"Designing Growth Strategies is in our DNA"

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, 2021-2028

Region : Global | Format: PDF | Report ID: FBI103491

 

KEY MARKET INSIGHTS

Play Audio Listen to Audio Version

The global teledermatology market size was USD 10.80 billion in 2020. The global impact of COVID-19 has been unprecedented and staggering, with market witnessing a positive demand shock across all regions amid the pandemic. Based on our analysis, this market will exhibit a stellar growth of 123.5% in 2020. The market is projected to grow from USD 14.32 billion in 2021 to USD 68.54 billion in 2028 at a CAGR of 25.1% in the 2021-2028 period. The sudden fall in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.


Teledermatology uses several communication technologies to expand the reach of a dermatologist to those in need of their specialized knowledge. Teledermatology is primarily store-and-forward (asynchronous) and includes storage of images on digital devices such as smartphones and computers and then transferred electronically to a referring dermatologist. The market is poised to experience lucrative growth across the forecast period due to the increasing rates of skin conditions driven by the aging population and shortage of dermatologists. This leads to a long waiting time for patients to receive consultations. For instance, in August 2020, according to Walk-in Dermatology Management, LLC, for every 100,000 people, there are only 3.3 dermatologists available to treat them.


Teleconsultations, in general, are driven by the growth in partnerships between pharmacies, insurance companies, and retailers with telehealth companies due to greater awareness about the benefits such as lower costs and better accessibility offered by virtual visits. For instance, In May 2020, DermTech announced its DermTech Pigmented Lesion Assay, a telemedicine solution to enable remote use of its non-invasive adhesive patch test for melanoma detection.


Key players such as Curology and Apostrophe have adopted unique business models. Patients receive online consultations through online platforms with dermatologists, personalized treatment plans, and skincare products for monthly fees as low as USD 20.


Increased Adoption of Teledermatology to Bolster Industry Progress


The impact of the COVID-19 pandemic on the market is expected to reflect a sturdy growth across the analysis period. This is due to the significant acceleration in the adoption of telemedicine/teledermatology during the COVID-19 pandemic. The lockdown and social distancing rules enforced to control the spread of the coronavirus, which, in turn, led to a significant reduction in the number of patient visits/consultations. A survey with dermatologists in the U.S. conducted by the American Association of Dermatology in 2020 reported a 43% decline in weekly patient consultations during the lockdown period compared to the pre-COVID level. There was a 60% decline in specialist consultations in France and a 40% decline in general practitioner (GP) consultations during the lockdown. The decline in inpatient visits and relaxation of regulations led to a massive uptake of telemedicine among physicians, including dermatologists. Additionally, according to Dermatology online journal, in December 2020, a questionnaire completed by teledermatology patients during the COVID-19 pandemic specified that more than 90% of patients would use telehealth services again, and around 80% of patients would recommend the services to others.


The proportion of dermatologists in the U.S., who provided telehealth consultations, almost tripled during the COVID-19 lockdown period. Moreover, increasing initiatives from various private and public organizations to control the spread of the disease will further support market growth. Furthermore, regulations were relaxed, and coverage for virtual consultations was expanded to ensure physicians could provide care to patients. On March 30, the Centers for Medicare & Medicaid Services (CMS) announced regulatory changes to make it easier for patients in the U.S. to receive medical care through telemedicine services


LATEST TRENDS


Request a Free sample to learn more about this report.


Incorporation of Artificial Intelligence (AI) To Drive Market Growth


One of the key trends to the growth in the market is the incorporation of artificial intelligence. Healthcare organizations are swiftly scaling up telemedicine programs and embracing consultations at a long-distance. Novel advances in deep learning, a form of artificial intelligence (AI), have been implemented while diagnosing cases of melanoma from lesion images through teledermatology. The smartphone industry estimated that next-generation devices and their extensive adoption would put deep learning-capable hardware in the hands of consumers everywhere in the coming decade. For instance, 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.


DRIVING FACTORS


Growing Adoption of Telehealth among Patients and Providers to Propel Market Growth


One of the key drivers to the growth in the market is increasing receptivity among patients and providers. For example, in a survey conducted by the National Business Group on Health in 2017, around 96% of employers with 500 or more employees in the U.S. said they would provide insurance coverage for telehealth services by 2019. Also, in November 2020, One Touch Telehealth announced the launch of a new software release, Version 5.0; as the rise in video telehealth during a pandemic, virtual care is suitable for any user type in any healthcare setting. This will help in the expansion of the operational efficiencies within telehealth workflows. Hence, the aforementioned factor assisted in market growth across the forecast period.


Increasing Incidence of Skin Conditions is Propelling Market Growth


There has been a significant rise in the number of dermatological services due to the growth in the rates of skin conditions such as skin cancer, eczema, and psoriasis. For instance, as per the American Association of Dermatology, around 50 million people in the U.S. suffer from acne, 30 million from eczema, and 7.5 million from psoriasis. Around 9,500 people in the U.S. are diagnosed with skin cancer every day. Hence, the growth rate of skin disorders will propel the teledermatology market growth.


RESTRAINING FACTORS


Poor Reimbursement Facilities in Developing Countries Will Limit Product Adoption


Despite many countries coming up with reimbursement policies for teledermatology services, improper and inadequate reimbursement, especially in developing countries, still possess a significant restriction for the adoption of these services. The cost of health care in developing countries has always been a crucial issue. Hence, developing economies have adopted these services in a hurry without proper strategy and planning.  


SEGMENTATION


By Type Analysis


To know how our report can help streamline your business, Speak to Analyst


Services Segment to Grow at Faster Pace during 2021-2028


On the basis of type, the market includes services and products. The services segment held a dominant share in 2020. It considerably minimizes the referrals and patients do not have to wait in long ques to get treated. Owing to the shortage of dermatologists in the U.S., the average waiting time for a consultation has increased from 28.8 days in 2014 to 32.2 days in 2017, according to the Merritt Hawkins Survey. This has resulted in the increasing adoption of virtual visits in a number of hospitals further favoring the services segment.


The products segment is expected to grow owing to the increasing sales of dermatoscopes that can capture more defined images for correct diagnosis.


By Modality Analysis


Store-And-Forward (SAF) Segment to Witness Significant Growth during Forecast Period


The store-and-forward (SAF) segment is expected to witness a lucrative growth rate across the forecast period. Teledermatology is largely dependent on the SAF modality as the images of the skin become necessary for diagnosis. The increasing use of teledermatology for second opinions and strong government support are the major factors for the segment's growth. According to an article published in the journal Telemedicine and e-Health, around 72% of the active non-governmental programs utilized SAF in the U.S. in 2017. This is expected to drive the growth of the SAF segment.


The real-time segment held a considerable teledermatology market share across the forecast period. Large number of video consultations for acne, hair loss, and cosmetic purposes are anticipated to boost the segment.


By End-user Analysis


Homecare Segment Is Anticipated to Observe Significant Growth during Forecast Period


The homecare segment is expected to witness a substantial growth rate across the study period. Key factors accountable for the growth of this segment are significant cost-saving in the health expenditure and rapid adoption of homecare services. Furthermore, telemonitoring and educating the elderly patients, thus eliminating the need to make hospital visits, are projected to augment the segment growth.


The healthcare facilities segment held the largest share due to the increasing number of government-funded pilot programs for teledermatology and telecommunications tools to train doctors in medical colleges.


REGIONAL INSIGHTS


North America Teledermatology Market Size, 2020 (USD billion)

To get more information on the regional analysis of this market, Request a Free sample


North America stood at USD 4.62 billion in 2020. Presence of several large-scale players such as DermatologistsOnCall, MDLive, strong government backing, and increasing teleconsultations are expected to drive the market in North America. Across all the regions, the COVID-19 pandemic has made significant acceleration reforms and adoption of telehealth by governments, physicians, health systems, insurance companies, which is expected to continue to drive the market in the forecast period. Even in a country like India, which has been severely lagging in telehealth reform, the Ministry of Health and Family Welfare with NITI Aayog released the official guidelines for telemedicine practices in March 2020. Furthermore, in May 2020, according to Mckinsey, there is a considerable rise in the use of telehealth services in the U.S., consumer adoption of telehealth services has risen by 46% in 2020 compared to 11% in the previous year to avoid contact to COVID-19.


To know how our report can help streamline your business, Speak to Analyst


From a regional perspective, China, Singapore, and Australia in APAC and Sweden, the UK, and France in Europe have been the early adopters of telehealth due to a more established regulatory and reimbursement ecosystem.


KEY INDUSTRY PLAYERS


Emergence of Teledermatology-specific Companies will Raise Market Competition


The market is gradually shifting to fragmentation due to the increasing number of startups and the great distribution network of major companies in developed and emerging countries. The major key players operating in the market are MetaOptima, Ksyos, Nihon 3Gen, 3Derm, FirstDerm, Maple, and others.


LIST OF KEY COMPANIES PROFILED:



  • 3Gen (U.S.)

  • Ksyos (Netherlands)

  • MetaOptima (Canada)

  • 3Derm(U.S.)

  • VigNet Inc.(U.S.)

  • Maple(Canada)

  • MDLIVE Inc.(U.S.)

  • CureSkin (India)s

  • Ping an Good Doctor (China)

  • FirstDerm (U.S.)


KEY INDUSTRY DEVELOPMENTS:


June 2021 - Hims & Hers announced the acquisition of dermatology startup Apostrophe. The acquisition will help company to augment its scale in dermatology and to provide consumers with advanced and personalized dermatology treatments faster.


April 2020 –Sakhiya Skin Clinic in India announced the launch of cost-free skin care treatment facilities via teledermatology platforms.


REPORT COVERAGE


An Infographic Representation of Teledermatology Market

To get information on various segments, share your queries with us



The market research report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product launches, product types, and leading applications of the product. Besides this, the report offers insights into the market trends and highlights key industry developments.


Report Scope & Segmentation






















































  ATTRIBUTE



  DETAILS



Study Period



2017-2028



Base Year



2020



Estimated Year



2021



Forecast Period



2021-2028



Historical Period



2017-2019



Unit



Value (USD billion)



Segmentation



Type, Modality, End User



By Type




  • Products

  • Services

    • Teleconsultation

    • Telemonitoring

    • Tele-education

    • Others





By Modality




  • Store-and-forward (Asynchronous)

  • Real-time (Synchronous)

  • Others



By End User




  • Healthcare Facilities

  • Home Care



By Geography




  • 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)

    • U.K. (By Modality)

    • Germany (By Modality)

    • France (By Modality)

    • Italy (By Modality)

    • Spain (By Modality)

    • Rest of Europe (By Modality)



  • Asia Pacific (By Type, By Modality, By End User, and by Country)

    • China (By Modality)

    • Japan (By Modality)

    • India (By Modality)

    • Australia (By Modality)

    • Southeast Asia (By Modality)

    • Rest of Asia Pacific (By Modality)



  • Rest of the World (By Type, By Modality, By End User, and By Country)



Frequently Asked Questions

Fortune Business Insights says that the global market size was USD 10.80 billion in 2020 and is projected to reach USD 68.54 billion by 2028.

In 2020, the North American market value stood at USD 4.62 billion.

Growing at a CAGR of 25.1%, the market will exhibit steady growth in the forecast period (2021-2028).

The services segment is expected to be the leading segment in this market during the forecast period.

The increasing prevalence of skin disorders across the globe is driving the growth of the market.

Ksyos and MetaOptima, are major players of the global market.

North America dominated the market share in 2020.

Seeking Comprehensive Intelligence on Different Markets?
Get in Touch with Our Experts

Speak to an Expert
Teledermatology Market Size, Share and Global Industry Trend Forecast till 2026
  • Nov, 2021
  • 2020
  • 2017-2019
  • 199

    CHOOSE LICENSE TYPE

  • $4850
    $6850
    $8850

Personalize this Research

  • Granular Research on Specified Regions or Segments
  • Companies Profiled based on User Requirement
  • Broader Insights Pertaining to a Specific Segment or Region
  • Breaking Down Competitive Landscape as per Your Requirement
  • Other Specific Requirement on Customization
Request Customization Banner

Healthcare Clients

3M
Siemens Healthineers
Lek
Pfizer
Roche

Client Testimonials

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.
X