Rising Healthcare Concerns Spark Off Growth in Global Telepharmacy Market
A report by Transparency Market Research, titled, “Telepharmacy Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024,” envisages this market to depict a fantastic performance mainly due to increasing reliability of consumers on telecom and other smart devices for receiving efficient medical treatment.
Chronic ailments are fast rising due to surging pollution levels, changing lifestyles that lead to improper eating habits, and spread of bacteria and viruses owing to unhygienic conditions, and other factors. Spread of such chronic ailments has made consumers demand effective action at the earliest, thus ushering in the telepharmacy treatment methods. Provision of treatments over the phone, internet, and other forms of remote communicative devices can be carried out faster instead of taking those affected to specific healthcare organizations.
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Telepharmacy has witnesses a high preference from the masses, consequently boosting the global telepharmacy market. In case an infectious disease outbreak, receiving vital information regarding treatment of patients as well as sound advice from experts is possible through telepharmacy. Thus, events like these which are increasing with every passing year owing to rampant spread of various diseases, especially in underdeveloped and developing countries is boosting the need for telepharmacy. Increasing access to smartphone devices and their usage, coupled with advanced connectivity, and improved remote monitoring processes has also managed to further propel the telepharmacy market’s growth.
However, high costs required for initial setup of telepharmacy systems has discouraged the growth of this market in certain region, which are mainly characterized with low GDP. Lack of skilled labor to set up relevant systems and operate them has also greatly hindered the global telepharmacy market.
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A poor reach and availability of equipment in remote regions, otherwise needed to establish remote contact with those affected with diseases and ailments in such areas is also expected to substantially hamper the market’s growth. Lastly, risk of data breach and computational errors that could discourage potential users, is a key factor negatively affecting the market’s growth. Nevertheless, numerous companies are taking a lot of efforts to create cost effective and efficient telepharmacy solutions, consequently driving the associated market.
With an enormous potential visible in the global telepharmacy market, a multitudinous vendor landscape depicts a vastly fragmented scenario. Numerous players operate in this market and are trying to outgun each other primarily in terms of quality of treatment provided. This is one of the main reasons why businesses in the global telepharmacy market have realized the importance of forming a workable niche, in order to survive the burgeoning competitive intensity.
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Cost regulation and improving geographical reach also are key strategies employed by companies operating in this market. Medication Review, Inc., Telepharmacy Solutions Inc., PipelineRx, and North West TelePharmacy Solutions, are some of the key companies operating in the global telepharmacy market.
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