Portland, OR, July 17, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report titled, "Teledermatology Market by Type (Products and Services), by Modality (Store-and-Forward (Asynchronous), and Real-Time (Synchronous)), by End User (Healthcare Units and Homecare): Global Opportunity Analysis and Industry Forecast, 2023-2032." According to the report, the global teledermatology industry was valued at $9.5 billion in 2022 and is estimated to reach $38.9 billion by 2032, registering a CAGR of 15.2% from 2023 to 2032.
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Prime Determinants of Growth:
The global teledermatology market is driven by several factors, such as a rise in the prevalence of skin disorders such as acne, atrophic dermatitis, rosacea, skin cancer, and various others, technological advancements in telehealth services, a rise in the number of teledermatology service providers. However, the diagnostic limitations of teledermatology, as there are still certain conditions that require in-person evaluations, are expected to hamper the teledermatology market's growth. On the contrary, the rise in awareness about teledermatology services in developing countries and the dearth of dermatologists in developed countries are expected to create immense opportunities for the expansion of the global market in the future.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $9. 5 Billion |
| Market Size in 2032 | $38.9 Billion |
| CAGR | 15.2% |
| No. of Pages in Report | 374 |
| Segments Covered | Type, Modality, End User, and Region |
| Drivers | Rise in the prevalence of skin diseas Technological advancements in tele-healthcare services Rise in the number of teledermatology service providers |
| Opportunities | Rise in awareness about teledermatology in developing countries |
| Restraints | Limited access to technology |
COVID-19 Scenario:
- The outbreak of the COVID-19 pandemic had a positive impact on the teledermatology market. The pandemic accelerated the adoption of telemedicine services, including teledermatology services, as patients and healthcare providers turned to remote consultations to minimize the risk of exposure to the virus, leading to a surge in teledermatology usage.
- However, the pandemic situation has recovered, and the surge in teledermatology services is still growing the market's demand.
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The services segment to maintain its leadership status throughout the forecast period-
Based on type, the services segment held the highest market share in 2022, accounting for more than two-thirds of the global teledermatology market revenue, and is estimated to maintain its leadership status throughout the forecast period. The same segment would also display the fastest CAGR of 15.4% during the forecast period. Due to the increase in demand for tele-healthcare services, the increase in incidence of skin disorders, and the increase in the number of teledermatology service providers in the form of tele-consultation, tele-monitoring, and tele-education.
The store-and-forward (asynchronous) segment to maintain its lead positions throughout the forecast period-
Based on modality, the store-and-forward (asynchronous) segment held the highest market share in 2022, accounting for nearly three-fifths of the global teledermatology market revenue, and is estimated to maintain its lead position throughout the forecast period. Due to the fact that store-and-forward teledermatology eliminates the need for patients to physically visit a dermatologist's office. However, the real-time (synchronous) segment would showcase the fastest CAGR of 15.4% from 2023 to 2032, owing to an increase in the demand for real-time teledermatology services for telemonitoring and tele-consultation and the benefits offered by real-time teledermatology services, such as enabling dermatologists to provide immediate evaluation and diagnosis of skin conditions, leading to more timely and effective treatment.
The homecare segment to rule the roost by 2032-
Based on end user, the homecare segment held the highest market share in 2022, contributing to nearly three-fifths of the global teledermatology market revenue, and is projected to rule the roost by 2032. The same segment would also portray the fastest CAGR of 15.4% during the forecast period. This is due to the advantages offered by homecare teledermatology services, such as the fact that they provide better convenience and flexibility for patients to schedule virtual consultations at their preferred time without the constraints of traditional office hours.
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North America to maintain its dominance by 2032 -
Based on region, North America held the highest market share in 2022, accounting for more than two-fifths of the global teledermatology market revenue, and is likely to maintain its dominance by 2032. This is attributed to a rise in awareness about teledermatology services, an increase in the prevalence of skin diseases, the strong presence of key players providing teledermatology services, and the availability of advanced healthcare systems and modern medical technologies. However, the Asia-Pacific region would exhibit the fastest CAGR of 16.5% from 2023 to 2032. owing to advancements in medical technologies in developing countries that are used for imaging and tele-communication, rapidly growing skin problems due to changing lifestyles and pollution, and a surge in demand for skin care devices that provide tele-health services.
Leading Market Players: -
- Teladoc Health, Inc.
- 3Derm Systems Inc.
- Ksyos Telemedical Centre
- Medweb
- Advanced TeleMed Services
- Eagle Tele Medicine
- Vesta Teleradiology
- DermUtopia
- Mandel Dermatology
- Miiskin
The report provides a detailed analysis of these key players in the global teledermatology market. These players have adopted different strategies such as product launches, collaboration, innovation, and business expansion to increase their market share and maintain dominant positions in different regions. The report is valuable in highlighting business performance, operating segments, product portfolios, and strategic moves of market players to showcase the competitive scenario.
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“We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.”
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