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Teledermatology Market to Increase Gradually with a CAGR 16.3% with Market Valuation Reaching USD 24.88 Billion by 2030, Increasing Rates of Skin Conditions Driven by Aging Population and Shortage of Dermatologists to Propel Market Growth

July 28, 2023 | Healthcare

The global teledermatology market size is estimated to display strong growth by reaching USD 24.88 billion by 2030, with a CAGR of 16.3% during the forecast period. Fortune Business Insights™ in its report titled “Teledermatology Market Size, Share & COVID-19 Impact Analysis, By Type (Products and Services {Teleconsultation, Telemonitoring, Tele-education, and Others}), By Modality (Store-and-forward (Asynchronous), Real-time (Synchronous), and Others), By End-user (Healthcare Facilities and Homecare), and Regional Forecast, 2023-2030” observes that the market size in 2022 stood at USD 8.06 billion and is expected to reach USD 8.65 billion in 2023. The market is set to grow due to increasing rates of skin conditions driven by the aging population and shortage of dermatologists. Teleconsultations have been on the rise due to growth in the number of partnerships amongst pharmacies, insurance companies, and retailers. Key market players have adopted unique business models.  


MedX Health Corp. Partnered with Health Partners for Launching Screening Platform in the U.K.


In March 2022, MedX Health Corp. partnered with Health Partners for the launch of MedX’s teledermatology screening platform in the U.K. MedX Health Corp is the market leader in teledermatology and with this partnership, it is set to maintain its position in the market.


Lockdown and Social Distancing Led to a Significant Reduction in the Number of Patient Visits/Consultations


The impact of the COVID-19 pandemic on the market was positive due to the significant acceleration in adopting telemedicine. The lockdown and social distancing led to a significant reduction in the number of patient visits/consultations. In 2020, key global market players reported a significant rise in their revenues. For instance, MDLIVE (Cigna) witnessed an upsurge of 4.5% in its sales in 2020 compared to 2019. Moreover, increasing adoption and patient satisfaction with online consultation will further support market growth during the forecast period.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/teledermatology-market-103491


Integration of Artificial Intelligence to Drive Market Growth


Integration of artificial intelligence is predicted to drive the teledermatology market growth. Healthcare organizations have been focusing on new advances in deep learning and Artificial Intelligence (AI) while diagnosing cases of melanoma using lesion images through teleconsultation. The smartphone industry estimates that the next-generation devices and their extensive adoption would put deep learning-capable hardware in the hands of consumers. In May 2021, Google announced a dermatology tool powered by artificial intelligence, which will assist users in understanding issues related to their skin, hair, and other areas.


However, improper and inadequate reimbursement, especially in developing countries poses a significant restriction for adopting these services.


Increasing Number of Startups and a Strong Distribution Network of Major Companies in Developed and Developing Countries


The market has increasing number of startups and a strong distribution network of major companies in developed and developing countries. The market has major players such as MetaOptima and Ksyos owing to the robust number of practitioners, services, and strong foothold. Other market players include Nihon 3Gen, 3Derm, FirstDerm, and Maple. Growing focus on strategic and research initiatives strengthens their market share and position.


Notable Industry Development



  • February 2022: Doxy.me entered into a strategic partnership with MedRegis to make outpatient healthcare services more accessible and affordable to the communities of Barbados.


List of Key Companies Profiled in the Report:



  • 3Gen (U.S.)

  • Ksyos (Netherlands)

  • MetaOptima (Canada)

  • 3Derm (U.S.)

  • VigNet Inc. (U.S.)

  • Maple (Canada)

  • MDLIVE Inc. (U.S.)

  • CureSkin (India)

  • Ping an Good Doctor (China)

  • FirstDerm (U.S.)


Further Report Findings



  • The global teledermatology market share is led by North America with strong government support and increasing number of teleconsultations. The regional market was valued at USD 3.71 billion in 2022. In June 2021, Hims & Hers acquired the startup Apostrophe to scale up its dermatology and provide consumers with advanced and personalized dermatology treatments faster.

  • The Europe market was the second-largest region in 2022 due to rising strategic initiatives by key players to introduce AI-based teleconsultation services.

  • Asia Pacific is set to have a considerable market growth due to rise in the geriatric population in China, Singapore, and Australia. The region also has an established regulatory and reimbursement ecosystem.


Table of Segmentation


























































  ATTRIBUTE



  DETAILS



Study Period



2019-2030



Base Year



2022



Estimated Year



2023



Forecast Period



2023-2030



Historical Period



2019-2021



Growth Rate



CAGR of 16.3% from 2023-2030



Unit



Value (USD billion)



Segmentation



By Type, Modality, End-user, and Region



By Type




  • Products

  • Services

    • Teleconsultation

    • Telemonitoring

    • Tele-education

    • Others





By Modality




  • Store-and-forward (Asynchronous)

  • Real-time (Synchronous)

  • Others



By End-user


 




  • Healthcare Facilities

  • Homecare



By Region




  • North America (By Type, By Modality, By End-user, and By Country)


    • U.S. (By Modality)

    • Canada (By Modality)


  • Europe (By Type, By Modality, By End-user, and By Country/Sub-Region)


    • U.K. (By Modality)

    • Germany (By Modality)

    • France (By Modality)

    • Italy (By Modality)

    • Spain (By Modality)

    • Scandinavia (By Modality)

    • Rest of Europe (By Modality)


  • Asia Pacific (By Type, By Modality, By End-user, and By Country/Sub-Region)


    • China (By Modality)

    • Japan (By Modality)

    • India (By Modality)

    • Australia (By Modality)

    • South East Asia (By Modality)

    • Rest of Asia Pacific (By Modality)




  • Rest of the World (By Type, By Modality, By End-user, and By Country/Sub-Region)


Global Teledermatology Market
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  • 2022
  • 2019-2021
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