Telepharmacy Market - Forecast(2021 - 2026)

Telepharmacy Market size is forecast to reach 13.52m by 2025, growing at a CAGR of 3.12% during the forecast period 2020-2025. Telepharmacy is counselling, training or management of patient communication needs through video calls. Rising awareness about the telepharmacy and improving medication administration are the major factors driving the growth of the market. Advancing digital technology is set to further enhance the overall market demand of telepharmacy during the forecast period. 


Report Coverage
The report: “Telepharmacy Market Forecast (2019-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the Telepharmacy Market. 

By Type: Inpatient, Remote Dispensing, IV admixture and Remote Counselling
By Components: Hardware and Software
By Delivery Mode: On Premise, Web Based and Cloud Based
By Devices: Computers, Smartphones, Tablets and Kiosk
By Applications: Hospitals, Small Pharmacies, Nursing Home, Medical Offices, Prisons, Military Base and War Ships
By Geography: North America, Europe, Asia Pacific and RoW

Key Takeaways
  • North America dominates the Tele pharmacy Market    owing to the lack of medical expertise and medication. Telepharmacy   market scope for different regions will be provided in the final report.
  • Lack of traditional pharmacy in rural areas and increasing improvement in patient safety through better patient counseling is likely to aid in the market growth of Telepharmacy.
  • Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Telepharmacy Market    report.
  • Operational & technical issues associated with host IT system and integration is set to create hurdles for the Telepharmacy Market.

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Type- Segment Analysis
The remote  counseling segment held the largest share in the Telepharmacy Market    in 2019 and is estimated to grow at a CAGR of 3.04% during the forecast period .Remote counseling allows pharmacists to consult and provide a variety of pharmacy care services to patients via secure, live-video calls .  It provides opportunities for specialty counseling (diabetics/HIV/AIDS), discharge counseling and various clinical interactions with pharmacists. Remote counseling equates to pharmacists providing patient counseling via a live and interactive video session, or by some means through telecommunications. Inpatient telepharmacy refers to a pharmacist at a remote location performing remote order entry services for an inpatient pharmacy at a hospital. The remote pharmacist reviews medication orders before the hospital staff administers the drugs to the patient. Impatient is set to be the fastest growing segment and is estimated to register a highest CAGR during the forecast period.

Applications- Segment Analysis
Hospital  segment held the largest share in the Telepharmacy Market in 2019 and is estimated to grow at a CAGR of 2.89% during the forecast period .Telepharmacy is  a method used in pharmacy practice in which a pharmacist utilizes telecommunications technology to oversee aspects of pharmacy operations or provide patient care services. Telepharmacy decreases hospital pharmacy labor costs and it maximize the capabilities of their inhouse pharmacists for special projects that may require local expertise and true face to face communication. These projects can include opioid reduction, antimicrobial stewardship, and discharge management. Hospitals is set to be the fastest growing segment and is estimated to register a highest CAGR during the forecast period.



Geography - Segment Analysis
North America dominated the telepharmacy market in 2019 with a share of more than 39%, followed by Asia Pacific owing to the lack of medical expertise and medication. Changes in Medicare reimbursement for medication is increasing the growth of the telepharmacy market in this region
However, Asia Pacific is estimated to grow at a higher CAGR during the forecast period 2020-2025. This is attributed to the routine access to prescriptive medication and access to pharmacists.

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Location: United States

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