New York, USA, Nov. 21, 2022 (GLOBE NEWSWIRE) -- Teledermatology Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Teledermatology Market Information By Type, Modality, End User, And Region - Forecast till 2030", the market size is expected to reach USD 65.64 billion by 2030 at 20.8% CAGR during the forecast period 2022 – 2030.
Market Synopsis
One of the most important uses of e-health and telemedicine is teledermatology, a branch of dermatology. Through audio, video, and data connection, telecommunication technologies are employed in this industry to transmit medical information over a range of distances. Controlling skin diseases offers several advantages, including treatment, consultation, diagnosis, and education. With the help of teledermatology, a dermatologist may reach more people who require specific knowledge. Most teledermatology is store-and-forward (asynchronous), which involves storing photos on digital devices like computers and cellphones before sending them electronically to a dermatologist referring the patient. A growing number of skin diseases are being reported due to an aging population and a lack of dermatologists, and this is expected to propel the market to profitable growth over the projected period.
The market is driven by the expanding use of teledermatology, the incorporation of A.I. and machine learning, and the rise in skin disorders. Additionally, technology developments are anticipated to open up profitable expansion potential. Information technology (I.T.) innovations are opening up new market opportunities. The advancement of technology has given clinicians the ability to keep track of patients' health and well-being. Additionally, a wide range of mobile applications and the quick development of smartphone technology drive the industry ahead. Due to improvements in cloud-based electronic medical records (EMRs), including the use of service as software, emerging technologies will present chances for the expansion of teledermatology in the next years (SaaS).
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Report Scope:
| Report Attribute | Details |
| Market Size | USD 65.64 Billion |
| CAGR | 20.8% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Modality and End User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Rising adoption of teledermatology |
| Integration of artificial intelligence and machine learning |
Teledermatology Market Competitive Landscape:
The well-known contenders in the teledermatology market are:
- DermTech (U.S.)
- OnlineDoctor (Switzerland)
- MetaOptima (Canada)
- MDLIVE Inc. (U.S.)
- CureSkin (India)
- Hims & Hers (U.S.)
- Digital Diagnostics (U.S.)
- Miiskin PRO (Denmark)
- FirstDerm (U.S.)
- 3Gen (U.S.)
Teledermatology Market Dynamics:
Market Drivers:
Artificial intelligence is one of the major trends driving market expansion. Healthcare organizations are quickly expanding their telemedicine initiatives and embracing long-distance consultations. When detecting cases of melanoma from lesion photos via teledermatology, novel developments in deep learning, a type of artificial intelligence (A.I.), have been used. According to predictions made by the smartphone industry, customers worldwide will have access to deep learning-capable technology within the next ten years, thanks to the widespread adoption of next-generation handsets. The market is expanding due to growing patient and provider receptivity, which is one of the major factors. The operational efficiencies of telehealth workflows will increase as a result.
Dermatological services have increased significantly due to an increase in the prevalence of skin disorders such as eczema, psoriasis, and skin cancer. As a result, the teledermatology market will expand faster than the prevalence of skin problems. Additionally, the main market players' digital and social media marketing efforts to expand their consumer bases have increased due to social media's increasing penetration. The availability of dermatologists and consultants on teledermatology platforms has increased due to the growing consumer use of telehealth. Global demand for teledermatology platforms is being fueled by the expansion of digital technologies and the incorporation of cutting-edge technology like A.I. and data analytics.
Market Restraints:
Even though many nations have developed compensation guidelines for teledermatology services, inappropriate and insufficient reimbursement, particularly in poor nations, continues to pose a serious obstacle to adopting these services. In underdeveloped nations, healthcare costs have long been a major concern. The development of the market is hampered by the lack of a suitable network among underserved and underprivileged populations in emerging nations. Due to unreliable and low-bandwidth internet, nations like Afghanistan, Bangladesh, Africa, and others are experiencing internet problems.
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COVID 19 Analysis
Over the study period, the COVID-19 pandemic's effects on the market are anticipated to show a strong rise. This is because telemedicine and teledermatology adoption significantly increased during the COVID-19 epidemic. The coronavirus control measures, such as the lockdown and social segregation regulations, significantly decreased the number of patient visits and consultations. During the COVID-19 lockout, the percentage of dermatologists in the U.S. offering telemedicine consultations nearly tripled. Additionally, a growing number of activities from both public and private entities to stop the disease's spread will aid market expansion.
Teledermatology Market Segmentation
By type, the market includes products and services.
By end user, the market includes payers, providers, and patients.
By modality, the market includes store & forward and real-time.
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Teledermatology Market Regional Insights
The variables affecting the North American area are favorable government backing and the growing need for teleconsultation. Due to increased investments from public and commercial actors and the support of key industry leaders for improved teledermatology services, North America currently holds a disproportionate share of the worldwide teledermatology market. Due to increased technology improvements in the area, a rising rate of telehealth service uptake, and government assistance, it accounted for a significant portion of the global teledermatology services revenue. Additionally, market participants are utilizing digital technology to communicate with customers.
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Due to a quick rise in digital services and the expanding population, Asia-Pacific, followed by Europe, has had profitable growth and holds a significant market share. The Asia-Pacific region is anticipated to see the quickest growth during the projection period. The increase in consumer spending, the presence of well-known players, and awareness of teleconsultation in metropolitan areas are the factors driving the market's expansion. The region's market is expanding due to mobile technology improvements and expanded network coverage.
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