The market size of the Global Teledermatology Market in the year 2021 is valued at 7.48 billion and is predicted to reach 44.54 billion by the year 2030 at an 22.16% CAGR during the forecast period.
Teledermatology is a robust approach that makes healthcare more accessible and cost-effective and improves patient participation dramatically. Teledermatology has grown in popularity due to the cost-cutting opportunities provided by technology. Increased population and the need to expand healthcare access, rising prevalence of chronic conditions and the cost-benefits of telehealth and teledermatology, physician shortage, advancements in telecommunication technology, government support, and rising awareness all contribute to the market's growth. Nonetheless, increased networking demand, demand for smart healthcare infrastructure, robotics in healthcare applications, and sensor-based devices are projected to present enormous potential for the teledermatology market throughout the projection period.
The growing demand for online education and remote consulting has boosted the sector, with many schools, such as Boston University, offering an online education and consulting platform. Several commercial health consulting firms also play critical roles in providing diagnosis services worldwide. Teledermatology's benefits and widespread use are significant growth drivers for the global teledermatology market. One of the primary causes driving the adoption of investments and teledermatology services in the telemedicine business is government measures to reduce healthcare costs and expand specialist health care.
Teledermatology is segmented on the type, modality and end-use. Based on type, the market is segmented into products and services (teleconsultation, telemonitoring, and tele-education). Based on modality, teledermatology is segmented into. Based on the modality, teledermatology is segmented into the store and forward (asynchronous), real-time (synchronous), and others (others include hybrid). Based on end-use, teledermatology is segmented into hospitals and clinics, medical universities, and home care.
Based on type, the services segment is a major contributor to teledermatology
The services sector is anticipated to develop the fastest. The wait times for various dermatologist services, including consultations, monitoring, and education services, are reduced through teledermatology platforms. The introduction of teledermatology, which drastically reduces patient wait times for services, has been facilitated by the inadequacy of dermatologists worldwide. The conveniences connected to virtual services have aided in the sector's expansion. During the projection period, the segment's growth is anticipated to be fueled by consumers' increasing awareness of teledermatology platforms.
The hospital & Clinics segment witnessed growth at a rapid rate.
Hospitals & clinics grabbed the highest revenue share, and it is anticipated that they will continue to hold that position during the anticipated time. The segment has grown due to the increased use of teledermatology platforms in hospitals and clinics. The demand for teledermatology platforms in hospitals has increased due to the increased government investments in adopting digital technologies.
North American teledermatology holds a significant revenue share in the region.
North American Teledermatology is expected to register the highest market share in revenue shortly. Due to the increased incidence of skin conditions, rising healthcare expenses, and improved access to healthcare facilities, the teledermatology market has grown in North America. Due to the expanding prevalence of different skin conditions in the US, teledermatology has become more necessary. Besides, Asia Pacific is anticipated to be the market with the most significant opportunity. The rising government initiatives to improve the healthcare sector and the rising adoption of telehealth and telemedicine are the main factors propelling the growth of the teledermatology market in the Asia Pacific.
Some major key players in the Teledermatology are Aerotel Medical Systems Ltd., MDLIVE, Visby Medical, Inc., Ksyos, VigNet Inc., Allscripts Healthcare, LLC, 3Derm, McKesson Corporation, CureSkin, Honeywell Life Care Solutions, MetaOptima, Philips Healthcare, 3Gen Consulting, AMD Global Telemedicine, GE Healthcare, and First Derm