Global Teledermatology Market Size, Share, Growth Analysis, By Type(Services, Products), By Modality(Store-and-Forward (Asynchronous), Real-time (Synchronous)), By End Users(Healthcare Facilities, Home Care) - Industry Forecast 2022-2028

Global Teledermatology Market is segmented based on Type, Modality, End-User, and region. Based on the Type, the market is segmented into services and products. Based on the Modality, the market is segmented into store-and-forward (asynchronous), real-time (synchronous) and others. Based on end-user, it is categorized into healthcare facilities and home care. By region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and MEA.

Analysis by Type

The market is divided into two types: services and products. In 2021, the services sector was the most dominant. The services segment is predicted to grow faster during the forecasted period. It significantly reduces referrals, and patients do not have to wait in huge lines to be seen. The average consultation wait time has grown due to a shortage of dermatologists in the United States. As a result, a growing number of hospitals are adopting virtual visits, further favoring the services segment. The products segment is predicted to rise due to rising sales of dermatoscopes that can capture more detailed pictures for precise diagnosis.

Analysis by Modality

During the projected period, the store-and-forward (SAF) segment is expected to develop at a healthy rate. Because skin images are required for diagnosis, teledermatology is heavily reliant on the SAF modality. The segment's expansion is fueled by the growing usage of teledermatology for second opinions and substantial government support. In the United States, SAF is used by the majority of active non-governmental projects, which is likely to drive the SAF segment's growth. Throughout the projection period, the real-time category dominated the teledermatology market. The segment is expected to grow due to an increase in the number of video consultations for acne, hair loss, and aesthetic objectives.

Analysis by End Users

The homecare category is predicted to increase at a significant rate during the forecasted period. Significant cost savings in health care and growing acceptance of homecare services are two key aspects driving this segment's growth. Telemonitoring and education for senior patients, which eliminates the need for hospital visits, are also expected to boost market growth. The healthcare facilities category had the biggest share because of the growing number of government-funded pilot programs for teledermatology & telecommunications technologies to train doctors in medical colleges. Such aforementioned factors are likely to contribute to the segmental growth of the market.

The market in North America is likely to be driven by the presence of numerous large-scale businesses such as Dermatologists On Call and MD Live, as well as significant government backing and an increase in teleconsultations. The COVID-19 epidemic has accelerated reforms and acceptance of telehealth by governments, doctors, health systems, and insurance firms across all regions, which is projected to drive the market in the forecast term. Even in India, which has lagged behind in telehealth reform, the Ministry of Health and Family Welfare, in collaboration with NITI Aayog, established official guidelines for telemedicine practices in March 2020.

Furthermore, according to researches, there has been a significant increase in the use of telehealth services in the United States in May 2020, with consumer acceptance of telehealth services rising by 46% in 2020 compared to 11% the previous year to prevent contact with COVID-19. Due to a more developed regulatory and reimbursement framework, China, Singapore, and Australia in APAC, and Sweden, the United Kingdom, and France in Europe, have been the early adopters of telehealth.

During the forecast period, Asia Pacific is expected to be the most lucrative market. The growing usage of telehealth and telemedicine, as well as rising government attempts to improve the healthcare sector, are driving the growth of the tele-dermatology market in Asia Pacific. Furthermore, the industry is predicted to develop due to rising number of internet users and favorable government regulations regarding telehealth and reimbursements.

Driver

• Growing Patient and Provider Adoption of Telehealth Will Boost Market Growth
• Increased awareness among patients and providers is one of the key drivers of market expansion. In a 2020 poll conducted by the National Business Group on Health, more than 96% of companies in the United States with 500 or more employees stated that they will provide insurance coverage for telehealth services by 2019. According to One Touch, virtual care is appropriate for all user types in any healthcare context. As a result of the surge in video telehealth during a pandemic, Telehealth announced the release of Version 5.0 of its software in November 2020, virtual care is appropriate for each user type in any healthcare context. This has aided the growth of the telehealth market.

• Incidence of Skin Conditions is Increasing, Driving Market Growth
• Due to an increase in the incidence of skin disorders such as skin cancer, eczema, and psoriasis, the number of dermatological services has increased significantly. According to the American Association of Dermatology, around 50 million Americans have acne, 30 million have eczema, and 7.5 million have psoriasis. Every day, around 9,500 people in the United States are diagnosed with skin cancer.

Restraint

• In developing countries, inadequate reimbursement facilities will limit product adoption

Despite the fact that many nations have developed reimbursement regulations for teledermatology services, incorrect and inadequate compensation, particularly in developing countries, remains a substantial barrier to their adoption. In developing countries, the cost of medical care has always been a major concern. As a result, developing economies have rushed to accept these services without sufficient strategy or planning. Low reimbursement, connectivity challenges during virtual teledermatology visits, and a lack of good epidemiological studies data connected to skin disorders are projected to stymie the global teledermatology industry's growth over the forecast period. According to a study published in the British Medical Journal (BMJ) in May 2020, approximately 81 % of the world's countries lack epidemiological data on psoriasis, a skin ailment characterized by itchy scale-like spots on the skin.

Due to the presence of large corporations, the Telemedicine business is moderately consolidated. As the business matures, market participants are concentrating on mergers and strategic alliances. To capitalize on and grow their market share, companies are making strategic decisions to develop new platforms. The emergence of teledermatology-focused businesses will increase market competition because of the growing number of startups and the extensive distribution networks of major corporations in developed and developing nations, the market is fragmenting. The key players operating in the market are FirstDerm, Maple, MetaOptima, Ksyos, Nihon3Gen, 3Derm, and others.

Top Players Company Profiles

• VigNet Inc. (US)
• Maple (Canada)
• MDLIVE Inc. (US)
• CureSkins (India)
• Ping an Good Doctor (China)
• FirstDerm (US)
• 3Gen (US)
• Ksyos (Netherlands)
• MetaOptima (Canada)
• 3Derm (US)

Recent Developments

• In January 2022, MDLIVE launched the first virtual health monitoring program for chronic diseases. Patients with chronic diseases will be able to monitor biometrics like blood pressure and glucose levels using the digital-first initiative, capturing daily health information that they may discuss with MDLive clinicians during their appointments.
• In May 2022, a patent by VigNet for precision health monitoring with digital devices was issued.
• In June 2021, Hims& Hers bought Apostrophe, a dermatology start-up. Hims& Hers will be better able to provide individualized dermatology treatments to customers as a result of this acquisition.

• Artificial Intelligence (AI) will be used to drive market growth. The adoption of artificial intelligence is one of the key trends driving market growth. Healthcare organizations are rapidly expanding telemedicine systems and welcoming long-distance consultations. Through teledermatology, new developments in deep learning, a type of artificial intelligence (AI), have been used to diagnose cases of melanoma from lesion photos.
• In the coming decade, the smartphone industry estimates that next-generation devices and widespread adoption will put deep learning-capable hardware in the hands of consumers all around the world. For example, Google announced in May 2021 a dermatology tool powered by artificial intelligence that will help consumers understand abnormalities with their skin, hair, and other regions.

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.

According to our Global Teledermatology Market Analysis, growing patient and provider adoption of telehealth will boost market growth along with increasing prevalence and incidence of skin- related issues. Furthermore, Asia Pacific is expected to be the most lucrative market because of the growing usage of telehealth and telemedicine, as well as rising government attempts to improve the healthcare sector.