USD 14.32 Billion
Report ID: SQMG35A2014 | Region: Global | Published Date: December, 2022 | Pages: 157
The Global Teledermatology Market was valued at USD 14.32 Billion in 2021, and it is expected to reach a value of USD 68.67 Billion by 2028, at a CAGR of 25.10% over the forecast period (2022 - 2028).
Teledermatology is a branch of dermatology that uses telecommunications and digital medical information to diagnose, monitor, and treat skin disorders like eczema, melanoma, and psoriasis. Teledermatology has a variety of uses, including medical teaching and healthcare management. Direct consultation, telediagnosis, and tele homecare are just a few examples of healthcare management. In direct consultation, the patient makes a telephone call to a dermatologist to schedule an appointment for a consultation, diagnosis, and therapy. In these types of appointments, mobile applications play a big role. Telediagnosis employs a triage tool that employs artificial intelligence (AI) software to forecast patient outcomes based on predictive data in the AI system database.
Telehomecare, often known as home telehealth, entails remote skin examinations from the convenience of one's own home. Patients with skin disorders such as psoriasis, chronic ulcers, and others frequently use telehomecare for follow-up treatment. Teledermatology employs a variety of communication technologies to extend a dermatologist's reach to individuals who require their expertise. Teledermatology is essentially asynchronous (store-and-forward), with photos being stored on digital devices such as cell phones and PCs and then sent electronically to a recommending dermatologist. The market is expected to increase at a healthy rate throughout the projected period, owing to rising prevalence of skin disorders caused by the ageing population and a scarcity of dermatologists. As a result, patients must wait a lengthy period to receive treatment.
The COVID-19 outbreak and consequent lockdown in various nations around the world has wreaked havoc on businesses across the globe. Due to strict lockdown in some areas, the COVID-19 pandemic has had a substantial impact on the healthcare industry's whole supply chain. The COVID-19 pandemic, on the other hand, is expected to have a positive impact on the teledermatology business due to the need for non-contact healthcare solutions to control the spread of COVID-19 illness.
Sakhiya Skin Clinic, an Indian dermatological clinic, for example, announced a free skin care consultation and treatment service via real-time teledermatology in April 2020, wherein the patient and the dermatologist would discuss medical information regarding the skin issues via video conference. Such teledermatology service launches aid market players in combating the COVID-19 pandemic by providing patients with contactless dermatological care and reducing the risk of COVID-19 transmission through human contact.
Global Market Size
USD 14.32 Billion
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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.
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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.
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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.
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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.
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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.
|Market size value in 2021||USD 14.32 Billion|
|Market size value in 2028||USD 68.67 Billion|
|Forecast period||2022 - 2028|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Teledermatology Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Teledermatology Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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