Telepharmacy Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 10.80 Billion |
| Market Size (2029) | USD 27.36 Billion |
| CAGR (2024 - 2029) | 20.42 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Telepharmacy Market Analysis
The Global Telepharmacy Market size is estimated at USD 10.80 billion in 2024, and is expected to reach USD 27.36 billion by 2029, growing at a CAGR of 20.42% during the forecast period (2024-2029).
COVID-19 pandemic had a substantial impact on patients with any diseases, telepharmacy helped the patient to combat its effect. The strict lockdowns and government regulations intended to slow down the spread of COVID-19 resulted in the boost of telepharmacy market along with balancing the strain on the healthcare system globally. In wake of the COVID-19 outbreak, telepharmacy is improving public health along with decreasing the potential of infectious exposures.
As per an article published in April 2022 titled 'Survey of the patients' perspectives and preferences in adopting telepharmacy versus in-person visits to the pharmacy' in the National Library of Medicine, survey data indicated that about 77% of respondents preferred appointments via telepharmacy while 23% preferred in-person services due to reducing the incidence of contagious disease, spending less time receiving pharmaceutical services, reducing cost, traveling a shorter distance for receiving pharmaceutical services and saving time among other reasons.
As per an article published in January 2022 titled 'Access to Telepharmacy Services May Reduce Hospital Admissions in Outpatient Populations During the COVID-19 Pandemic' in the Europepmc, the patient group that had access to telepharmacy service have reduced the rise in hospitalization rates versus the group without access to the telepharmacy service. Thus, the COVID-19 outbreak had a positive impact on telepharmacy market. Also, the telepharmacy market is expected to grow due to the significant increase in the use of smartphones globally.
Further, increasing technological advancement, increasing internet penetration, and growing awareness regarding telepharmacy is among the major factors driving the growth of the studied market. With the growing advancements in technology, telecommunication is being utilized in every field these days. As per an article published in January 2021, the internet penetration rate in the world is at 59%, 7% high as compared to Q1 of 2020.
In addition, business strategic initiatives and funding for research and development by major players in the market are positively affecting the studied market. For instance, in June 2022 CPS Solutions announced it has closed its acquisition of Trellis Rx, LLC , they will together offer a broader range of services, structure, better support to patients, health and hospital systems alike. Additionally, in January 2021 Intalere announces a new agreement with One Touch Telehealth. Intalere members will receive negotiated pricing on One Touch Telehealth's entire suite of telehealth solutions. Therefore, owing to the aforementioned factors the studied market is anticipated to witness growth over the analysis period.
However, the lack of regulation on services is likely to impede the market growth.
Telepharmacy Market Trends
This section covers the major market trends shaping the Telepharmacy Market according to our research experts:
Remote Dispensing Segment is Expected to Witness Significant Growth Over the Forecast Period
A remote dispensing facility dispenses prescription drugs without the requirement of the use of an onsite pharmacist. Remote dispensing is highly favorable for patients living in remote areas, who have less access to healthcare facilities, and are medically or socially vulnerable. Virtual counseling via smartphone or computers/Laptops has opened many doors and opportunities for specialty counseling for patients with chronic conditions such as HIV, AIDS, or diabetes.
As per the data published on world internet stats, worldwide internet penetration grew to nearly 4.8 billion internet users by June 30, 2020, depicting approximately 62% of the total population across the globe. Such factors are likely to boost the adoption of the telepharmacy market, thereby contributing to the studied market growth.
Furthermore, continuous collaboration and expansion by major players are positively affecting the growth of the segment. For instance, In May 2022 Medly Pharmacy announced its expansion into the Atlanta metro area. Same-day prescription delivery, along with patient counseling, medication reminder, and therapy adherence will be among the other services offered within 50 miles of the Atlanta Area. In February 2021, Certintell joined the Association for Community Affiliated Plans which represents 78 health plan members and over 20 million in Medicaid, Medicare, and other public programs. Certinell Telehealth is educating patients with chronic illnesses about the importance of being vaccinated. In November 2020 Swisslog Healthcare announces the commencement of a partnership with Summa Health to execute a meds-to-beds program on the healthcare organization's Akron campus. The new meds-to-beds program includes robotic delivery of prescribed medication and consulting services conducted at the bedside in preparation for patient discharge
North America is Expected to Dominate the Telepharmacy Market
North America is expected to dominate the market owing to factors such as the easy availability of technologically advanced products, rising telepharmacy services, and awareness about health in this region. According to Centers for Disease Control and Prevention in 2019, 37.3 million people have diabetes (11.3% of the United States population), 8.5 million people (23.0% of adults are undiagnosed).
Key product launches, high concentration of market players, or manufacturer's presence are some of the factors driving the growth of the telepharmacy market in the Region. For instance, in May 2022, Amwell announced the continued expansion of Athe mwell Comprehensive Behavioral Health Program can be customized to meet specific population needs across the full spectrum of a mental health crisis. Therefore, owing to the aforesaid factors the growth of the studied market is anticipated in the North America Region.
Telepharmacy Industry Overview
The Telepharmacy Market is fragmented in nature due to the presence of several companies operating globally as well as regionally. Most of the big companies are focusing on research and development to bring innovative products to the market. Some of the major players Include Medication Review, Cardinal Health, CarepathRx, McKesson Ventures, Cisco Systems, Inc., One Touch Video Chat, CPS Solutions, LLC, MedTel Healthcare, Medly Pharmacy, alliantRx, AZOVA among others.
Telepharmacy Market Leaders
Cardinal Health
CarepathRx
MCKESSON VENTURES
Cisco Systems, Inc.
Medly Pharmacy
*Disclaimer: Major Players sorted in no particular order
Telepharmacy Market News
- In April 2022, Advanced Dermatology and Cosmetic Surgery announces Maragh Dermatology, Surgery and Vein Institute, has joined its brand family of over 150 offices nationwide. Maragh Dermatology has practice locations in Ashburn, Va., Warrenton, Va., and Rockville, Md.
- In April 2020 Advanced Dermatology and Cosmetic Surgery (ADCS), announced that it has gone from zero telehealth appointments in the first three months of 2020 to over 4,000 per week in mid-April.
Telepharmacy Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions & Market Defination
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Driver
4.2.1 Increasing Technological Advancement
4.2.2 Increasing Internet Penetration
4.2.3 Growing Awareness Regarding the Telepharmacy
4.3 Market Restraints
4.3.1 Lack of Regulations on Services
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Services
5.1.1 Patient Counseling
5.1.2 Remote Dispensing
5.1.3 Drug Therapy Monitoring
5.1.4 Refill Authorization for Prescription Drugs
5.2 By Delivery Mode
5.2.1 On-premises
5.2.2 Web-based
5.2.3 Cloud-based
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Italy
5.3.2.5 Spain
5.3.2.6 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Australia
5.3.3.5 South Korea
5.3.3.6 Rest of Asia-Pacific
5.3.4 Middle-East and Africa
5.3.4.1 GCC
5.3.4.2 South Africa
5.3.4.3 Rest of Middle-East and Africa
5.3.5 South America
5.3.5.1 Brazil
5.3.5.2 Argentina
5.3.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Medication Review
6.1.2 Cardinal Health
6.1.3 CarepathRx
6.1.4 MCKESSON VENTURES
6.1.5 Cisco Systems, Inc.
6.1.6 One Touch Video Chat
6.1.7 CPS Solutions, LLC
6.1.8 MedTel Healthcare
6.1.9 Medly Pharmacy
6.1.10 alliantRx
6.1.11 AZOVA
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Telepharmacy Industry Segmentation
As per the scope of the report, In telepharmacy a pharmacist utilizes telecommunications technology to provide patient-care services. telepharmacy involves drug review and monitoring, dispensing prescription-based drugs, therapy management, patient counseling, clinical consultation, and outcomes assessment among others. The telepharmacy market is expected to register a CAGR of 25.3% over the forecast period. The telepharmacy market is segmented By Services (Patient Counseling, Remote Dispensing, Drug Therapy Monitoring, Refill Authorization for Prescription Drugs), By Delivery Mode (On-premises, Web-based, Cloud-based) and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions, globally. The report offers the value (in USD million) for the above segments.
| By Services | |
| Patient Counseling | |
| Remote Dispensing | |
| Drug Therapy Monitoring | |
| Refill Authorization for Prescription Drugs |
| By Delivery Mode | |
| On-premises | |
| Web-based | |
| Cloud-based |
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Telepharmacy Market Research FAQs
How big is the Global Telepharmacy Market?
The Global Telepharmacy Market size is expected to reach USD 10.80 billion in 2024 and grow at a CAGR of 20.42% to reach USD 27.36 billion by 2029.
What is the current Global Telepharmacy Market size?
In 2024, the Global Telepharmacy Market size is expected to reach USD 10.80 billion.
Who are the key players in Global Telepharmacy Market?
Cardinal Health, CarepathRx, MCKESSON VENTURES, Cisco Systems, Inc. and Medly Pharmacy are the major companies operating in the Global Telepharmacy Market.
Which is the fastest growing region in Global Telepharmacy Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Global Telepharmacy Market?
In 2024, the North America accounts for the largest market share in Global Telepharmacy Market.
What years does this Global Telepharmacy Market cover, and what was the market size in 2023?
In 2023, the Global Telepharmacy Market size was estimated at USD 8.97 billion. The report covers the Global Telepharmacy Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Global Telepharmacy Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Telepharmacy Industry Report
Statistics for the 2024 Telepharmacy market share, size and revenue growth rate, created by Mordor Intelligenceā¢ Industry Reports. Telepharmacy analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
