Telepharmacy Market size is forecast to reach $13.52 million 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.
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
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.
Drivers – Telepharmacy Market
- Rising awareness about the telepharmacy and Improving medication administration
Rising awareness about the telepharmacy and improving medication administration is increasing the growth of the telepharmacy Market. Telepharmacy is the delivery of pharmaceutical care via telecommunications to patients in locations where they may not have direct contact with a pharmacist. Telepharmacy is using videoconferencing for education, training and management purposes. The telephone has changed from a dial and talk instrument to a multimedia access tool. Medical devices are being attached to telephone lines to provide remote monitoring and therapy and call centers are providing medication counseling. Telemedicine is the use of telecommunications technology and information technologies to provide remote clinical services to patients. Physicians use telemedicine for the transmission of digital imaging, video consultations and remote medical diagnosis. Thus, increasing the growth of the telepharmacy market during the forecast period 2020-2025.
- Lack of traditional pharmacy in rural areas and increasing improvement in patient safety through better patient counselling
Lack of traditional pharmacy in rural areas and increasing improvement in patient safety through better patient counselling is increasing the growth of the telepharmacy market. With advancing digital technology, telepharmacy provides patient in medically underserved areas access to a pharmacy and it operates in areas where a traditional pharmacy would not be feasible. Telepharmacy helps rural communities to overcome common challenges to practicing pharmacy, including financial difficulties related to low volumes of patients and a limited ability to recruit qualified pharmacists can help rural communities retain, restore or gain access to timely pharmaceutical services. Thus, increasing the growth of the Telepharmacy Market during the forecast period 2020-2025.
Challenges – Telepharmacy Market
- Operational & technical issues associated with host IT system and integration
Some of the factors that may impede the growth of the Telepharmacy Market are the Operational & technical issues associated with host IT system and integration. Lack of overall management in dispensing medications for the patients and laws regulating pharmacy operation can hamper the growth of telepharmacy market.
Telepharmacy Industry Outlook
Product launches, mergers and acquisitions, joint ventures and R&D activities are key strategies adopted by players in the Telepharmacy Market. In 2019, Telepharmacy Market share is consolidated by the top ten players present in the market. Telepharmacy, top 10 companies Pipeline RX, Capsule, Comprehensive Pharmacy Service, PillPack, Pharma Care Service, Kmart Telepharmacy, Envision Telepharmacy, CPA MedNovations and Medication Review Inc. among others.
Acquisitions/Product Launches
- In April 2019, Capsule acquired Bernoulli Health.
- In June 2015, Pipeline Rx acquires Quality Pharmacy Management.
