Telepharmacy Market Size, Share By Services (Remote Order Entry, Pharmacy Consultation), By End-use (Hospitals, Primary Care Centers, Others) and By Region - Market Trends, Analysis, and Forecast till 2030

Telepharmacy Market accounted for USD 7234.20 million in 2020 and is estimated to be USD 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. As a result, telepharmacy is becoming more popular in such pandemics, resulting in increased market growth.

Rising prevalence of COVID-19 patients will drive the growth of the Market

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.

Furthermore, the increasing number of internet users and internet penetration are fuelling market growth. For instance, According to the Miniwatts Marketing Group's online world statistics July 2020 release, as of June 30, 2020, there were an estimated 4.83 billion internet users worldwide, reflecting a 62 percent penetration rate. As a result, there is a high level of internet usage.

Telepharmacy Market is segmented based on service, end-user and region.

On the basis of Service, the Global Telepharmacy Market is segmented into Remote  Order Entry, Pharmacy Consultation. Based on End-User, the target market is segmented into Hospitals, Primary Care Centers, Others.

Regional Insights:

On region the Telepharmacy Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Because of growing internet penetration and advantageous reimbursement rules, the market is dominated by the North American region, followed by the European region. Furthermore, increased disposable income, combined with technologically enhanced infrastructure, is fueling market expansion. Due to expanding smartphone penetration, improving patient awareness, and favorable government efforts, Asia-Pacific is expected to witness lucrative growth in the telepharmacy market throughout the forecast period. For example, the Indian Health Ministry established the National Telemedicine Task Force in 2005, which is expected to spur growth in the telepharmacy business.

Telepharmacy Market Report Scope:

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2019 to 2029. For the purpose of this study, has segmented the Global Telepharmacy Market report based on Service, End-User and region.

Telepharmacy Market, By Region:

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

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.

• Pipeline Health Holdings, LLC
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Medication Review, Inc.
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• North West TelePharmacy Solutions & TelePharm, LLC
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies