Telepharmacy Market is estimated to be US$ 21517.5 million by 2030 with a CAGR of 11.5% during the forecast period

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Published Date: April 2023

Telepharmacy Market accounted for US$ 7234.20 million in 2020 and is estimated to be US$ 21517.5 million by 2030 and is anticipated to register a CAGR of 11.5%. Telepharmacy provides consultation to patients in remote regions, ensuring that medically underserved and rural populations have access to high-quality health care. In addition, telepharmacy offers pharma-care at a low cost. It eliminates the need for extra financial investment and the hire of a pharmacist. Furthermore, market expansion is being fueled by increased internet penetration as well as rising internet users. Furthermore, the high prevalence of infectious diseases like COVID-19 has led to social isolation and lockdowns. As a result, consumers prefer online health services to decrease their exposure and infection risk.

The report " Global Telepharmacy Market, By Services (Remote Order Entry, Pharmacy Consultation), By End-use (Hospitals, Primary Care Centers, Others) and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Market Trends, Analysis, and Forecast till 2030’’

Key Highlights:

In 2021, Cureatr, Inc., a medication management optimization and tech-enabled services company, announced the launch of a new website to highlight the significant traction the company is gaining in assisting health plans and at-risk provider organisations with its Medication Reconciliation Post-Discharge (MRP) clinical telepharmacy service offering, as well as other clinical telepharmacy services triggered by or enabled by the company's real-time telemedicine platform.
Pipeline Health Holdings and YouScript formed a strategic agreement in 2019 to help the telepharmacy industry develop.

Analyst View:

The key growth driver for the global market is the rising prevalence of COVID-19 patients around the world. COVID-19 is a highly contagious disease that can survive for several hours in the air. Coronavirus affects the respiratory system of people, causing concerns such as breathing difficulties, a loss of appetite, and a high fever, among other things. According to Worldometer, there are roughly 23 million COVID-19 cases worldwide as of August 2020. As a result, the global prevalence of COVID-19 cases is predicted to fuel demand for telepharmacy, owing to the disease's highly contagious nature, resulting in global market growth.

Key Market Insights from the report:

Global Telepharmacy Market accounted for US$ 7234.20 million in 2020 and is estimated to be US$ 21517.5 million by 2030 and is anticipated to register a CAGR of 11.5%. The Global Telepharmacy Market is segmented based on service, end-user and region.

Based on Service, Global Telepharmacy Market is segmented into Remote Order Entry, Pharmacy Consultation.
Based on End-User, Global Telepharmacy Market is segmented into Hospitals, Primary Care Centers, Others.
By Region, the Global Telepharmacy Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Competitive Landscape & their strategies of Global Telepharmacy Market:

Pipeline Health Holdings, LLC, Medication Review, Inc., North West TelePharmacy Solutions & TelePharm, LLC are some of the key market participants. These businesses are working on strategic partnerships, regional expansion, and innovative service offerings. For example, in 2019, Pipeline Health Holdings and YouScript formed a strategic alliance to accelerate the expansion of the telepharmacy industry.

The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.

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Some Important Points Answered in this Market Report Are Given Below:

Explains an overview of the product portfolio, including product development, planning, and positioning
Explains details about key operational strategies with a focus on R&D strategies, corporate structure, localization strategies, production capabilities, and financial performance of various companies.
Detailed analysis of the market revenue over the forecasted period.
Examining various outlooks of the market with the help of Porter’s five forces analysis, PEST & SWOT Analysis.
Study on the segments that are anticipated to dominate the market.
Study on the regional analysis that is expected to register the highest growth over the forecast period