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Emerging Telepharmacy Market Trends: Telepharmacy Innovations Focusing On Telehealth Platforms Platforms For Enhanced Productive Health Shaping the Future of the Industry
Telepharmacy
Telepharmacy Market Size Growth Forecast: What to Expect by 2025?
The dimension of the telepharmacy market has experienced fast-paced expansion in the recent past. The market worth is expected to surge from $12.23 billion in 2024 to $14.27 billion in 2025, echoing a compound annual growth rate (CAGR) of 16.6%. The significant growth observed in the historical period is the result of concerted efforts to minimize healthcare inequalities, initiatives from government and health insurance bodies, greater emphasis on preventive care, booming demand for remote healthcare services, and extending reach to rural areas for improved healthcare accessibility.
How Will the Telepharmacy Market Size Evolve and Grow by 2029?
The telepharmacy industry is forecasted to undergo rapid expansion in the coming years, with the market size predicted to reach $26.18 billion by 2029, representing a compound annual growth rate (CAGR) of 16.4%. This projected growth is attributed to various factors including the surge in virtual care collaborations, the rising use of cloud-based solutions, better management of chronic diseases, the need for integrated care models, and the expansion of home healthcare services. Key trends playing a pivotal role in this growth phase are the incorporation of technology with wearable devices, the creation of mobile health (mHealth) applications, advancements in telecommunications and telehealth technologies, and the seamless integration with electronic health records (EHRs).
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What Drivers Are Propelling the Growth of Telepharmacy Market Forward?
The expanded necessity for chronic disease management foresees a significant surge in the telepharmacy market. Chronic disease management involves consistent treatment, monitoring, and aiding people with persistent health conditions, such as diabetes, heart disease, asthma, and arthritis. The escalating occurrence of chronic diseases and the pressing need for ongoing, tailored care to enhance patient results intensify the demand for chronic disease management. Telepharmacy strengthens this by offering remote medication advice and monitoring, thus heightening patient compliance and access to healthcare. For example, a report released in August 2022 by the American College of Cardiology, a non-profit medical association in the US, projected a substantial rise in all four main cardiovascular risk factors from 2025 to 2060. Diabetes is anticipated to witness the most substantial percentage growth of 39.3%, amounting to 55 million individuals, trailed by dyslipidemia (27.6% - 126 million), hypertension (25.1% - 162 million), and obesity (18.3% - 126 million). Ergo, the increase in demand for chronic disease management is powering the expansion of the telepharmacy market.
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Which Emerging Trends Are Transforming the Telepharmacy Market in 2025?
Prominent companies in the telepharmacy market are concentrating on creating ground-breaking products, such as telehealth platforms, to boost patients' accessibility to pharmaceutical care. Telehealth platforms represent a digital technology service that makes it possible to provide healthcare services remotely using communication devices like video conferencing, messaging, and safe data transfer. This technology enables virtual consultations, surveillance, diagnoses, and treatment between medical professionals and patients, eliminating the requirement for face-to-face appointments. For example, in January 2024, Eli Lilly, an American pharmaceutical association, introduced LilyDirect, a telehealth platform designed for selling selected medications directly to customers. This avant-garde methodology permits patients to get prescriptions for illnesses including obesity, migraines, and diabetes without adhering to traditional healthcare procedures, effectively avoiding the standard doctor-to-pharmacy pathway. Central features include direct access to prescriptions and delivery to homes.
What Are the Key Segments in the Telepharmacy Market?
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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Who Are the Key Players Shaping the Telepharmacy Market's Competitive Landscape?
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 Geographic Markets Are Powering Growth in the Telepharmacy Market?
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.
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