What Has Been the Progress and Growth of the Telepharmacy Market in Recent Years?
The telepharmacy market has seen considerable growth due to a variety of factors.
• In the past few years, the telepharmacy market has expanded significantly. It is forecasted to increase from $12.23 billion in 2024 to $14.27 billion in 2025, with a Compound Annual Growth Rate (CAGR) of 16.6%.
This vibrant growth during the historical period is a consequence of efforts to curb healthcare disparities, initiatives from government and health insurance bodies, an uptick in attention on preventive care, soaring demand for remote healthcare services, and augmentation in healthcare accessibility and reach in rural areas.
What Is The Expected Growth In The Telepharmacy Market Size Evolve over the Forecast Period?
The telepharmacy market is expected to maintain its strong growth trajectory in upcoming years.
• The projected size of the telepharmacy market is expected to experience significant expansion in the upcoming years. It's anticipated to ascend to $26.18 billion by 2029, with a compound annual growth rate (CAGR) of 16.4%.
The rise projected for this period can be traced back to factors such as virtual care collaborations, increasing acceptance of cloud-based solutions, improved chronic disease control, demand for combined care models, and expansion of home healthcare services. Key trends for the prediction period comprise incorporation of technology with wearable devices, the creation of mobile health (mHealth) applications, progress in telecommunications technologies, enhancement in telehealth technologies, and merging with electronic health records (EHRs).
What Main Forces Are Fueling Expansion In The Telepharmacy Market?
The telepharmacy market is set to grow due to the escalating demand for chronic disease management. This refers to the continuous process of treating, monitoring, and aiding people with long-term health conditions like diabetes, heart diseases, hypertension, asthma, and arthritis. The requirement for chronic disease management is growing with the increasing number of chronic illnesses and the enhancing need for long-term personalized care to enhance patient results. Telepharmacy aids in chronic disease management by rendering remote medication counseling and supervision, thereby improving patient adherence and care accessibility. For instance, a report in August 2022 from the American College of Cardiology, a non-profit medical association in the US, projected that the four major cardiovascular risk factors would rise from 2025 to 2060. Diabetes is predicted to have the highest percentage leap, with an increase of 39.3% to 55 million individuals. This is then followed by dyslipidemia (27.6% to 126 million), hypertension (25.1% to 162 million), and obesity (18.3% to 126 million). Consequently, the growing demand for chronic disease management is fueling the advancement of the telepharmacy market.
What Are The Primary Segments In The Global Telepharmacy Market?
The telepharmacymarket covered in this report is segmented –
1) By Type: Inpatient, Remote Dispensing, Intravenous Admixture, Patient Counselling, Drug Therapy Monitoring, Refill Authorization For Prescription Drugs
2) By Component: Hardware, Software
3) By Delivery Mode: On Premises, Web Based, Cloud Based
4) By Application: Hospitals, Small Pharmacies, Nursing Home, Prisons, Military Base, War Ships
Subsegments:
1) Inpatient: Hospital Telepharmacy, Specialty Pharmacy
2) Remote Dispensing: Automated Dispensing Machines, Remote Patient Monitoring
3) Intravenous Admixture: Total Parenteral Nutrition, Compounded Medications
4) Patient Counselling: Video Consultations, Chat Support
5) Drug Therapy Monitoring: Adherence Monitoring, Side Effect Management
6) Refill Authorization For Prescription Drugs: Automatic Refills, Patient Request Systems
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How Are New Trends Impacting The Size Of The Telepharmacy Market?
Key players in the telepharmacy sector are prioritizing the creation of novel solutions, such as telehealth platforms, to augment patient accessibility to pharmaceutical healthcare. A telehealth platform serves as a digital tool that equips healthcare professionals to offer remote services using various communication options like video calls, texts, and secured data transfer. This enables virtual consultation, supervision, diagnosis, and management between medical personnel and patients, eliminating the need for face-to-face appointments. For instance, in January 2024, Eli Lilly, an American pharma firm, introduced LillyDirect, a telehealth platform purposed at directly marketing certain medications to customers. This groundbreaking strategy allows patients to access prescriptions for conditions like obesity, migraines, and diabetes, sidestepping conventional healthcare pathways and effectively evading the usual process from doctor to pharmacy. The platform's main attractions include direct procurement of prescriptions and delivery at home.
Who Are the Key Players In The Telepharmacy Market?
Major companies operating in the telepharmacy market are:
• Cardinal Health Inc.
• Dartmouth-Hitchcock Medical Center
• Comprehensive Pharmacy Services Inc.
• Tabula Rasa HealthCare
• Alto Pharmacy
• CarepathRx
• Truepill
• Carepoint Pharmacy
• Pipeline Health Holdings
• Nurx
• Advanced Rx Management
• Mosaic Wellness
• MedTel Services
• Medication Review Inc.
• Phlo
• Locke Bio
• PharmD Live
• North West TelePharmacy Solutions
• One Touch Telehealth
• Heyva Health
What Is The Most Dominant Region In The Telepharmacy Market?
North America was the largest region in the telepharmacy market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the telepharmacy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
