Telepharmacy Market - Emerging Trends and New Technologies Research 2016 - 2024

A market research report by Transparency Market Research, titled “Telepharmacy Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024,” provides an in-depth analysis of the competitive landscape and dynamics of this market. The report has been compiled using important market figures such as the market shares of key vendors and leading segments of the global telepharmacy market.

The report offers insights into the factors influencing the growth of the market. A primary appeal of telepharmacy is that it will enable pharmacists to provide consultation to patients living in remote locations. Moreover, telepharmacy potentially provides professional pharmacy care at reduced costs. The cost of equipment and staffing with a pharmacy technician is nearly 15% of the cost incurred in opening a new store and hiring a pharmacist.

Furthermore, it ensures better inventory management and enhanced patient satisfaction owing to improved medication administration and visibility between facilities. These factors, altogether, give a great push to the global telepharmacy market. There is an increasing implementation of telepharmacy in the U.S. owing to rising awareness about the intrinsic advantages of this technology.

On the other hand, the technology is still at its nascent stage and encounters operational and technical issues associated with host IT systems and integration. Moreover, in most parts of the world, the laws regulating pharmacy operation still do not address the telepharmacy solutions. These factors restrain the growth of the global telepharmacy market.

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Another factor impeding the growth of the market is the lack of overall management in dispensing medications for the patients. Also, a pharmacist practicing telepharmacy deals with a lot of work pressure, which might reduce their interest, thereby acting as yet another obstacle to the growth of the global telepharmacy market. However, the steady shift towards digitization is likely to open new avenues of growth for the vendors operating in the telepharmacy market.

The report has pegged the latest technology launched by San Francisco-based PipelineRx as a tool to consolidate and bring superior medication management services along with procedures and policies into one software offering. The interoperable technology platform has also managed logistical and budgetary challenges well, thereby gaining a significant traction in the market. The company has recently announced a US$9.1 mn round of funding by AMN Healthcare, McKesson Ventures, and Mitsui & Co. (U.S.A.) Inc. This investment is likely to help PipelineRx in delivering telepharmacy services across a wider landscape. Other companies that are influencing the growth of the market are Medication Review, Inc., North West TelePharmacy Solutions, and Telepharmacy Solutions Inc.

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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.