telecommunications and digital platforms. It enables pharmacists to provide medication consultations, therapy management and dispensing remotely. Telepharmacy enhances accessibility to pharmacy services, especially in underserved regions, facilitates medication adherence, and offers virtual consultations, aiding in patient care and medication support through remote interactions and technological solutions.
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.
Market Dynamics:
Driver:
Growing demand for remote healthcare solutions
The increasing demand for remote healthcare solutions drives the telepharmacy market. Factors such as geographic barriers, limited access to pharmacies and the need for convenient healthcare options, especially in rural or underserved areas, fuel this demand. Telepharmacy addresses these challenges by offering remote pharmaceutical services, including medication consultations, therapy management, and prescription refills. The growing preference for virtual interactions, coupled with the desire for accessible and timely healthcare, positions telepharmacy as a pivotal solution, propelling its adoption and market growth.
Restraint:
Challenges in obtaining licenses across different jurisdictions
Different regulations and licensing requirements in different regions or states demand complex compliance procedures. Telepharmacy services operating across multiple jurisdictions must navigate varied legal frameworks, which often involve rigorous and time-consuming processes for licensure. The need for adherence to distinct regulations complicates operations, increases administrative burdens, and hampers swift market expansion. This challenge of navigating diverse licensing requirements across jurisdictions impedes the seamless delivery of telepharmacy services, limiting geographic reach and scalability.
Opportunity:
Growing awareness regarding the telepharmacy
The increasing awareness surrounding telepharmacy presents a significant opportunity in the market. As remote healthcare solutions grow among patients and healthcare providers, there's heightened recognition of the benefits telepharmacy offers, including improved accessibility to pharmaceutical services, enhanced medication management and expanded healthcare reach, especially in underserved areas. This awareness fosters greater acceptance and adoption of telepharmacy solutions, encouraging both patients and healthcare organizations to embrace these remote services, thereby driving the market's growth and facilitating a more widespread implementation of telepharmacy initiatives.
Threat:
Privacy and data security risks
Handling sensitive patient information remotely increases vulnerability to cyber threats, data breaches and unauthorized access. Protecting patient confidentiality and complying with stringent privacy regulations have become paramount. Mishandling or unauthorized disclosure of health data erodes patient trust and could lead to legal repercussions, which further hinders market expansion.
COVID-19 Impact:
The COVID-19 pandemic significantly accelerated the adoption of telepharmacy solutions. The crisis highlighted the need for remote healthcare access, prompting increased reliance on telemedicine and telepharmacy services. Lockdowns, social distancing measures and healthcare facility limitations pushed patients and providers to embrace remote consultations, prescription refills and medication management through telepharmacy platforms. This surge in demand showcased telepharmacy's potential in ensuring continuity of care, shaping a long-term shift towards remote pharmaceutical services.
The patient counselling segment is expected to be the largest during the forecast period
The patient counselling segment is expected to dominate the telepharmacy market due to its pivotal role in medication management and patient-centric care. Telepharmacy facilitates personalized counseling, empowering patients with comprehensive medication guidance, dosage instructions, and adverse effects management. As healthcare increasingly focuses on patient engagement and adherence, telepharmacy's ability to offer remote counseling services, especially for chronic conditions or complex therapies, becomes crucial. This demand for tailored counseling propels the patient counselling segment, emphasizing its significance in ensuring effective pharmaceutical care through telepharmacy services.
The hospitals segment is expected to have the highest CAGR during the forecast period
The hospitals segment is anticipated to experience substantial growth in the telepharmacy market due to evolving healthcare dynamics. Hospitals increasingly adopt telepharmacy to optimize patient care, streamline medication management, and extend services remotely. The integration of telepharmacy solutions within hospital systems enhances medication adherence and facilitates virtual consultations, especially for discharged patients or those with chronic conditions. Additionally, telepharmacy augments healthcare access, reducing readmission rates and ensuring continuous medication support, positioning the hospitals segment for significant expansion.
Region with largest share:
North America is expected to register the largest market share in the telepharmacy market, owing to its advanced healthcare infrastructure, tech-driven innovation, and mature telehealth landscape. The region boasts robust regulatory frameworks supporting telepharmacy adoption. Furthermore, increased healthcare spending, a growing aging population, and the emphasis on improving healthcare access drive the demand for remote pharmaceutical services. With established telehealth practices and widespread digital connectivity, North America is primed to lead in telepharmacy, leveraging its technological prowess and healthcare advancements to cater to evolving patient needs.
Region with highest CAGR:
Asia Pacific is set to witness substantial growth in the telepharmacy market due to the region's expanding healthcare infrastructure, increasing adoption of digital technology and rising demand for accessible healthcare services. Telepharmacy addresses geographical barriers, especially in remote areas, by offering convenient access to pharmaceutical expertise. Moreover, the region's tech-savvy population and the escalating need for efficient healthcare delivery systems further propel the adoption of telepharmacy solutions, positioning Asia Pacific for lucrative growth in remote pharmaceutical services.
Key players in the market:
Some of the key players in telepharmacy market include Capsule Technologies, CPS Solutions, LLC, Digital Pharmacist Inc., McKesson Ventures, Medication Review, Inc., Medtel Communications, Omnicell, Inc., PharmaPoint, PioneerRx, Pipeline Healthcare, TelePharm (Cardinal Health), Transaction Data Systems, Inc. and ZipDrug.
Key Developments:
In May 2023, OneroRx is pleased to announce that Community Pharmacy of Dunlap is open to serve residents of Dunlap, Iowa, and its surrounding communities. Community Pharmacy has worked closely with Dunlap Community Development Corporation (DCDC) to bring pharmacy services back to the area.
In July 2022, RxLive, a provider of population health pharmacy solutions, today announced a $5 million Series A funding round. The digital health startup's round was led by SpringTide, a healthtech-focused venture capital firm, with participation by Cardinal Health™, a distributor of pharmaceuticals, a global manufacturer and distributor of medical and laboratory products, and a provider of performance and data solutions in health care. RxLive has raised a total of $8 million to date.
Services Covered:
- Drug Therapy Monitoring
- Patient Counselling
- Refill Authorization for Prescription Drugs
- Remote Dispensing
- Other Services
Delivery Modes Covered:
- On-premises
- Cloud-based
- Web-based
Devices Covered:
- Computers
- Smartphones
- Tablets and Kiosk
End Users Covered:
- Primary Care Centers
- Hospitals
- Other End Users
Regions Covered:
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Argentina
- Brazil
- Chile
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
- Company Profiling
- Comprehensive profiling of additional market players (up to 3)
- SWOT Analysis of key players (up to 3)
- Regional Segmentation
- Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
- Competitive Benchmarking
- Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 End User Analysis
- 3.7 Emerging Markets
- 3.8 Impact of Covid-19
4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
5 Global Telepharmacy Market, By Service
- 5.1 Introduction
- 5.2 Drug Therapy Monitoring
- 5.3 Patient Counselling
- 5.4 Refill Authorization for Prescription Drugs
- 5.5 Remote Dispensing
- 5.6 Other Services
6 Global Telepharmacy Market, By Delivery Mode
- 6.1 Introduction
- 6.2 On-premises
- 6.3 Cloud-based
- 6.4 Web-based
7 Global Telepharmacy Market, By Device
- 7.1 Introduction
- 7.2 Computers
- 7.3 Smartphones
- 7.4 Tablets and Kiosk
8 Global Telepharmacy Market, By End User
- 8.1 Introduction
- 8.2 Primary Care Centers
- 8.3 Hospitals
- 8.4 Other End Users
9 Global Telepharmacy Market, By Geography
- 9.1 Introduction
- 9.2 North America
- 9.2.1 US
- 9.2.2 Canada
- 9.2.3 Mexico
- 9.3 Europe
- 9.3.1 Germany
- 9.3.2 UK
- 9.3.3 Italy
- 9.3.4 France
- 9.3.5 Spain
- 9.3.6 Rest of Europe
- 9.4 Asia Pacific
- 9.4.1 Japan
- 9.4.2 China
- 9.4.3 India
- 9.4.4 Australia
- 9.4.5 New Zealand
- 9.4.6 South Korea
- 9.4.7 Rest of Asia Pacific
- 9.5 South America
- 9.5.1 Argentina
- 9.5.2 Brazil
- 9.5.3 Chile
- 9.5.4 Rest of South America
- 9.6 Middle East & Africa
- 9.6.1 Saudi Arabia
- 9.6.2 UAE
- 9.6.3 Qatar
- 9.6.4 South Africa
- 9.6.5 Rest of Middle East & Africa
10 Key Developments
- 10.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 10.2 Acquisitions & Mergers
- 10.3 New Product Launch
- 10.4 Expansions
- 10.5 Other Key Strategies
11 Company Profiling
11.1 Capsule Technologies
11.2 CPS Solutions, LLC
11.3 Digital Pharmacist Inc.
11.4 McKesson Ventures
11.5 Medication Review, Inc.
11.6 Medtel Communications
11.7 Omnicell, Inc.
11.8 PharmaPoint
11.9 PioneerRx
11.10 Pipeline Healthcare
11.11 TelePharm (Cardinal Health)
11.12 Transaction Data Systems, Inc.
11.13 ZipDrug
List of Tables
- Table 1 Global Telepharmacy Market Outlook, By Region (2021-2030) ($MN)
- Table 2 Global Telepharmacy Market Outlook, By Service (2021-2030) ($MN)
- Table 3 Global Telepharmacy Market Outlook, By Drug Therapy Monitoring (2021-2030) ($MN)
- Table 4 Global Telepharmacy Market Outlook, By Patient Counselling (2021-2030) ($MN)
- Table 5 Global Telepharmacy Market Outlook, By Refill Authorization for Prescription Drugs (2021-2030) ($MN)
- Table 6 Global Telepharmacy Market Outlook, By Remote Dispensing (2021-2030) ($MN)
- Table 7 Global Telepharmacy Market Outlook, By Other Services (2021-2030) ($MN)
- Table 8 Global Telepharmacy Market Outlook, By Delivery Mode (2021-2030) ($MN)
- Table 9 Global Telepharmacy Market Outlook, By On-premises (2021-2030) ($MN)
- Table 10 Global Telepharmacy Market Outlook, By Cloud-based (2021-2030) ($MN)
- Table 11 Global Telepharmacy Market Outlook, By Web-based (2021-2030) ($MN)
- Table 12 Global Telepharmacy Market Outlook, By Device (2021-2030) ($MN)
- Table 13 Global Telepharmacy Market Outlook, By Computers (2021-2030) ($MN)
- Table 14 Global Telepharmacy Market Outlook, By Smartphones (2021-2030) ($MN)
- Table 15 Global Telepharmacy Market Outlook, By Tablets and Kiosk (2021-2030) ($MN)
- Table 16 Global Telepharmacy Market Outlook, By End User (2021-2030) ($MN)
- Table 17 Global Telepharmacy Market Outlook, By Primary Care Centers (2021-2030) ($MN)
- Table 18 Global Telepharmacy Market Outlook, By Hospitals (2021-2030) ($MN)
- Table 19 Global Telepharmacy Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 20 North America Telepharmacy Market Outlook, By Country (2021-2030) ($MN)
- Table 21 North America Telepharmacy Market Outlook, By Service (2021-2030) ($MN)
- Table 22 North America Telepharmacy Market Outlook, By Drug Therapy Monitoring (2021-2030) ($MN)
- Table 23 North America Telepharmacy Market Outlook, By Patient Counselling (2021-2030) ($MN)
- Table 24 North America Telepharmacy Market Outlook, By Refill Authorization for Prescription Drugs (2021-2030) ($MN)
- Table 25 North America Telepharmacy Market Outlook, By Remote Dispensing (2021-2030) ($MN)
- Table 26 North America Telepharmacy Market Outlook, By Other Services (2021-2030) ($MN)
- Table 27 North America Telepharmacy Market Outlook, By Delivery Mode (2021-2030) ($MN)
- Table 28 North America Telepharmacy Market Outlook, By On-premises (2021-2030) ($MN)
- Table 29 North America Telepharmacy Market Outlook, By Cloud-based (2021-2030) ($MN)
- Table 30 North America Telepharmacy Market Outlook, By Web-based (2021-2030) ($MN)
- Table 31 North America Telepharmacy Market Outlook, By Device (2021-2030) ($MN)
- Table 32 North America Telepharmacy Market Outlook, By Computers (2021-2030) ($MN)
- Table 33 North America Telepharmacy Market Outlook, By Smartphones (2021-2030) ($MN)
- Table 34 North America Telepharmacy Market Outlook, By Tablets and Kiosk (2021-2030) ($MN)
- Table 35 North America Telepharmacy Market Outlook, By End User (2021-2030) ($MN)
- Table 36 North America Telepharmacy Market Outlook, By Primary Care Centers (2021-2030) ($MN)
- Table 37 North America Telepharmacy Market Outlook, By Hospitals (2021-2030) ($MN)
- Table 38 North America Telepharmacy Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 39 Europe Telepharmacy Market Outlook, By Country (2021-2030) ($MN)
- Table 40 Europe Telepharmacy Market Outlook, By Service (2021-2030) ($MN)
- Table 41 Europe Telepharmacy Market Outlook, By Drug Therapy Monitoring (2021-2030) ($MN)
- Table 42 Europe Telepharmacy Market Outlook, By Patient Counselling (2021-2030) ($MN)
- Table 43 Europe Telepharmacy Market Outlook, By Refill Authorization for Prescription Drugs (2021-2030) ($MN)
- Table 44 Europe Telepharmacy Market Outlook, By Remote Dispensing (2021-2030) ($MN)
- Table 45 Europe Telepharmacy Market Outlook, By Other Services (2021-2030) ($MN)
- Table 46 Europe Telepharmacy Market Outlook, By Delivery Mode (2021-2030) ($MN)
- Table 47 Europe Telepharmacy Market Outlook, By On-premises (2021-2030) ($MN)
- Table 48 Europe Telepharmacy Market Outlook, By Cloud-based (2021-2030) ($MN)
- Table 49 Europe Telepharmacy Market Outlook, By Web-based (2021-2030) ($MN)
- Table 50 Europe Telepharmacy Market Outlook, By Device (2021-2030) ($MN)
- Table 51 Europe Telepharmacy Market Outlook, By Computers (2021-2030) ($MN)
- Table 52 Europe Telepharmacy Market Outlook, By Smartphones (2021-2030) ($MN)
- Table 53 Europe Telepharmacy Market Outlook, By Tablets and Kiosk (2021-2030) ($MN)
- Table 54 Europe Telepharmacy Market Outlook, By End User (2021-2030) ($MN)
- Table 55 Europe Telepharmacy Market Outlook, By Primary Care Centers (2021-2030) ($MN)
- Table 56 Europe Telepharmacy Market Outlook, By Hospitals (2021-2030) ($MN)
- Table 57 Europe Telepharmacy Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 58 Asia Pacific Telepharmacy Market Outlook, By Country (2021-2030) ($MN)
- Table 59 Asia Pacific Telepharmacy Market Outlook, By Service (2021-2030) ($MN)
- Table 60 Asia Pacific Telepharmacy Market Outlook, By Drug Therapy Monitoring (2021-2030) ($MN)
- Table 61 Asia Pacific Telepharmacy Market Outlook, By Patient Counselling (2021-2030) ($MN)
- Table 62 Asia Pacific Telepharmacy Market Outlook, By Refill Authorization for Prescription Drugs (2021-2030) ($MN)
- Table 63 Asia Pacific Telepharmacy Market Outlook, By Remote Dispensing (2021-2030) ($MN)
- Table 64 Asia Pacific Telepharmacy Market Outlook, By Other Services (2021-2030) ($MN)
- Table 65 Asia Pacific Telepharmacy Market Outlook, By Delivery Mode (2021-2030) ($MN)
- Table 66 Asia Pacific Telepharmacy Market Outlook, By On-premises (2021-2030) ($MN)
- Table 67 Asia Pacific Telepharmacy Market Outlook, By Cloud-based (2021-2030) ($MN)
- Table 68 Asia Pacific Telepharmacy Market Outlook, By Web-based (2021-2030) ($MN)
- Table 69 Asia Pacific Telepharmacy Market Outlook, By Device (2021-2030) ($MN)
- Table 70 Asia Pacific Telepharmacy Market Outlook, By Computers (2021-2030) ($MN)
- Table 71 Asia Pacific Telepharmacy Market Outlook, By Smartphones (2021-2030) ($MN)
- Table 72 Asia Pacific Telepharmacy Market Outlook, By Tablets and Kiosk (2021-2030) ($MN)
- Table 73 Asia Pacific Telepharmacy Market Outlook, By End User (2021-2030) ($MN)
- Table 74 Asia Pacific Telepharmacy Market Outlook, By Primary Care Centers (2021-2030) ($MN)
- Table 75 Asia Pacific Telepharmacy Market Outlook, By Hospitals (2021-2030) ($MN)
- Table 76 Asia Pacific Telepharmacy Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 77 South America Telepharmacy Market Outlook, By Country (2021-2030) ($MN)
- Table 78 South America Telepharmacy Market Outlook, By Service (2021-2030) ($MN)
- Table 79 South America Telepharmacy Market Outlook, By Drug Therapy Monitoring (2021-2030) ($MN)
- Table 80 South America Telepharmacy Market Outlook, By Patient Counselling (2021-2030) ($MN)
- Table 81 South America Telepharmacy Market Outlook, By Refill Authorization for Prescription Drugs (2021-2030) ($MN)
- Table 82 South America Telepharmacy Market Outlook, By Remote Dispensing (2021-2030) ($MN)
- Table 83 South America Telepharmacy Market Outlook, By Other Services (2021-2030) ($MN)
- Table 84 South America Telepharmacy Market Outlook, By Delivery Mode (2021-2030) ($MN)
- Table 85 South America Telepharmacy Market Outlook, By On-premises (2021-2030) ($MN)
- Table 86 South America Telepharmacy Market Outlook, By Cloud-based (2021-2030) ($MN)
- Table 87 South America Telepharmacy Market Outlook, By Web-based (2021-2030) ($MN)
- Table 88 South America Telepharmacy Market Outlook, By Device (2021-2030) ($MN)
- Table 89 South America Telepharmacy Market Outlook, By Computers (2021-2030) ($MN)
- Table 90 South America Telepharmacy Market Outlook, By Smartphones (2021-2030) ($MN)
- Table 91 South America Telepharmacy Market Outlook, By Tablets and Kiosk (2021-2030) ($MN)
- Table 92 South America Telepharmacy Market Outlook, By End User (2021-2030) ($MN)
- Table 93 South America Telepharmacy Market Outlook, By Primary Care Centers (2021-2030) ($MN)
- Table 94 South America Telepharmacy Market Outlook, By Hospitals (2021-2030) ($MN)
- Table 95 South America Telepharmacy Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 96 Middle East & Africa Telepharmacy Market Outlook, By Country (2021-2030) ($MN)
- Table 97 Middle East & Africa Telepharmacy Market Outlook, By Service (2021-2030) ($MN)
- Table 98 Middle East & Africa Telepharmacy Market Outlook, By Drug Therapy Monitoring (2021-2030) ($MN)
- Table 99 Middle East & Africa Telepharmacy Market Outlook, By Patient Counselling (2021-2030) ($MN)
- Table 100 Middle East & Africa Telepharmacy Market Outlook, By Refill Authorization for Prescription Drugs (2021-2030) ($MN)
- Table 101 Middle East & Africa Telepharmacy Market Outlook, By Remote Dispensing (2021-2030) ($MN)
- Table 102 Middle East & Africa Telepharmacy Market Outlook, By Other Services (2021-2030) ($MN)
- Table 103 Middle East & Africa Telepharmacy Market Outlook, By Delivery Mode (2021-2030) ($MN)
- Table 104 Middle East & Africa Telepharmacy Market Outlook, By On-premises (2021-2030) ($MN)
- Table 105 Middle East & Africa Telepharmacy Market Outlook, By Cloud-based (2021-2030) ($MN)
- Table 106 Middle East & Africa Telepharmacy Market Outlook, By Web-based (2021-2030) ($MN)
- Table 107 Middle East & Africa Telepharmacy Market Outlook, By Device (2021-2030) ($MN)
- Table 108 Middle East & Africa Telepharmacy Market Outlook, By Computers (2021-2030) ($MN)
- Table 109 Middle East & Africa Telepharmacy Market Outlook, By Smartphones (2021-2030) ($MN)
- Table 110 Middle East & Africa Telepharmacy Market Outlook, By Tablets and Kiosk (2021-2030) ($MN)
- Table 111 Middle East & Africa Telepharmacy Market Outlook, By End User (2021-2030) ($MN)
- Table 112 Middle East & Africa Telepharmacy Market Outlook, By Primary Care Centers (2021-2030) ($MN)
- Table 113 Middle East & Africa Telepharmacy Market Outlook, By Hospitals (2021-2030) ($MN)
- Table 114 Middle East & Africa Telepharmacy Market Outlook, By Other End Users (2021-2030) ($MN)
