Coherent Market Insights

Teledermatology Market to Surpass US$ 104.5 Bn by 2031

Teledermatology Market to Surpass US$ 104.5 Bn by 2031 - Coherent Market Insights

Publish In: Feb 26, 2024

Global Teledermatology Market, By Type [Products, and  Services (Teleconsultation, Telemonitoring, Tele-education)], By Application (Skin Cancer, Acne, Anti-aging, Hair Care, and Others), By Modality [Store and Forward (Asynchronous), Real Time (Synchronous), and Others], By End User (Hospitals and Clinics, Medical Universities, Homecare Settings, and Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa). The global teledermatology market was valued at US$ 15.4 Bn in 2023 and is expected to reach US$ 104.5 Bn by 2031, growing at a compound annual growth rate (CAGR) of 23.5% from 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

The increasing organic growth strategies, such as product launches by key market players to expand their product portfolios, are expected to drive market growth over the forecast period. For instance, in October 2022, Northwind, a tele-dermatology start-up, announced the launch of a teledermatology platform with a suite of products aimed at transforming treatment for psoriasis and millions more with other chronic skin conditions like eczema

Global Teledermatology Market - Drivers

The increasing organic growth strategies such as product launch by key market players to expand their product portfolio is expected to drive the market growth over the forecast period. For instance, in March 2022,  Cheshire and Merseyside ICS, an Integrated Care Board of National Institute of Health(NHS),  announced the launch of a suite of new teledermatology technology as part of an initiative to streamline the triaging and referral of dermatology patients

Global Teledermatology Market - Restraints

Lack of awareness is a notable challenge that can impede the growth of the global teledermatology market. When healthcare professionals and patients are not fully informed about the existence, benefits, and potential of teledermatology services, they are less likely to adopt and utilize these innovative healthcare solutions. Without proper awareness of teledermatology services, patients may continue to rely solely on traditional in-person visits, leading to underutilization of more efficient, remote dermatology options. Both patients and healthcare providers might be hesitant to switch from traditional to telehealth services due to unfamiliarity with the technology or doubts about its effectiveness.Without knowledge of teledermatology benefits, healthcare systems might be slow to integrate these services into their existing care models, potentially missing opportunities to improve care delivery and patient outcomes. Patients and providers might not be equipped to make informed decisions about dermatological care options if they are unaware of the full range of services available through teledermatology. A lack of awareness can also result in insufficient investment in the necessary infrastructure by healthcare institutions and governments, which is crucial for the broad implementation of teledermatology services. If policymakers are not aware of the benefits of teledermatology, this may lead to a slower development of supportive policies or inadequate reimbursement frameworks that are essential for market growth.To address this challenge, educational campaigns aimed at both patients and healthcare providers, along with evidence-based research showcasing the efficacy and cost-effectiveness of teledermatology, can help increase awareness and adoption of such services. Furthermore, teledermatology providers can work towards building trust and demonstrating the reliability and security of their services, which is paramount for wider acceptance and usage.

Global Teledermatology Market - Opportunities

The integration of artificial intelligence (AI) and mobile technologies represents a significant opportunity for growth in the global teledermatology market. This intersection of technology and healthcare is poised to improve the quality and accessibility of dermatological services. AI algorithms can be trained to recognize and classify various skin conditions from images with accuracy comparable to dermatologists. Integrating these algorithms into mobile platforms allows for immediate and accessible preliminary skin assessments for users. Mobile smartphones and other devices are ubiquitous and can be powerful tools for healthcare delivery. When combined with teledermatology, they enable patients to consult with dermatologists from anywhere, bypassing geographic and mobility limitations. Mobile apps equipped with AI can encourage users to check their skin regularly, track changes over time, and seek professional advice when necessary, promoting proactive healthcare behaviors. With the help of AI-driven mobile apps, routine skin checks and follow-ups can be conducted remotely, reducing the need for in-person visits and associated healthcare costs. AI can assist dermatologists by pre-screening cases, allowing them to focus on more complex consultations and treatment planning. The vast amount of data collected through AI and mobile devices can be analyzed to identify trends, improve treatment protocols, and tailor individual patient care. Machine learning models continuously improve as they are exposed to more data, leading to constantly improving diagnostic accuracy and user experience.

Global Teledermatology Market  Segmentation:

The global teledermatology market report is segmented into type, application, modality, and end user.

Based on type, the market is segmented into products, and  Services (Teleconsultation, Telemonitoring, Tele-education). Out of which, the services segment is expected to hold a dominant position in the global teledermatology market during the forecast period, and this is attributed to the increasing research and development activities by key market players.

Based on application, the market is segmented into skin cancer, acne, anti-aging, hair care, and others. Out of which, skin cancer segment is expected to hold a dominant position in the global teledermatology market during the forecast period, and this is attributed to the increasing prevlaance of skin cancer.

Based on modality, the market is segmented into store and forward (asynchronous), real time (synchronous), and others. out of which, real time (synchronous) segment is expected to hold a dominant position in the global teledermatology market during the forecast period, and this is attributed to the increasing use of digital technologies for real time data.

Based on end user, the market is segmented into hospitals and clinics, medical universities, homecare settings, and others. Out of which, the into hospitals and clinics segment is expected to dominate the market over the forecast period, and this is attributed to increasing number of into hospitals and clinics across the globe.

Browse 44 Market Data Tables and 38 Figures spread through 187 Pages and in-depth TOC on “Global Teledermatology Market, By Type [Products, and  Services (Teleconsultation, Telemonitoring, Tele-education)], By Application (Skin Cancer, Acne, Anti-aging, Hair Care, and Others), By Modality [Store and Forward (Asynchronous), Real Time (Synchronous), and Others], By End User (Hospitals and Clinics, Medical Universities, Homecare Settings, and Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)

Key Developments:

  • On January 5, 2023, Teladoc Health, the global leader in whole-person virtual care, announced the launch of a fully integrated health care experience through a new comprehensive digital application enabling personalized whole-person care to individuals. Consumers will now be able to seamlessly access Teladoc Health’s full range of services, including primary care, mental health and chronic condition management from one place and under a single portable account. In addition, Teladoc Health’s full suite of services will be available in Spanish and English language under the Teladoc Health brand.
  • In February 2022, Ro, the company connect telehealth and in-home care, diagnostics, labs, and pharmacy services, announced the launched of Ro Derm, a digital clinic for skincare and mental health.
  • In February 2022, MedRegis, a telehealth company, announced a partnership with Doxy.me, a U.S.-based telemedicine solutions firm, allowing for the storage and retrieval of medical information by healthcare professionals and access to outpatient care by billions of people around the globe through a simple platform.

Link: https://www.coherentmarketinsights.com/market-insight/teledermatology-market-4596

Key Takeaways of the Global Teledermatology Market :

  • The global teledermatology market is expected to exhibit a CAGR of 23.5% during the forecast period due to increasing organic growth strategies such as product launches by key market players to expand its product portfolio. For instance, in March 2022, The Miiskin, a technology platform that connects with skilled online dermatologists to diagnose and treat common dermatological issues announced the launched of The asynchronous (store-and-forward) teledermatology platform, to secure sharing of patient-reported information and high-resolution smartphone images of skin conditions, digital body map location tracking and clinical questionnaires for research subjects.
  • Among regions, North America is expected to be the dominant in the global teledermatology market, owing to the increasing organic growth strategies, such as product launches, by key market players to expand their product portfolio in the region. For instance, in April 2020, DermTech, Inc., the leader in precision dermatology, announced that its lead non-invasive melanoma detection test, the DermTech Pigmented Lesion Assay, is now available for use by clinicians and their patients via telemedicine. This first-of-its-kind genomic diagnostic test enables patients, under the order of a physician, to non-invasively sample a lesion suspicious for melanoma at home via a supervised telemedicine appointment.
  • The major players operating in the global teledermatology market include Aerotel Medical Systems Ltd., MDLIVE, Visby Medical, Inc., Ksyos, VigNet Inc., Allscripts Healthcare, LLC, 3Derm, McKesson Corporation, CureSkin, Honeywell Life Care Solutions, MetaOptima, Koninklijke Philips N.V., 3Gen Consulting, AMD Global Telemedicine, GE Healthcare, First Derm

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