Telepharmacy Market Report 2024

This Telepharmacy market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

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 expansion during the historical period can be linked to efforts aimed at reducing healthcare disparities, initiatives by the government and health insurance companies, a heightened emphasis on preventive care, a growing demand for remote healthcare services, and improved healthcare access and outreach to rural areas.

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 anticipated growth during the forecast period can be attributed to the rise in virtual care partnerships, greater adoption of cloud-based solutions, improved chronic disease management, a demand for integrated care models, and the expansion of home healthcare services. Key trends expected to shape this period include the integration of technology with wearable devices, the development of mobile health (mHealth) applications, advancements in telecommunication technologies, progress in telehealth technologies, and the integration with electronic health records (EHRs).

The rising demand for chronic disease management is expected to drive the growth of the telepharmacy market. Chronic disease management involves the continuous treatment, monitoring, and support of individuals with long-term medical conditions such as diabetes, hypertension, heart disease, asthma, and arthritis. This growing demand is due to the increasing prevalence of chronic conditions and the need for long-term, personalized care to enhance patient outcomes. Telepharmacy supports chronic disease management by offering remote medication counseling and monitoring, which improves patient adherence and access to care. For example, a report published by the American College of Cardiology in August 2022 projected that all four major cardiovascular risk factors in the United States would rise from 2025 to 2060. Diabetes is expected to see the largest increase, with a 39.3% rise 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). Thus, the growing need for chronic disease management is fueling the growth of the telepharmacy market.

Major players in the telepharmacy market are focusing on creating innovative solutions, such as telehealth platforms, to improve patient access to pharmaceutical care. A telehealth platform is a digital technology that enables the remote delivery of healthcare services using communication tools like video conferencing, messaging, and secure data sharing. This allows for virtual consultations, monitoring, diagnosis, and treatment between healthcare providers and patients without requiring in-person visits. For example, in January 2024, Eli Lilly, a U.S.-based pharmaceutical company, launched LillyDirect, a telehealth platform designed to sell certain medications directly to consumers. This innovative platform enables patients to obtain prescriptions for conditions such as obesity, migraines, and diabetes, bypassing traditional healthcare pathways and the usual doctor-to-pharmacy process. Key features include direct prescription access and home delivery.

In February 2023, Elevance Health, Inc., a U.S.-based health insurance provider, acquired BioPlus for an undisclosed amount. This acquisition will assist Elevance Health in addressing the specialty drug needs of its clients and customers with a comprehensive health approach, supported by programs across Elevance Health and Carelon, its healthcare services brand. BioPlus is a U.S.-based provider of telepharmacy services.

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.

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.

The countries covered in the telepharmacy market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Telepharmacy involves delivering pharmaceutical care using telecommunication technology, which allows pharmacists to provide consultations, manage medications, and handle prescriptions from a distance. This method increases access to pharmacy services, particularly in remote or underserved regions. By offering prompt support and medication guidance, it enhances patient care.

Telepharmacy can be categorized into several types such as inpatient, remote dispensing, intravenous admixture, patient counseling, drug therapy monitoring, and refill authorization for prescriptions. Inpatient telepharmacy specifically refers to pharmacists delivering services to patients in hospitals or healthcare facilities from a remote location, utilizing technology to review medication orders, verify dosing accuracy, and monitor patient outcomes. The system comprises both hardware and software and can be delivered via on-premise, web-based, or cloud-based methods. Its applications span hospitals, small pharmacies, nursing homes, prisons, military bases, and warships.

The telepharmacy market research report is one of a series of new reports that provides telepharmacy market statistics, including telepharmacy industry global market size, regional shares, competitors with a telepharmacy market share, detailed telepharmacy market segments, market trends and opportunities, and any further data you may need to thrive in the telepharmacy industry. This telepharmacy market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The telepharmacy market consists of revenues earned by entities by providing services such as remote medication consultations, prescription management, and medication therapy reviews. The market value includes the value of related goods sold by the service provider or included within the service offering. The telepharmacy market also includes sales of bar code scanners, telemedicine carts, and automated dispensing machines. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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