The global telepharmacy market is expected to witness growth from 2020 to 2027 due to the progression of technology and the increase in the prevalence of diseases. Telepharmacy provides consultation to patients that are living in remote locations thus ensuring access to quality health care service in medically backward and rural areas. Furthermore, telepharmacy provides pharma-care at minimal costs. It saves on the additional costs needed for capital investment and hiring a pharmacist. Additionally, increasing internet penetration coupled with rising internet users is fueling the market growth. Moreover, the prevalence of infectious diseases such as COVID-19 has resulted in social distancing and lockdowns. Therefore, people prefer online health services to limit exposure and the risk of infection. Thus, telepharmacy is gaining popularity in such pandemics and thereby increasing market growth.
On the basis of the services, the market is segmented into remote order entry, pharmacy consultations. The remote order entry services also called as inpatient telepharmacy provides real-time medication order along with review and verification for hospitals and health systems. The inpatient telepharmacy serves as an extension for the hospital-based in-house pharmacy. This assists the remote pharmacists to offer 24/7 coverage during peak hours so provide quality care to patients. Telepharmacy offers teleconsultation or counseling for patients via an interactive and secure video session or calls.
The hospital segment is expected to have a dominant market share owing to the significant advantages of telepharmacy. Unavailability of pharmacists in hospitals, rural area hospitals that cannot afford pharmacists are some of the factors driving the segment market growth. Moreover, the insufficiently skilled pharmacist is one of the factors increasing the demand for telepharmacy. The market growth is also expected in the primary care center and other healthcare organizations as favorable government initiatives to support telemedicine and increasing healthcare expenditure.
On the basis of region, North America, Europe, Asia Pacific, Latin America, & MEA are the five regional segments for the telepharmacy market. The market is dominant in the North American region followed by the European region due to the increased internet penetration coupled with favorable reimbursement policies. Additionally, rising disposable income along with technologically advanced infrastructure is fostering the market growth.
Asia-Pacific is anticipated to experience lucrative growth in the telepharmacy market over the forecast period owing to the rising smartphone adoption, increasing awareness amongst patients & favorable government initiatives. For instance, in 2005, the Indian Health Ministry established the National Telemedicine Task Force that is anticipated to produce growth opportunities for the telepharmacy market.
Some of the major market players include Pipeline Health Holdings, LLC, Medication Review, Inc., North West TelePharmacy Solutions & TelePharm, LLC. These companies are involved in strategic collaborations, regional expansion & new service offerings. For instance, in 2019, the Pipeline Health Holdings and YouScript entered into a strategic partnership to foster the telepharmacy business growth.
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