Telepharmacy Market Size, Share, Trends, Growth and Forecast 2030

Telepharmacy Industry Prospective:

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.

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Telepharmacy Market: Overview

Telepharmacy is a term used for delivering pharmaceutical care to patients with the help of telecommunications in places where pharmacists reside in remote locations. It is a part of a wider telemedicine process implemented in the pharmacy domain. Moreover, telepharmacy services include patient counseling services, drug therapy monitoring services, prior authorization services, refilling authorization solutions for prescription drugs, and monitoring of formulary compliance with the help of teleconferencing as well as videoconferencing. Furthermore, telepharmacy solutions can be delivered at retail pharmacy locations through clinics, hospitals, nursing homes, and other healthcare establishments.

Key Insights

• As per the analysis shared by our research analyst, the global telepharmacy market is projected to expand annually at the annual growth rate of around 6.01% over the forecast timespan (2023-2030)
• In terms of revenue, the global telepharmacy market size was evaluated at nearly $16 billion in 2022 and is expected to reach $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.

Telepharmacy Market: Growth Factors

Rise in digitization in the telemedicine sector will spur global market trends over the coming years

Technological breakthroughs and growing digitization in a slew of telemedicine procedures will expedite the growth of the telepharmacy market across the globe. Surging web penetration and the rise in internet users globally along with the launching of 5G network leading to seamless network connectivity will spearhead the expansion of the market globally. An increase in the occurrence of chronic disorders and globalization along with thriving medical transcription activities will embellish the business sphere. With people preferring digital health services due to the rapid spread of viral infections such as COVID-19 along with the escalating need to reduce infectious, the market for telepharmacy is likely to gain traction in the years ahead. Growing need for telepharmacy in remote areas will drive global market trends. Moreover, new product launches and strategic partnerships are likely to boost the telepharmacy business globally in the upcoming years. For instance, in 2019, Pipeline Health Holdings LLC, a key community-based healthcare service provider based in the U.S., and YouScript Inc., a software firm based in the U.S., joined hands to expand their telepharmacy service portfolio. Such strategic moves will boost the growth of the market space in the coming years.

Telepharmacy Market: Restraints

Low control on drug dispensing can impede the global industry expansion over 2023-2030

Lack of control on drug dispensing to the subjects can impede the expansion of the telepharmacy industry globally in the years ahead.

Telepharmacy Market: Opportunities

Rising demand for e-health services to avoid spread of viral infections can open new phase of growth for the global market

Growing preference for e-health solutions for preventing various kinds of viral infections such as COVID-19 is likely to open new growth avenues for the global telepharmacy market across the globe.

Telepharmacy Market: Challenges

Stringent government regulations can pose a big threat to the global industry in the upcoming years

Strict government guidelines related to confidentiality and healthcare data protection have created a huge obstacle to the global telepharmacy industry expansion.  

Telepharmacy Market: Segmentation

The global telepharmacy market is sectored into services, end-users, and region.                

In service terms, the global telepharmacy market is segregated into remote order entry, pharmacy consultations, and others segments. Furthermore, the remote order entry segment, which amassed nearly 51% of the global market revenue share in 2022, is projected to record the highest CAGR in the forecasting timeline. The growth of the segment in the forecasting timespan can be subject to the humongous demand for remote order entry services by the patient residing in remote locations.

Based on the end-user, the global telepharmacy industry is sectored into primary care centers and hospitals segments. Furthermore, the hospitals segment, which garnered a major chunk of the global industry share in 2022, is projected to contribute lucratively towards the global industry expansion over the forecast period. The segmental growth over the assessment timeline can be subject to a plethora of benefits offered by telepharmacy services to hospitals. Citing an instance, the non-availability of pharmacists in hospitals in remote regions can transform into massive demand for telepharmacy services in these regions, thereby steering the expansion of the segment.

Telepharmacy Market: Report Scope

Telepharmacy Market: Regional Insights

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.

Telepharmacy Market: Competitive Space

The global telepharmacy market profiles key players such as :

• Telepharmacy Solutions Inc.
• North West TelePharmacy Solutions
• Mitsui & Co. Inc.
• Medication Review Inc.
• Pipeline Health Holdings
• McKesson Ventures
• AMN Healthcare.

The global telepharmacy market is segmented as follows:

By Services

• Remote Order Entry
•  Pharmacy Consultations
• Others

By End-User

• Primary Care Centers
• Hospitals

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa