Telepharmacy Market Size and Growth Trends 2024

The telepharmacy global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.

Telepharmacy Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.

 Market Size — 
The telepharmacy market size has grown rapidly in recent years. It will grow from $10.51 billion in 2023 to $12.23 billion in 2024 at a compound annual growth rate (CAGR) of 16.4%. The growth in the historic period can be attributed to the focus on reducing healthcare disparities, government, and health insurance initiatives, increased focus on preventive care, increased demand for remote healthcare services, and healthcare accessibility and rural outreach.
The telepharmacy market size is expected to see rapid growth in the next few years. It will grow to $22.51 billion in 2028 at a compound annual growth rate (CAGR) of 16.5%. The growth in the forecast period can be attributed to increase in virtual care partnerships, growing adoption of cloud-based solutions, enhanced chronic disease management, demand for integrated care models, and growth of home healthcare services. Major trends in the forecast period include technological integration with wearable devices, development of mobile health (mHealth) applications, advancements in telecommunication technologies, advances in telehealth technologies, and integration with electronic health records (EHRs).

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 Scope Of Telepharmacy Market
The Business Research Company’s reports encompass a wide range of information, including:

1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.

2. Drivers: Examination of the key factors propelling market growth.

3. Trends: Identification of emerging trends and patterns shaping the market landscape.

4. Key Segments: Breakdown of the market into its primary segments and their respective performance.

5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.

6. Macro Economic Factors: Assessment of broader economic elements impacting the market.

 Telepharmacy Market Overview

 Market Drivers –
The high demand for chronic disease management is expected to propel the growth of telepharmacy market going forward. Chronic disease management refers to the ongoing process of treating, monitoring, and supporting individuals with long-term medical conditions such as diabetes, hypertension, heart disease, asthma, and arthritis. The demand for chronic disease management is increasing due to the rising prevalence of chronic conditions and the growing need for long-term, personalized care to improve patient outcomes. Telepharmacy enhances chronic disease management by providing remote medication counseling and monitoring, improving patient adherence and access to care. For instance, in August 2022, according to a report published by the American College of Cardiology, a US-based non-profit medical association, in the United States, it is projected that all four major cardiovascular risk factors will increase from 2025 to 2060. Diabetes is expected to see the largest percentage rise, with a 39.3% increase to 55 million individuals, followed by dyslipidemia (27.6% to 126 million), hypertension (25.1% to 162 million), and obesity (18.3% to 126 million). Therefore, the high demand for chronic disease management is driving the growth of the telepharmacy market.

 Market Trends — 
Major companies operating in the telepharmacy market are focusing on developing innovative offerings, such as telehealth platforms, to enhance patient access to pharmaceutical care. A telehealth platform is a digital technology solution that enables the remote delivery of healthcare services through communication tools such as video conferencing, messaging, and secure data sharing. It facilitates virtual consultations, monitoring, diagnosis, and treatment between healthcare providers and patients without the need for in-person visits. For instance, in January 2024, Eli Lilly, a US-based pharmaceutical company, launched LillyDirect, a telehealth platform aimed at selling certain medications directly to consumers. This innovative approach allows patients to obtain prescriptions for conditions such as obesity, migraines, and diabetes without the need for traditional healthcare pathways, effectively bypassing the usual doctor-to-pharmacy route. Key features include direct access to prescriptions and home delivery.

 The telepharmacy market 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

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 Regional Insights — 
North America was the largest region in the telepharmacy market in 2023. 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.

 Key Companies — 
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< /b>

 Table of Contents 
1. Executive Summary
2. Telepharmacy Market Report Structure
3. Telepharmacy Market Trends And Strategies
4. Telepharmacy Market — Macro Economic Scenario
5. Telepharmacy Market Size And Growth
…..
27. Telepharmacy Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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