Teledermatology Market Research, 2032
The global teledermatology market size was valued at $9.5 billion in 2022, and is projected to reach $38.9 billion by 2032, growing at a CAGR of 15.2% from 2023 to 2032. Teledermatology is a subspecialty of dermatology and probably among the most popular applications of e-health and telemedicine. Tele-dermatologists use telemedicine to make diagnoses and determine the best course of action to help a patient. They use telecommunications methods such as audio, visual, and data tools rather than seeing patients in person.
There are two concepts that form the basis for the practice of teledermatology (as telemedicine), which include store and forward (SAF) and real time or interactive tele dermatology. The SAF and real-time application methods can also be combined to form hybrid modes of data transmission.
Surge in demand for dermatological services worldwide due to rise in prevalence of skin disorders and technological advancements for providing tele-healthcare services are the major factors that propel the teledermatology market growth. For instance, according to the National Psoriasis Foundation 2022, 125 million people worldwide 2 to 3 % of the total population have psoriasis, whereas more than 8 million Americans suffer from psoriasis. In addition, an estimated 30% of people with psoriasis also develop psoriatic arthritis. Psoriasis prevalence in African Americans is 1.5% compared to 3.6% of Caucasians.
In addition, teledermatology services are often considered more cost-effective compared to hospitals and clinic visits. It eliminates the need for in-person visits, reducing travel expenses and time off work for patients.
Moreover, rapid development and adoption of digital health infrastructure, including electronic health records (EHRs) and secure communication platforms, have facilitated the integration of teledermatology into existing healthcare systems. This interoperability enables seamless communication and information sharing between dermatologists and other healthcare providers.
Furthermore, increase in patient preference for remote care and improved access to healthcare are the key factors that boost the growth of the teledermatology market size. For instance, according to a report published by Jotform Inc., in June 2020, research shows that clinics using tele-dermatologists save a net of about 30% of total operating expenses. Instead of having an in-house dermatologist on the payroll, they can reach out to experts as needed, which is more cost-effective.
Teledermatology is popular among patients. In a survey, regular teledermatology users reported a 97% satisfaction rate with the service. A high percentage of the patients in the survey (93%) also said they felt at ease throughout the teledermatology consultation process. Thus, technological advancements with improved internet access and increase in patient preference for tele-healthcare service are anticipated to provide lucrative opportunities for the growth of the market.
The global teledermatology market share is segmented into type, modality, end user, and region. On the basis of type, the market is classified into products and services. On the basis of service type the market is further sub-classified into teleconsultation, telemonitoring and tele-education. As per modality, it is segregated into store-and-forward (asynchronous) and real time (synchronous). depending on end user, it is bifurcated into healthcare units and homecare. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
The teledermatology market share is segmented into products and services. The services segment generated maximum revenue in 2022, owing to increased awareness & acceptance of tele-consultation and telemonitoring services among the public, and cost savings benefit of teledermatology services. The same segment is expected to witness the highest CAGR during the forecast period.
The teledermatology market analysis is segregated into store-and-forward (asynchronous) and real-time (synchronous). The store-and-forward (asynchronous) segment dominated the market in 2022, owing to the fact that store and forward teledermatology eliminates the need for patients to physically visit a dermatologist's office. The real-time (synchronous) segment is expected to witness the highest CAGR during the forecast period, owing to advancements in technology, such as high-quality video conferencing, secure electronic health records (EHR) systems, and digital imaging tools and the availability of a large number of video consultations for acne, hair loss, and cosmetic purposes.
By End User
The teledermatology market is segregated into healthcare units and homecare. The homecare segment dominated the market in 2022, owing to cost savings in the health expenditure and rapid adoption of homecare services for teledermatology. The same segment is expected to witness the highest CAGR during the forecast period.
The teledermatology market is studied across North America, Europe, Asia-Pacific, and LAMEA. North America accounted for a major share of the teledermatology market in 2022 and is expected to maintain its dominance during the forecast period. This is attributed to rise in awareness about teledermatology services, increase in prevalence of skin disease, strong presence of key players providing teledermatology services, and availability of advanced healthcare system & modern medical technologies. In addition, the U.S. is anticipated to contribute to a major share attributable to numerous variables, including the presence of key service providers and rise in awareness regarding the benefits offered by teledermatology services.
Asia-Pacific is expected to witness growth at the highest rate during the teledermatology market forecast. Due to advancement in medical technologies in developing countries and rise in awareness of teleconsultation in metropolitan areas. In addition, increased technology improvements in the developing area and rise in rate of telehealth service uptake, and favorable government initiatives such as rising public awareness about the benefits of teledermatology and encourage patients to utilize these services can significantly boost the growth of the teledermatology market.
Competitive analysis and profiles of the major players in the teledermatology industry such as Teladoc Health, Inc., 3Derm Systems Inc., Ksyos Telemedical Centre, Medweb, Advanced TeleMed Services, Eagle Tele Medicine, Vesta Teleradiology, DermUtopia, Mandel Dermatology, and Miiskin are provided in the report.
The key players in teledermatology industry such as Teladoc Health Inc, 3Derm Systems Inc., and Miiskin which have adopted product launch, collaboration, innovation, and business expansion as major developmental strategies to improve the product portfolio.
Recent Product Launch in the Teledermatology Market
In January 2023, Teladoc Health launched a fully integrated healthcare experience through a new comprehensive digital application enabling personalized whole-person care to individuals. Consumers will now be able to seamlessly access Teladoc Health’s full range of services, including primary care, mental health, and chronic condition management from one place and under a single portable account.
Recent Collaboration in the Teledermatology Market
In March 2019, Draper and 3Derm announced a collaboration under which the companies create new automated capabilities for 3Derm’s high-quality skin imaging systems with the aim of improving the management of chronic inflammatory skin disease, such as psoriasis and eczema.
Recent Innovation in the Teledermatology Market
In July 2021, Digital health app Miiskin announced the launch of a new a mole sizing feature. This feature allows patients to check if their moles have changed size via augmented reality technology. Its mole sizing feature requires users to photograph their mole next to a reference object such as a coin to measure and record the lesion’s size. This helps users identify two of the five signs of the ABCDE tracker, a system recommended by doctors.
Recent Business Expansion in the Teledermatology Market
In May 2022, Miiskin opened its platform to give academic researchers free access, supporting digital collaboration within new dermatology research. This digital teledermatology platform is now being made freely available for scientific research into skin cancer, wound care, and conditions such as rosacea, acne, psoriasis, and eczema. The Miiskin app used by subjects of skin care research and connect via a secure web portal to dermatology researchers to share high-definition skin photos and other structured patient reported information.
Key benefits for stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the teledermatology market analysis from 2022 to 2032 to identify the prevailing teledermatology market opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the teledermatology market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global teledermatology market trends, key players, market segments, application areas, and market growth strategies.
Teledermatology Market Report Highlights
Market Size By 2032
USD 38.9 billion
CAGR of 15.2%
2022 - 2032
By End User
Key Market Players
Advanced TeleMed Services, medweb, Mandel Dermatology, 3Derm Systems, Eagle Tele Medicine, Teladoc Health, Inc., Derm Utopia, Miiskin, ksyos telemedical centre, Vesta Teleradiology
Teledermatology has gained high traction due to increase in prevalence of skin conditions, including acne, psoriasis, eczema, and skin cancer and technological advancements in telecommunication technologies, such as high-speed internet and secure video conferencing platforms.
The CXOs further added that significant technological advancements in tele-healthcare services, dearth of skilled dermatologists, and surge in patients' preferences and convenience offered by teledermatology consultations are the major factors that drive the growth of the market. Moreover, the demand for teledermatology services is on the rise due to dearth of dermatologists, increase in the average waiting time for a dermatologist appointment, widespread availability of smartphones and high-speed internet connections, and development of high-quality imaging devices, such as dermoscopes and high-resolution cameras.
Furthermore, the cost and time efficiency benefits of teledermatology for both patients and healthcare providers and supportive regulatory environment provided by governments and healthcare regulatory bodies to ensure patient safety, privacy, and reimbursement for teledermatology services propel the growth of the market. However, the limited access to technology in developing countries and rural areas, diagnostic limitations, and raising concerns about data privacy and security due to the exchange of sensitive patient information through digital platforms, are the factors that restrain the growth of the market. Conversely, rapid growth was observed in the prevalence of skin disorders, and an increase in awareness among families and healthcare providers about the benefits and availability of teledermatology services in emerging nations, is expected to offset the challenging conditions in mature markets, such as North America and Europe.
North America has the highest market share in 2022 and is expected to maintain its lead during the forecast period, in terms of revenue, owing to presence of a number of key service providers, an increase in the prevalence of skin conditions such as acne, eczema, psoriasis, and skin cancer, and increase in teleconsultations services in developed countries such as U.S. and Canada.
However, Asia-Pacific is anticipated to witness notable growth, owing to advances in medical technologies in developing countries and a rise in awareness of teleconsultation in metropolitan areas.