Selbyville, Delaware, Dec. 16, 2024 (GLOBE NEWSWIRE) --
Telepharmacy market size was valued at USD 9.9 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 10.4% from 2024 to 2032. Telepharmacy refers to the use of technology to deliver pharmaceutical services remotely.
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It allows pharmacists to provide a range of services, including medication counseling, prescription verification, and patient monitoring, without requiring patients to visit the pharmacy in person. This approach helps improve access to healthcare, especially in underserved or rural regions, and streamlines medication management.
The telepharmacy market growth is driven by the increasing demand for accessible healthcare solutions, particularly in areas where traditional pharmacy services are scarce. By enabling patients to consult with licensed pharmacists via digital platforms, telepharmacy eliminates the need for travel and enhances convenience. The COVID-19 pandemic played a significant role in boosting telepharmacy adoption as healthcare providers sought safer, remote options for patient care.
The telepharmacy market is divided into two primary categories: software and services. The software segment led the market in 2023 and is expected to continue its strong progression, with a projected CAGR of 10.7% during the forecast period. This expansion is attributed to the rising demand for advanced telepharmacy platforms that support remote consultations, prescription management, and continuous patient monitoring. These platforms offer features like secure video conferencing, real-time data sharing, and seamless communication between pharmacists and patients, contributing to segment expansion.
The increasing investment in healthcare IT and the growing need for data privacy compliance are key drivers for the software segment. As more healthcare services transition to digital platforms, telepharmacy software plays a crucial role in improving medication adherence, patient engagement, and overall accessibility to pharmaceutical services.
In terms of end users, the telepharmacy market is segmented into hospital pharmacies, retail pharmacies, and other users. Hospital pharmacies accounted for the largest market share in 2023, driven by their growing use of telepharmacy to manage remote consultations, medication administration, and patient support. This segment benefits from the ability to provide care to patients in rural and underserved areas while reducing the need for patients to travel for medications.
The telepharmacy market is particularly strong in North America, where significant investments in healthcare infrastructure, advanced technology, and favorable regulations drive market progression. The demand for remote healthcare services, particularly in rural communities, continues to rise, further supporting the expansion of telepharmacy across the region. As digital health solutions gain traction, telepharmacy is becoming a vital component of modern healthcare delivery.
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Major players in telepharmacy market include AZOVA, Cardinal Health, CarepathRx, CPS Solutions, Indispensable Health, Infinipharm, Medication Review, OSP, Outcomes, PipelineRx, Right ePharmacy, Zane Networks. among others.
Partial Table of Contents (ToC) of the report:
Chapter 1 Methodology & Scope
1.1 Market scope & definition
1.2 Research design
1.2.1 Research approach
1.2.2 Data collection methods
1.3 Base estimates & calculations
1.3.1 Base year calculation
1.3.2 Key trends for market estimation
1.4 Forecast model
1.5 Primary research and validation
1.5.1 Primary sources
1.5.2 Data mining sources
Chapter 2 Executive Summary
2.1 Industry 360° synopsis
Chapter 3 Industry Insights
3.1 Industry ecosystem analysis
3.2 Industry impact forces
3.2.1 Growth drivers
3.2.1.1 Increased demand for remote healthcare
3.2.1.2 Rising chronic disease prevalence
3.2.1.3 Supportive regulations and policies
3.2.1.4 Growing technology advancement in telecommunication technologies and software solutions
3.2.2 Industry pitfalls & challenges
3.2.2.1 Limited awareness among patients
3.2.2.2 Data security concerns
3.3 Growth potential analysis
3.4 Future market trends
3.5 Regulatory landscape
3.6 Technology landscape
3.7 Porter’s analysis
3.8 PESTEL analysis
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