Global Teledermatology Market, by Type (Products and Services (Teleconsultation, Telemonitoring, and Tele-education)), by Modality (Store and Forward (Asynchronous), Real Time (Synchronous), and Others (Others include Hybrid)), by End User (Hospitals and Clinics, Medical Universities, and Homecare), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 7,374.5 million in 2021 and is expected to exhibit a CAGR of 23.5% over the forecast period (2021-2028), as highlighted in a new report published by Coherent Market Insights.
Key players operating in the market are focusing on launching novel products as well as innovative teledermatology services, which is expected to drive the market growth over the forecast period.
For instance, in April 2017, Hairline International Hair and Skin Clinic, an Indian trichology and skincare solution provider launched teledermatology services in India for the first time. The introduction of teledermatology would enable the clinical practice of dermatology using artificial intelligence (AI) based software that will connect both the dermatologist and the patient over a digital platform.
Moreover, in May 2021, Google introduced an AI based app called Derm Assist which would provide teledermatology services to the patients suffering from skin conditions. Derm Assist database consists of more than 288 skin conditions which could be matched with the photos of skin conditions clicked by the patient and diagnosis can be performed over the digital platform itself.
Global Teledermatology Market – Impact of Coronavirus (COVID-19) Pandemic
COVID-19 outbreak was first reported on December 31, 2019, in Wuhan, China. According to the Coronavirus (COVID-19) Weekly Epidemiological Update by the World Health Organization, over 197 million cases and 4.2 million deaths due to Coronavirus (COVID-19) were reported up till August 3, 2021, across the globe.
The COVID-19 pandemic has negatively affected several markets across the globe but is expected to fuel the demand and supply of teledermatology market owing to significant use of contactless dermatological care solutions during the COVID-19 outbreak in order to curb the spread of COVID-19.
For instance, according to an article published in the JAMA Dermatology Journal in March 2021, a survey has been carried out amongst dermatologists who are members of the American Academy of Dermatology (AAD) to find out the impact of COVID-19 on teledermatology and the future use of teledermatology. This survey revealed that prior to the COVID-19, only 14.1% dermatologists had used teledermatology in their routine dermatology care whereas during the pandemic 96.9% dermatologists reported usage of teledermatology. Live or real time teledermatology was the most common type of modality used by patients and dermatologists during teledermatology consultations.
Browse 43 Market Data Tables and 38 Figures spread through 169 Pages and in-depth TOC on “Teledermatology Market”- Global Forecast to 2028, by Type (Products and Services (Teleconsultation, Telemonitoring, and Tele-education)), by Modality (Store and Forward (Asynchronous), Real Time (Synchronous), and Others (Others include Hybrid)), by End User (Hospitals and Clinics, Medical Universities, and Homecare), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa),
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Key players operating in the market are focusing on adoption of inorganic growth strategies such as collaborations, partnerships, acquisitions, and others in order to strengthen their position in the market. For instance, in October 2020, Conversion Labs, Inc. (now LifeMD), a U.S. based telemedicine company collaborated with Restorsea LLC, a U.S. based provider of medical grade skin care products to develop a clinical grade skin care technology platform which would offer several teledermatology services under the new NavaMD brand.
Key Takeaways of the Global Teledermatology Market:
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