Pune, India, Nov. 25, 2021 (GLOBE NEWSWIRE) -- The global “teledermatology market” size is projected to grow from USD 14.32 billion in 2021 to USD 68.54 billion by 2028, exhibiting a CAGR of 25.1% during the forecast period. Increasing cases of skin disorders are likely to boost the product's adoption. Fortune Business Insights™ provides this information in its report titled "Teledermatology Market, 2021-2028". The report also reveals that the market size was USD 10.80 billion in 2020.
Teledermatology is a treatment procedure that is undertaken by using several communication technologies. It connects dermatologists and patients directly through a digital platform and enables medical professionals to provide effective solutions that help patients to recover faster. The rising cases of skin disorders among the aged population fuel teledermatology's demand. It eliminates problems regarding waiting times and boosts treatment efficiency. For example, As per, the data published by Walk-in Dermatology Management, LLC, in August 2020, approximately 100,000 of the global population suffer from disorders while the number of dermatologists required to treat the patients is 3.3 dermatologists globally. Retailers, insurance companies, and pharmacies engage in partnership with several telehealth firms to increase awareness regarding the benefits of teleconsultations among the population.
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Rising Adoption of Telehealth and Artificial Intelligence (AI) Technologies to Boost Market Growth
Teledermatology is used extensively by several patients because of the rising awareness regarding its advantages. Increased healthcare expenditure and rising investments in healthcare services are expected to boost its demand drastically. For example, in 2017, as per the survey conducted by the National Business Group on Health, approximately 96% of employers and more than 500 employees were willing to provide insurance for telehealth facilities till 2019.
Further, the incorporation of artificial intelligence technologies is expected to boost the service's effectiveness. AI and machine learning (ML) technologies help manufacturers to boost treatment efficiency by providing accurate data and pictures to enable medical professionals to cure patients more effectively. These factors are likely to fuel the teledermatology market growth.
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Presence of Major Companies to Boost Market Development in North America
North America is projected to dominate the teledermatology market share because of the presence of companies such as MDLive, DermatologistsOnCall, and others. Increasing adoption of telehealth services by insurance companies, health systems, physicians, and governments is expected to foster its adoption. These factors are likely to fuel market growth.
In Europe, the early adoption of facilities is expected to increase its adoption. In addition, the presence of developed reimbursement policies is expected to fuel market progress.
In Asia-Pacific, the rising adoption of these facilities in Australia, China, and Singapore is expected to propel industry growth.
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List of Key Players Profiled in the Market Report
- 3Gen (U.S.)
- Ksyos (Netherlands)
- MetaOptima (Canada)
- VigNet Inc. (U.S.)
- MDLIVE Inc.(U.S.)
- Ping an Good Doctor (China)
- FirstDerm (U.S.)
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