Press release
Telepharmacy Market Anticipated To Witness Robust Growth, Surpassing $26.18 Billion By 2029
Telepharmacy
What Is the Current Telepharmacy Market Size and Its Estimated Growth Rate?
The telepharmacy market size will increase from $12.23 billion in 2024 to $14.27 billion in 2025 at a compound annual growth rate (CAGR) of 16.6%. The historic growth is due to a focus on reducing healthcare disparities, government and health insurance initiatives, a focus on preventive care, increased demand for remote healthcare services, and greater healthcare accessibility in rural areas.
The telepharmacy market size is projected to grow to $26.18 billion in 2029, at a CAGR of 16.4%. Growth drivers include increased virtual care partnerships, the adoption of cloud-based solutions, enhanced chronic disease management, integrated care models, and the expansion of home healthcare services. Key trends include the integration of wearable devices, mobile health apps, advancements in telecommunication and
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How Are Emerging Segments Shaping the Telepharmacy Market Landscape?
The telepharmacymarket covered in this report is segmented -
1) By Type: Inpatient, Remote Dispensing, Intravenous Admixture, Patient Counselling, Drug Therapy Monitoring, Refill Authorization For Prescription Drugs
2) By Component: Hardware, Software
3) By Delivery Mode: On Premises, Web Based, Cloud Based
4) By Application: Hospitals, Small Pharmacies, Nursing Home, Prisons, Military Base, War Ships
Subsegments:
1) Inpatient: Hospital Telepharmacy, Specialty Pharmacy
2) Remote Dispensing: Automated Dispensing Machines, Remote Patient Monitoring
3) Intravenous Admixture: Total Parenteral Nutrition, Compounded Medications
4) Patient Counselling: Video Consultations, Chat Support
5) Drug Therapy Monitoring: Adherence Monitoring, Side Effect Management
6) Refill Authorization For Prescription Drugs: Automatic Refills, Patient Request Systems
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Which Growth Factors Are Influencing Telepharmacy Market Expansion?
The growing need for chronic disease management is expected to accelerate the growth of the telepharmacy market. Chronic disease management involves the ongoing treatment and monitoring of long-term conditions like diabetes, hypertension, heart disease, asthma, and arthritis. As chronic diseases become more prevalent, the demand for continuous, personalized care increases. Telepharmacy supports this by offering remote medication counseling and monitoring, improving patient adherence and access to care. For instance, the American College of Cardiology projected in 2022 that major cardiovascular risk factors would rise significantly by 2060, with diabetes expected to increase by 39.3% to affect 55 million individuals. This surge in chronic disease management demand is fueling the growth of the telepharmacy market.
Who Are the Dominant Players Across Different Telepharmacy Market Segments?
Major companies operating in the telepharmacy market are Cardinal Health Inc., Dartmouth-Hitchcock Medical Center, Comprehensive Pharmacy Services Inc., Tabula Rasa HealthCare, Alto Pharmacy, CarepathRx, Truepill, Carepoint Pharmacy, Pipeline Health Holdings, Nurx, Advanced Rx Management, Mosaic Wellness, MedTel Services, Medication Review Inc., Phlo, Locke Bio, PharmD Live, North West TelePharmacy Solutions, One Touch Telehealth, Heyva Health
What Are the Latest Developing Trends in the Telepharmacy Market?
Companies in the telepharmacy market are developing telehealth platforms to improve patient access to pharmaceutical care. A telehealth platform allows remote healthcare delivery using video conferencing, messaging, and secure data sharing. For example, in January 2024, Eli Lilly, a US-based pharmaceutical company, introduced LillyDirect, a telehealth platform that enables consumers to purchase medications for conditions like obesity, migraines, and diabetes directly, bypassing traditional healthcare pathways. The platform offers home delivery and direct access to prescriptions.
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Which Geographic Regions Are Expected to Dominate the Telepharmacy Market in the Coming Years?
North America was the largest region in the telepharmacy market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the telepharmacy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Telepharmacy Market?
2. What is the CAGR expected in the Telepharmacy Market?
3. What Are the Key Innovations Transforming the Telepharmacy Industry?
4. Which Region Is Leading the Telepharmacy Market?
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