Teledermatology can help dermatologists diagnose specific medical conditions. Often, a patient may require a second opinion, or an expert’s advice in order to make a correct diagnosis. A physician who is not familiar with the subject can consult with a specialist via telecommunication. A second opinion can help the general practitioner to give a correct diagnosis, or it can provide helpful management options or necessary procedures.
The global teledermatology market is estimated to be valued at US$ 7,374.5 million in 2021 and is expected to exhibit a CAGR of 23.5% over the forecast period (2021-2028).
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Key Market Drivers:
Growing prevalence of skin disease is expected to foster growth of the teledermatology market. According to the skin cancer foundation, skin cancer is the most common cancer in the United States and worldwide. 1 in 5 Americans will develop skin cancer by the age of 70. More than 2 people die of skin cancer in the U.S. every hour. Having 5 or more sunburns doubles your risk for melanoma.
New product launch is another key factor augmenting growth of the market. For instance, in November 2020, Teledermatology Company MedX Health Corp. “MedX” or the “Company” and London Medical Laboratory Ltd. Have announce a Memorandum of Understanding on a commercialization pilot and distribution agreement for MedX’s leading-edge DermSecure® Screening Platform in the United Kingdom (UK).
Covid-19 Impact Analysis
The outbreak of COVID-19 pandemic is assumed to have a positive impact on teledermatology market due to need for non-contact healthcare services in order to stop the spread of COVID-19 infection.
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Aerotel Medical Systems Ltd., MDLIVE, Visby Medical, Inc., Ksyos, VigNet Inc., Allscripts Healthcare, LLC, 3Derm, CureSkin, McKesson Corporation, Honeywell Life Care Solutions, MetaOptima, Philips Healthcare, 3Gen Consulting, AMD Global Telemedicine, GE Healthcare, and First Derm
The teledermatology market is expected to exhibit a CAGR of 23.5% over the forecast period owing to the high prevalence of skin disease and growing need for efficient solution that may provide proper information regarding disease.
North America is expected to witness significant growth over the forecast period owing to the high prevalence of skin disease and increasing healthcare expenditure in the region.
Global Teledermatology Market, By Type:
Global Teledermatology Market, By Modality:
- Store and Forward (Asynchronous)
- Real Time (Synchronous)
- Others (Others include Hybrid)
Global Teledermatology Market, By End User:
- Hospitals and Clinics
- Medical Universities
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