Pune, India, Sept. 22, 2021 (GLOBE NEWSWIRE) -- The global teledermatology market size is expected to gain momentum by reaching USD 44.86 billion by 2027 while exhibiting an impressive CAGR of 24.3% between 2020to 2027. In its report titled “Teledermatology Market, 2020-2027”, “Fortune Business Insight mentions that the market stood at USD 48.3 billion in 2019.
Increasing partnerships between pharmacies, insurance companies, and telehealth are likely to promote the market growth. For instance, Walgreens, a drugstore chain in the US announced its partnership with MD Live to launch a new app, Find Care. The app connects patients with healthcare providers through online medium or in-person. Such initiatives are expected to promote the market in upcoming years.
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Market Segmentation:
Based on product type, the global market for teledermatology is bifurcated into products and services.
- Based on its type, the services segment held a major global share in 2019. This is attributable to the less waiting time for patients to consult the doctor.
By its modality, the market is segregated into, store and forward, real-time, and others. Based on the end-user, the market is divided into healthcare facilities and home care. Finally, based on region, the market is categorized into North America, Europe, Asia-Pacific, and the Rest of World (RoW)
COVID-19 Impact
Increasing Demand for Teleconsultations amid Pandemic to Aid Growth
Increased internet penetration has shifted doctor consultation on online platforms. In these tough times, teleconsultation has emerged as the biggest savior. People are following lockdown and social distancing regulations to avoid the spread of the virus. For instance, a survey by the American Association of Dermatology published in 2020 mentioned that around 43% of the decline was reported in usual consultation due to the outbreak of the virus. This decline has led to huge uptake of teleconsultations services, including dermatologist. All these factors are likely to favor the market during the forecast period.
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Increasing Prevalence of Skin Diseases to Promote Market Growth
The awareness about teleconsultations and perks associated with it, such as the increasing health care value and affordability is expected to drive the adoption of the product. Besides, it saves both patients time and money in case of non-critical and routine checkups. The rising incidence of skin diseases is also contributing to the teledermatology market growth. As per a report by the American Association of Dermatology, nearly 50 million people in the U.S. have acne problems, and around 30 million suffer from eczema. Hence, the growing number of patients is expected to propel the growth of the market during the foreseeable years.
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Strong Infrastructural Capabilities of Telehealth to Aid Growth in North America
North America stood at USD 2.04 in 2019 and is expected to hold the largest global teledermatology market share during the forecast period. This is ascribable to factors such as the growing government support and the high infrastructural capability of telehealth services in the region. Moreover, the COVID outbreak led to the adoption of these services by a large population.
Asia Pacific to mark a significant growth during the forecast period. This is attributable to the surging investments and campaigning regarding telemedicine services in countries such as India. For instance, the Indian government launched guidelines about telehealth services on its portal Niti Aayog in March 2020. This is expected to promote the regional market.
Key Players to Focus on Establishing Partnerships to Intensify Competition
The market is consolidated by major companies striving to maintain their position by focusing on acquisitions and establishing partnerships. Moreover, other key players are adopting proactive strategies such as new product launches, mergers, and facility expansion in developing economies to favor the market's growth in the forthcoming years.
Industry Development
- May 2020: DermTech, launched its Pigmented Lesion Assay test. It is a telemedicine service that will help to do a patch test for melanoma detection remotely.
- April 2020: Sakhiya Skin Clinic based in India, launched free of cost skin care treatment through teledermatology platforms.
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List of the Key Players Profiled in the Global Market for Teledermatology
- Gen
- Ksyos
- MetaOptima
- 3Derm
- VigNet Inc.
- Maple
- MDLIVE Inc.
- CureSkin
- Ping an Good Doctor
- FirstDerm
Table Of Content :
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Proportion of Healthcare Professionals using Telemedicine, 2019 & 2020
- Overview of Teledermatology Services
- Overview of Teledermatology Policies & Pilot Programs- For Key Countries
- Reimbursement and Legal Aspect Overview
- New Product Launch
- Technological Advancements in Teledermatology Market
- Startups with their Funding Overview
- Key industry Developments - Mergers, Acquisitions and Partnerships
- Impact of COVID-19 on Teledermatology Market
- Global Teledermatology Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Products
- Services
- Teleconsultation
- Telemonitoring
- Tele-education
- Others
- Market Analysis, Insights and Forecast – By Modality
- Store-and-forward (Asynchronous)
- Real-time (Synchronous)
- Others
- Market Analysis, Insights and Forecast – By End User
- Healthcare Facilities
- Home Care
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
- North America Teledermatology Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast - By Type
- Products
- Services
- Teleconsultation
- Telemonitoring
- Tele-education
- Others
- Market Analysis, Insights and Forecast - By Modality
- Store-and-forward (Asynchronous)
- Real-time (Synchronous)
- Others
- Market Analysis, Insights and Forecast – By End User
- Healthcare Facilities
- Home Care
- Market Analysis, Insights and Forecast - By Country
- U.S.
- Canada
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Global Teledermatology Market Segmentation :
By Type
- Products
- Services
- Teleconsultation
- Telemonitoring
- Tele-education
- Others
By Modality
- Store-and-forward (Asynchronous)
- Real-time (Synchronous)
- Others
By End User
- Healthcare Facilities
- Home Care
By Geography
- North America (U.S. and Canada)
- Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
- Asia-Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia- Pacific)
- Rest of the World (RoW)
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