Telepharmacy Market
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The global telepharmacy market size was valued at USD 9.9 billion in 2023 and is estimated to grow at a CAGR of 10.4% from 2024 to 2032. Telepharmacy is concerned with the provision of pharmaceutical care with the aid of telecommunications technology. It permits a pharmacist to perform a variety of functions such as patient monitoring, counseling, and prescription verification without being physically present for a consultation. Telepharmacy advances the provision of pharmaceutical care to the underserved population groups remotely, while enabling better supervision of the medication.
The market is growing rapidly due to the demand for reliable pharmacy services in remote regions, where access to pharmaceutical care is scant. Patients can get their prescriptions, receive the necessary counseling, and even have their medications managed by competent pharmacists through online platforms. The COVID-19 pandemic provided a much-needed jump start to the adoption of telepharmacy because of the need for physicians to provide safe care at a distance.
Report Attribute | Details |
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Base Year: | 2023 |
Telepharmacy Market Size in 2023: | USD 9.9 Billion |
Forecast Period: | 2024 – 2032 |
Forecast Period 2023 - 2032 CAGR: | 10.4 |
2023 Value Projection: | USD 23.6 Billion |
Historical Data for: | 2021-2023 |
No of Pages: | 140 |
Tables, Charts & Figures: | 120 |
Segments Covered: | Software & Services, End use, and Region |
Growth Drivers: |
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Pitfalls Challenges: |
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For example, in a comparative group of patients with and without access to telepharmacy services during the pandemic, a study found significantly lower rates of worsening health and steerage towards hospitalization. There is a lot of evidence to suggest that having access to telepharmacy, in particular, can have a positive impact on outpatient care during the pandemic, and afterwards. The pandemic positively influenced the market due to providers seeking to have alternative means of interacting with patients remotely.
Also, the global increase in smartphone use facilitates remote pharmacy services access to a larger population, which will enable the market to expand further in the future.
Moreover, secure video conferencing along with other newer technologies and the use of electronic health records will aid in enhancing telepharmacy as they improve patient interaction and operational efficiency.
Enhanced internet connectivity and the increase in the use of mobile phones enable remote consultations, prescriptions, and monitoring of patients. In addition, new software applications enhance the pharmacist-client communication and information security. These improvements in technology optimize pharmacy work processes, broaden their accessibility, and increase patients’ participation. With the improvements in telecommunication and computer software, the market is expected to grow significantly with the advancement in digital healthcare.
Therefore, while telepharmacy has strong merits in the market, other issues such as data and information security, privacy, legal and regulatory issues and licensing frameworks are significant barriers for the widespread use of telepharmacy. These questions need to be solved to make optimal and responsible use of this fast growing market.
Based on software & services, the global market is segmented into software and services. The software segment dominated the market and is anticipated to grow at 10.7% CAGR over the forecast period. The software segment was further categorized into on-premises and web-based/cloud-based.
Based on the end use in the global telepharmacy market is categorized into hospitals pharmacies, retail pharmacies, and other end users. The hospitals pharmacies segment accounted for the highest market share of 49.2% in 2023.
In 2023, the U.S. held a leading position in the North American telepharmacy market and is projected to maintain this dominance throughout the forecast period, with a CAGR of 10.1%.
China holds the highest share in the Asia Pacific telepharmacy market in 2023.
Germany held a prominent position in the Europe telepharmacy market.
Brazil accounted for the highest revenue in the Latin American telepharmacy market
Saudi Arabia is poised to grow at a significant growth rate in the Middle East and African telepharmacy market.
The market is characterized by the presence of established healthcare IT companies and small startups all vying for a share in the market. Primary stakeholders often combine their wide-ranging pharmacy networks and advanced technology to bolster telepharmacy services. New entrants tend to concentrate on new ideas that enhance medication adherence and patient motivated interventions.
The market is also characterized by rapid advancements in technology which result in a lot of partnerships and joint ventures aimed at service expansion. In addition, ensuring compliance with healthcare industry regulations and security of sensitive information are other important areas of concern in telepharmacy.
Few of the prominent players operating in the telepharmacy industry include:
Market, By Software & Services
Market, By End Use
The above information is provided for the following regions and countries:
In 2023, the U.S. held a leading position in the North American market and is projected to maintain this dominance throughout the forecast period, with a CAGR of 10.1%, driven by advanced healthcare infrastructure and high adoption of digital health solutions.
Key players in the telepharmacy sector include AZOVA, Cardinal Health, CarepathRx, CPS Solutions, Indispensable Health, Infinipharm, Medication Review, OSP, Outcomes, PipelineRx, and Right ePharmacy.
The software segment dominated the market in 2023 and is anticipated to grow at a 10.7% CAGR over the forecast period due to the rising demand for robust platforms supporting remote consultations, prescription management, and patient monitoring.
The global telepharmacy industry was valued at USD 9.9 billion in 2023 and is estimated to grow at a 10.4% CAGR from 2024 to 2032, driven by the increasing need for remote pharmaceutical care.