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polaris market research

Telepharmacy Market Overview with Detailed Analysis, Competitive landscape Forecast to 2027

January 25th, 2022 7:38 AM

The global telepharmacy market size is expected to reach USD 71.43 billion by 2027 according to a new study by Polaris Market Research. The report which is titled as “Global Telepharmacy Market Share, Trends, & Size Analysis Report By End-use (Primary Care Centers, Hospitals, Others), By Services (Pharmacy Consultation, Remote Order Entry), By Segment Forecasts, And By Region, 2020 To 2027” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Certain services involved in telepharmacy includes patient counselling, drug therapy monitoring, refill authorization and prior authorization needed for the prescription drugs. Other telepharmacy services comprises of monitoring the formulary compliance through the deployment of videoconferencing or teleconferencing. Telepharmacy may also involve remote delivery of medicines through automated labelling and packaging systems. In addition, the delivery of telepharmacy services may even be performed through the assistance of healthcare facilities such as nursing homes, hospitals or other healthcare institutions. Telepharmacy may also deploy videoconferencing technique across the pharmacy in order to provide management, training and education services to pharmacy staff and pharmacists remotely.

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The prominent factors favoring the global market growth include advancement in technology, substantial investments in telepharmacy and rise in the prevalence of diseases. Telepharmacy offers medical care at minimal costs to the rural and other backward regions worldwide. For instance, the advancements in telehealth technology that includes faxes, videoconferencing, electronic healthcare information gathering techniques including, electronic health record (EHR).

 

These key technologies allow the pharmacists to proactively contribute novel and unique ways to enhance the usage of medicines in healthcare settings that include, hospitals, community pharmacy locations, nursing home as well as various other healthcare facilities. Moreover, the rising internet penetration worldwide has resulted in increasing preference for online healthcare services. Furthermore, the ongoing COVID-19 pandemic worldwide has driven the demand for maintaining social distancing amid lockdown which has in turn fueled the demand for online healthcare services that’s also anticipated to contribute to market growth.

 

Market participants such as Medication Review, Inc., North West TelePharmacy Solutions, McKesson Ventures, Pipeline Health Holdings, Mitsui & Co., Inc., MedTel Services, TelePharm, LLC, One Touch Telehealth, Comprehensive Pharmacy Services, Inc., AMN Healthcare, and Telepharmacy Solutions, Inc. are some of the key players operating in the global market.

 

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Players in the market are focusing on strategic partnership with other key companies to strengthen their market position across the globe. For instance, in June 2019, Pipeline Health Holdings which is a telepharmacy company has entered into a partnership agreement with YouScript Incorporated in order to provide highly-personalized prescribing software tools across its advanced platform referred to as PowerGridRx. This strategic partnership agreement is anticipated to enhance patient results through providing safe and optimal medical aid to each patient. PowerGridRx platform comprising of personalized prescribing software tools is combined with EHRs can simply offer key services to healthcare institutions such as hospitals, clinics, ambulatory surgical centers (ASCs) and other key healthcare facilities.

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