Global Telepharmacy Market Set for Rapid Growth in the Forecast Period - Zion Market Research

05-Aug-2020 | Zion Market Research

Zion Market Research has published a new report titled “Telepharmacy Market by Services (Remote Order Entry, Pharmacy Consultations, and Others), and by Region: Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 - 2026” According to the report, global demand for telepharmacy market is likely to grow at a lucrative CAGR in the forecast period from 2020 and 2026.

For a large percentage of the day on site a pharmacist is not always present to review and change medicines ordered by other pharmacists and delivered by nurses. For a relatively greater number of hospitals around the world the situation is the same. This has marked the beginning of the telepharmacy services. Hospitals and health care centers located in rural areas are unable to identify and afford pharmacists to be on-site in the city. Telepharmacy solutions from pipelineRx met these requirements. Telepharmacy services have since developed, as with other telehealth approaches, from remote health care centers to clinics, doctor's offices, long-term care facilities, jails, military bases, naval ships, etc. The new telepharmacy networks use innovative technology to connect easily with pharmacy management systems and offer the best service possible. This has facilitated the implementation of telepharmacies across multiple locations to allow patient and healthcare units more convenient access.

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Telepharmacy provides consultation to patients living in remote locations, thereby ensuring access to quality medical and rural healthcare services. In addition, pharmacy offers prescription services at low cost. It saves on the extra expenses needed to spend money to employ a pharmacist. Increasing internet penetration coupled with growing internet usage is also driving growth in the market. In addition with the emergence of infectious diseases such as COVID-19 induced social distancing and lockdowns. Hence, people prefer online health facilities to reduce the risk of contamination and infection. Telepharmacy is thus gaining prominence in these pandemics, and thus increasing the growth of the market.

The global market for the telepharmacy is segmented into services, and region. Based on the services, the global market for telepharmacy is segmented into pharmacy consultations, remote order entry, and others. Remote order entry services also known as inpatient telepharmacy include real-time order of medication along with hospital and health system analysis and verification. The inpatient telepharmacy acts as an alternative to the in-house pharmacy located in the hospital. It helps remote pharmacists have 24/7 coverage during peak hours so that patients receive quality care. Telepharmacy offers patient advice or teleconsultation via an interactive and secure video session or calls. Some of the factors driving segment market growth are unavailability of pharmacists in rural area hospitals which cannot afford pharmacists. In addition, one of the reasons for rising need for telepharmacy is insufficiently trained pharmacists. Business development is also anticipated as favorable policy in the primary care center and other healthcare organizations to promote telemedicine and increase healthcare spending.

Regionally, the telepharmacy market is segmented into North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa. The North American region is dominated by the market followed by the European region due to increased internet penetration and favorable reimbursement policies. In addition, rising disposable income along with technologically advanced infrastructure is promoting growth of this industry. Asia-Pacific is expected to experience lucrative growth in the telepharmacy market over the forecast period as a result of growing smartphone adoption, patient awareness and supportive government initiatives.

The report also includes detailed profiles of some of the players like Telepharmacy Solutions, Inc., Medication Review, Inc., Pipeline Health Holdings, North West TelePharmacy Solutions, McKesson Ventures, Mitsui & Co., Inc., and AMN Healthcare among others. Such firms are active in strategic partnerships, global growth and new services. In 2019, for example, the Pipeline Health Holdings and YouScript entered into a strategic alliance to promote growth in the telepharmacy market.

This report segments the telepharmacy market as follows:

Global Telepharmacy Market: By Services

  • Remote Order Entry
  • Pharmacy Consultations
  • Others

Global Telepharmacy Market: By Region

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

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