The global “Teledermatology Market” is projected to reach USD 44.86 billion by the end of 2027. The presence of several large scale companies in this sector will have a huge impact on the growth of the overall market in the coming years. According to a report published by Fortune Business Insights, titled “Teledermatology Market Size, Share & COVID-19 Impact Analysis, By Type (Products & Services), By Modality (Store-and-forward (Asynchronous), Real-time (Synchronous) & Others) By End User (Healthcare Facilities, & Home Care), and Regional Forecast, 2020-2027,” the market was worth USD 4.83 billion in 2019 and will exhibit a CAGR of 24.3% during the forecast period, 2020-2027.
Teledermatology is the combination of telehealth and dermatology and involves concepts such as AI and IoT. It is one of the most popular applications of e-health and telemedicine and serves the purpose of transferring medical information across longer as well as shorter distances through audio, video, and data communication. The massive investments in teledermatology are consequential to the increasing applications as well as rising benefits of the product that are being maximized by several companies across the world. Subsequently, the presence of several large scale companies will emerge in favor of growth of this overall market in the coming years. The increasing popularity of teledermatology is attributable to the exceptional properties of the concept, coupled with its flexible application scope.
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Teledermatology Manufacturers Among the Very Few Who Have Benefited from the Covid-19 Pandemic
The recent coronavirus outbreak has created a sense of panic in several industries across the world. Accounting to the rapid spread of the disease, governments across the world are compelled to implement strict measures to curb the spread of the disease. As a result, people have been forced to stay indoors due to the strict lockdowns and social distancing practices implemented worldwide. Although the pandemic has had a daunting effect on several industries, that certainly hasn’t been the case for teledermatology companies. The surge in use of concepts such as telehealth and telemedicine has boded well for the growth of the overall teledermatology market in the past few months.
Global Teledermatology Market Segmentation :
- Store-and-forward (Asynchronous)
- Real-time (Synchronous)
By End User
- Healthcare Facilities
- Home Care
- 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)
Increasing Number of Product Launches Will Emerge in Favor of Market Growth
The report encompasses several factors that have contributed to the growth of the overall market in recent years. Among all factors, the increasing investments in product R&D and the increasing number of product launches have made the highest impact on the growth of the market in recent years. The rising investments will also open up a flexible application scope, therefore creating a broader growth spectrum for the companies operating at a global as well as regional level. In April 2020, Sakhiya Skin Clinic announced the launch of free skin care treatment facilities across India. This step was taken to address the Covid-19 pandemic but since it has gained huge popularity in a very short time, this initiative will help the company grow rapidly in the coming years. Such efforts taken to maximize the use of teledermatology will have a massive impact on the growth of the overall market in the foreseeable future.
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List of companies profiled in the report:
- VigNet Inc.
- MDLIVE Inc.
- Ping an Good Doctor
- Other Players
North America to Emerge Dominant; Presence of Several Large Scale Companies to Aid Growth
The report analyses the ongoing market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in North America is projected to emerge dominant in the coming years. The presence of several large scale companies in several countries across this region will emerge in favor of the regional market. The coronavirus outbreak will have a significant impact on the growth of the regional market in the coming years, particularly due to the rising demand for telemedicine tools in the past few months. It is likely that the increasing awareness regarding the use of online platforms even after the pandemic will encourage manufacturers in this region and this will subsequently influence the growth of the market in the foreseeable future. As of 2019, the market in North America was worth USD 2.04 billion and this value is projected to increase further in the coming years.
May 2020 – DermTech announced the launch of a new telemedicine tool. The company introduced ‘DermTech Pigmented Lesion Assay,’ a telemedicine solution to enable remote use of its non-invasive adhesive patch test for melanoma detection.
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