PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1182314
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1182314
According to Stratistics MRC, the Global Teledermatology Market is accounted for $15.54 billion in 2022 and is expected to reach $52.27 billion by 2028 growing at a CAGR of 22.4% during the forecast period. One of the most essential uses of telemedicine and e-health is teledermatology, a branch of dermatology. Through audio, video, and data connection, telecommunication technologies are employed in this industry to transmit medical information over a range of distances. For controlling skin diseases, it offers a number of advantages, including consultation, diagnosis, treatment, and even education.
According to a recent AWACS AIOCD report, the segment has increased to 30% in MAT May 2022. This spike in dermatology drug sales is a result of the increase in demand for anti-acne, emollients, hair restorers, anti-fungal and skin brightening formulations, as people are resuming their normal activities. According to a report by the Department of Health and Human Services, the number of medical visits carried out via telehealth grew from 840,000 in 2019 to 52.7 million in 2020,1 which was a 63-fold increase. There was a 25% increase in anxiety and depression cases during the pandemic, according to the World Health Organization.
Rising adoption of teledermatology
Many for-profit consulting firms are working to offer teledermatology all around the world. For instance, TeleDerm (US) offers medical professionals and healthcare organisations a low-cost teledermatology service. Furthermore, teledermatology has become more widespread and practical as a result of technology improvements, government programmes that support the use of teledermatology are crucial. For instance, the Canadian government declared that it will install high-speed internet in rural and distant places in order to offer teledermatology. Thus, teledermatology is being adopted which results in fueling market expansion.
Poor Reimbursement Facilities
Despite the fact that many nations have developed reimbursement guidelines for teledermatology services, inappropriate and insufficient compensation, especially in poor nations, continues to pose a substantial barrier to the adoption of these services. In underdeveloped nations, the cost of healthcare has long been a major concern. As a result, developing economies have rushed the adoption of these services without enough strategy or planning.
Information technology (IT) innovations are opening up new market opportunities. The advancement of technology has given clinicians the ability to keep track of patients' health and wellbeing. Additionally, driving the industry ahead are a wide range of mobile applications and the quick development of smartphone technology. Due to improvements in cloud-based electronic medical records (EMRs) and the use of service as a software, emerging technologies will present chances for the expansion of teledermatology in the next years (SaaS). The researchers made the interesting observation that roughly 40% of American patients can benefit from teledermatology without a face-to-face session.
Cost-effectiveness of teledermatology
Despite the scarcity of studies examining the economic effects of teledermatology, the majority of them point to the possibility of cost-effectiveness. It is helpful to construct an economic framework for study in order to assess the economic effects of teledermatology. There are two viewpoints to take into account, with the healthcare system serving as the first. The equipment and staff costs of an in-person visit versus a teledermatology service may be relevant expenditures to consider. The patient and society's perspective, which is the second bigger picture to think about, involves extra pertinent expenditures like travel expenses, missed productivity at work, and the consequences of a delayed diagnosis.
The teledermatology market has benefited from COVID-19, and the market had strong growth over the COVID-19 period. During the epidemic, factors including preserving social isolation and lockdowns were crucial in boosting the popularity of teledermatology. For instance, a 2020 poll by the American Association of Dermatology revealed that during the lockdown, 43% of weekly patient visits had been cut back. In addition, the German Society of Dermatology launched a poll with participants from the US and India, which found that about 80% of respondents supported teledermatology. This illustrated how teledermatology is in high demand among consumers.
The store-and-forward (SAF) segment is expected to be the largest during the forecast period
The store-and-forward (SAF) segment is estimated to have a lucrative growth, due to the need for skin images for diagnosis, teledermatology heavily relies on the SAF modality. Strong government funding and the growing usage of teledermatology for second views are the main drivers of this market's expansion. In the United States, approximately 72% of the active non-governmental projects used SAF, according to a paper that was published in the journal Telemedicine and e-Health. The SAF segment is anticipated to develop as a result of this.
The homecare segment is expected to have the highest CAGR during the forecast period
The homecare segment is anticipated to witness the fastest CAGR growth during the forecast period, due to significant cost reductions in health care expenses and the quick uptake of homecare services are key drivers of this segment's growth. The segment is also expected to develop as a result of telemonitoring and patient education for senior patients, which eliminates the need for hospital visits.
Region with highest share:
Asia Pacific is projected to hold the largest market share during the forecast period. The primary factors driving the growth of the tele-dermatology market in Asia Pacific are the rising government initiatives to improve the healthcare sector and the rising usage of telehealth and telemedicine. Additionally, the government's supportive telehealth and reimbursement regulations as well as the increasing internet penetration are anticipated to fuel market expansion.
Region with highest CAGR:
North America is projected to have the highest CAGR over the forecast period, owing to the availability of a number of leading market participants, including MDLive and Dermatologists On-Call, is boosting demand for teleconsultation services. The need for tele-dermatology has increased as a result of the rise in the prevalence of various skin conditions in the US. As a result, the tele-dermatology market in North America has expanded due to the rising prevalence of skin issues, rising healthcare spending, and better access to healthcare facilities.
Key players in the market
Some of the key players profiled in the Teledermatology Market include OnlineDoctor, DermTech, Hims & Hers, MetaOptima, MDLIVE Inc., Digital Diagnostics, Miiskin PRO, CureSkin, FirstDerm, 3Gen, Diagnosis, Honeywell Life Care Solutions, Philips Healthcare, AMD Global Telemedicine Inc., GE Healthcare, Aerotel Medical Systems, Click Diagnostics, Dermlink, McKesson Corporation and Allscripts Healthcare Solutions Inc.
In March 2022, Miiskin PRO (Denmark) announced that it offers free access to its skincare app for academic and scientific research in Europe. Free access for skin diseases such as wound care, skin cancer, and a plethora of conditions, including eczema, psoriasis, rosacea, and acne.
In February 2022, Online Doctor (Switzerland), acquired German-based startup "A.S.S.I.S.T" (Automated Scientific Skin Infection Search Technology), is a developer of artificial intelligence (AI) for dermatology.
In June 2021, Hims & Hers (US) acquired Apostrophe (US), to complement the company's scale in dermatology fulfilment capabilities with a fully owned pharmacy.
In August 2020, Digital Diagnostics (US) acquired dermatology-focused startup 3Derm (US) in order to expand its reach into the dermatology space.
In July 2018, MetaOptima (Canada) raised USD 6.5 million to expand its advanced dermatology and skin cancer imaging and management software "DermEngine" globally. Furthermore, this helps in a key advancement of screening, detecting, and managing skin cancer.
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