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The global teledermatology market size 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 a concept that encompasses dermatology and branches of e-health and telemedicine. They are used to diagnose patients who are not physically present in the hospital or clinic accounting to several reasons. The availability of real time teledermatology has opened up a massive potential for growth of the companies operating in the global market. The presence of several large scale operators at a regional as well as global level will provide impetus to the growth of the overall market in the coming years. The massive investments in technological integration and the use of concepts such as artificial intelligence (AI) and the internet of things (IoT) will have a huge impact on market growth. The rapid advances in the field of teledermatology are attributable to such investments in technological integration.
DermTech’s Pigmented Lesion Assay is Creating a Lot of Buzz in the Teledermatology Sector
The report highlights a few of the major industry developments of recent times and discusses their impact on the growth of the global market. Accounting to the massive demand for the concepts such as telehealth and telemedicine, companies are investing massive upfront funds in teledermatology tools. The integration of technologically advanced concepts has, in turn, created several growth opportunities for the companies operating in the market. In May 2020, DermTech announced the launch of a new telemedicine tool. Although this product is encouraged by the rising demand in the pandemic, the company will witness significant growth through this tool even after the pandemic. The company introduced DermTech Pigmented Lesion Assay, a new telemedicine tool that is designed for detection of melanoma. The device is among the latest non-invasive tools that the company has introduced in recent years. DermTech’s latest product will essentially help the company grow rapidly in the coming years.
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Integration of Advanced Concepts such as AI and IoT will Aid Growth
The use of advanced concepts such as artificial intelligence and the internet of things has created a massive potential for rapid market growth. The use of these concepts has proven beneficially and significantly improved the overall product efficacy. As a result, several companies are now engaging in the use of technologically advanced concepts with a view to acquiring a wider consumer base.
Influx of Start-ups has Provided Impetus to Market Growth
The rise in the number of start-ups in recent years, driven by the widespread potential that has been opened due to the use of technologically advanced concepts will have a massive impact on the growth of the market. Subsequently, the market is set to break away from its consolidation.
List of companies profiled in the report:
The global market is segmented on the basis of:
Value (USD Billion)
By End User