New York, NZ, Sept. 22, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Telepharmacy Market - By Services (Remote Order Entry, Pharmacy Consultations, And Others), By End-User (Primary Care Centers And Hospitals), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.
“According to the latest research study, the demand of global Telepharmacy Market size & share in terms of revenue was valued at USD 16 billion in 2022 and it is expected to surpass around USD 20 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 6.01% during the forecast period 2023 to 2030.”
What is Telepharmacy? How big is the Telepharmacy Industry?
Report Overview:
The global telepharmacy market size was evaluated at $16 billion in 2022 and is slated to hit $20 billion by the end of 2030 with a CAGR of nearly 6.01% between 2023 and 2030.
The practice of providing pharmaceutical treatment to patients through the use of telecommunications technology is referred to as telepharmacy. This practice is common in areas where pharmacists reside in remote regions. It is a component of a more extensive telemedicine approach that is being carried out in the pharmacy sector. In addition, the services provided by telepharmacy include patient counseling, drug therapy monitoring, prior authorization, refilling authorization solutions for prescription pharmaceuticals, and monitoring of formulary compliance with the assistance of teleconferencing as well as videoconferencing. In addition, telepharmacy services can be provided to customers at retail pharmacies through medical offices, hospitals, nursing homes, and other types of healthcare facilities.
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Our Free Sample Report Consists of the Following:
- Introduction, Overview, and in-depth industry analysis are all included in the 2023 updated report.
- The COVID-19 Pandemic Outbreak Impact Analysis is included in the package
- About 214+ Pages Research Report (Including Recent Research)
- Provide detailed chapter-by-chapter guidance on Request
- Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2023
- Includes Tables and figures have been updated
- The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis
- Zion Market Research research methodology
(Please note that the sample of this report has been modified to include the COVID-19 impact study prior to delivery.)
Global Telepharmacy Market: Growth Factors
The increasing digitization of the telemedicine industry will be the primary driver of market trends around the globe in the years to come.
Breakthroughs in technology and the increasing digitalization of a wide variety of telemedicine processes are likely to hasten the expansion of the telepharmacy business in every region of the world. The rapid growth of web penetration and the increasing number of internet users around the world, in conjunction with the introduction of 5G network technology that will facilitate uninterrupted network access, will drive the expansion of the market on a worldwide scale. The flourishing of medical transcribing operations, coupled with the rising prevalence of chronic diseases and the spread of globalization, will contribute to the enhancement of the commercial realm.
The market for telepharmacy is projected to gain traction in the years ahead as a result of individuals preferring digital health services in response to the rapid spread of viral illnesses such as COVID-19 together with the increasing need to decrease infectious disease transmission. The ever-increasing need for telepharmacy in underserved regions will be the primary driver of trends in the global market. In addition, in the coming years, the global business of telepharmacy is projected to benefit from the introduction of brand-new products as well as strategic collaborations. For example, in 2019, Pipeline Health Holdings LLC, a leading provider of community-based healthcare services based in the United States, and YouScript Inc., a software company based in the United States, joined together to expand the telepharmacy service portfolios of both companies. In the years to come, the expansion of the market area will be helped forward by measures of this strategic nature.
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Report Scope
| Report Attribute | Details |
| Market Size in 2022 | USD 16 billion |
| Projected Market Size in 2030 | USD 20 billion |
| CAGR Growth Rate | 6.01% CAGR |
| Base Year | 2022 |
| Forecast Years | 2023-2030 |
| Key Market Players | Telepharmacy Solutions Inc., North West TelePharmacy Solutions, Mitsui & Co. Inc., Medication Review Inc., Pipeline Health Holdings, McKesson Ventures, AMN Healthcare., and others. |
| Key Segment | By Services, By End-User, and By Region |
| Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
| Purchase Options | Request customized purchase options to meet your research needs. Explore purchase options |
Telepharmacy Market: Segmentation Analysis
The market for telepharmacy around the world may be broken down into three categories: services, end-users, and regions.
In terms of the services they provide, the global market for telepharmacy can be broken down into the areas of remote order entry, pharmacy consultations, and others. In addition, the remote order entry segment, which accounted for about 51% of the total revenue share of the global market in 2022, is anticipated to record the greatest CAGR throughout the course of the timeline for which projections are being made. The enormous demand for remote order entry services from patients living in remote places is likely to play a significant role in the expansion of this sector over the course of the period covered by the projections.
Primary care centers and hospitals make up the two distinct sectors of the global telepharmacy market due to the nature of the industry's end-users. In addition, the hospitals sector, which accounted for a significant portion of the global industry's share in 2022, is anticipated to make a lucrative contribution to the expansion of the global industry throughout the course of the forecast period. The growth of individual segments throughout the course of the assessment period may be influenced by a wide variety of advantages brought to hospitals by the provision of telepharmacy services. To provide just one illustration, the absence of pharmacists in hospitals located in more rural areas might give rise to a significant increase in the need for telepharmacy services in these areas, which in turn can direct the growth of the market sector.
The global Telepharmacy market is segmented as follows:
By Services
- Remote Order Entry
- Pharmacy Consultations
- Others
By End-User
- Primary Care Centers
- Hospitals
Browse the full “Telepharmacy Market - By Services (Remote Order Entry, Pharmacy Consultations, And Others), By End-User (Primary Care Centers And Hospitals), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030" Report At https://www.zionmarketresearch.com/report/telepharmacy-market
Competitive Landscape
Some of the main competitors dominating the global Telepharmacy market include -
- Telepharmacy Solutions Inc.
- North West TelePharmacy Solutions
- Mitsui & Co. Inc.
- Medication Review Inc.
- Pipeline Health Holdings
- McKesson Ventures
- AMN Healthcare.
Key Insights from Primary Research:
- According to the analysis shared by our research forecaster, the Telepharmacy market is likely to expand at a CAGR of around 6.01% during the forecast period (2023-2030).
- In terms of revenue, the Telepharmacy market size was valued at around US$ 16 billion in 2022 and is projected to reach US$ 20 billion by 2030.
- The global telepharmacy market is anticipated to grow rapidly over the forecast timeline owing to technological breakthroughs and growing digitization in a slew of telemedicine procedures.
- In terms of services, the remote order entry segment is slated to register the highest CAGR over the analysis period.
- Based on the end-user, the hospitals segment is set to dominate the end-user landscape over the forecast period.
- Region-wise, the Asia-Pacific telepharmacy industry is projected to register the fastest CAGR during the assessment timeline.
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Key questions answered in this report:
- What is the market size and growth rate forecast for Telepharmacy industry?
- What are the main driving factors propelling the Telepharmacy Market forward?
- What are the leading companies in the Telepharmacy Industry?
- What segments does the Telepharmacy Market cover?
- How can I receive a free copy of the Telepharmacy Market sample report and company profiles?
Key Offerings:
- Market Size & Forecast by Revenue | 2023−2030
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis By Services, By End-User, and By Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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Regional Analysis:
North America is anticipated to maintain its global market leadership position over the expected timeline
North America, which contributed about three-fourths of the global telepharmacy market share in 2022, is expected to be a dominating region over the anticipated timeline. Furthermore, the regional market expansion can be ascribed to the rising need for remote patient surveillance, technological breakthroughs, and a surge in cases of chronic disorders. Favorable compensation policies and a rise in internet penetration are anticipated to boost the regional market trends. Furthermore, the surge in the per capita income of the population of Canada and the U.S. will proliferate the size of the market in the region. Presence of robust healthcare infrastructure facilities in the region will contribute sizably towards the growth of the telepharmacy business in the sub-continent.
The Asia-Pacific telepharmacy industry is anticipated to record the highest gains in the next couple of years due to a prominent demand for smartphones along with rising awareness about the benefits offered by telepharmacy to patients. Supportive government policies will further aid the expansion of the market in the region.
By Region
- North America
- U.S.
- Canada
- Rest of North America
- Europe
- France
- UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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