Published Date : 16 Nov 2022
The global teledermatology market size was estimated at USD 15.22 billion in 2022 and is expanding to around USD 67.43 billion by 2030, poised to grow at a projected CAGR of 20.4% from 2022 to 2030.
The global teledermatology market is primarily driven by the rising adoption of telehealth platforms for getting various healthcare services. The rising penetration of the internet and rising adoption of smartphones is expected to drive the demand for teledermatology. According to the GSMA State of Mobile Internet Connectivity Report 2020, approximately 50% of the global population had access to mobile internet connectivity by the end of 2019. An increase of 250 million mobile internet users was recorded from 2018 to 2019. Furthermore, the rising prevalence of various skin-related diseases such as acne, hair loss, and Atopic dermatitis is driving the growth of the teledermatology market across the globe. The rising investments by the market players in digitization and marketing on social media platforms is expected to have a positive impact on market growth, during the forecast period.
Teledermatology Market Report Scope
|Market Size In 2022||USD 15.22 Billion|
|Market Size By 2030||USD 67.43 Billion|
|Growth Rate from 2022 to 2030||
CAGR of 20.4%
|Forecast Period||2022 to 2030|
North America dominated the global teledermatology market in 2021. The availability of developed telecommunication infrastructure increased adoption of digital technologies, and demand for convenient healthcare services are the major factors that boost the growth of the market. The increased prevalence of skin diseases, favorable government policies, favorable reimbursement policies, and increased healthcare expenditure in the region are propelling the demand for teledermatology. According to the American Academy of Dermatology Association, 10% of the US population gets affected by atopic dermatitis, 80 million people are affected with hair loss problems, and 50 million people are affected with acne, annually. These numbers are the major drivers of the teledermatology market in North America. Moreover, the presence of various teledermatology players in North America and the various developmental strategies adopted by them has a significant impact on the market.
On the other hand, Asia Pacific is estimated to be the most opportunistic market during the forecast period. The government in developing markets like India and China are encouraging the adoption of telehealth to improve the status quo of the healthcare industry in the region. For instance, in March 2021, the Ministry of Health and Family Welfare and NITI Aayog introduced an official guideline for the use of telemedicine, in India. This will foster the adoption and growth of teledermatology platforms in India. Therefore, the demand for teledermatology is expected to rise significantly in Asia Pacific in the forthcoming years.
Driver: Rising adoption of teledermatology among providers and the patients
The globe is witnessing a rapid increase in the adoption of telehealth platforms amongst patients and service providers since the outbreak of the COVID-19 pandemic in 2020. This sudden spike in the adoption of telehealth is expected to sustain and will grow over time. The rising adoption of digital technologies among patients and healthcare service providers is expected to drive the growth of the teledermatology market during the forecast period.
Restraints: Lack of proper reimbursement facilities
There is a lack of appropriate reimbursement facilities in underdeveloped and developing nations regarding the use of telehealth platforms. Most people are dependent on reimbursement facilities for receiving treatment. The lack of proper regulations on the reimbursement for acquiring telehealth services is expected to hamper the market growth during the forecast period.
Opportunity: Integration of the AI technology
The proliferation of digital technologies and the increasing efforts to integrate the latest technologies like artificial intelligence and data analytics is expected to offer lucrative growth opportunities to the market players. It is estimated that more than 50% of healthcare companies will implement AI by 2025.
Challenge: Data Security and privacy
With the growing usage of digital platforms, the risks of data breach and cyberattacks is growing. Cyberattacks and frauds are the major challenges faced by market players.
Key Players in the Report :
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