Global Teledermatology Market: Key Trends, Innovations, and Growth Drivers Leading to a 15% CAGR by 2027

The Global Teledermatology Market is expected to witness a ~15% CAGR by 2027. The key factors driving the market are the advent of hybrid teledermatology, growing cases of skin diseases such as skin cancer, eczema, psoriasis, the shortage of dermatologists and skilled clinicians who can deliver specialized dermatological care, and technological advancements in teledermatology products & launch of new dermatology services.

Teledermatology is an innovative and evolving model of care delivery where telecommunication technologies are used to exchange dermatology-related medical information over a distance using audio, visual, and data communication.

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Asynchronous (Store-and-Forward) Segment Dominates the Teledermatology Market While Hybrid Teledermatology is Expected to Gain Momentum in the Coming Years

Store-and-forward (SAF) teledermatology allows the transmission of images and other health-related information from a patient to a provider/clinician or from a provider/clinician to another provider/clinician through telehealth software for review. Benefits such as reduced waiting times for consultations, fast-track treatment of urgent cases, efficient management of greater volume of patient cases, and enhanced patient satisfaction are some of the key factors that is driving its demand. However, the lack of real-time feedback on patient queries/concerns is a key factor that is expected to limit its adoption to a certain extent.

The advent of hybrid teledermatology is expected to gain momentum in the coming years. It combines elements of real-time and store-and-forward teledermatology. Through the hybrid approach, patients have the option to select the mode of consultation that resonates with them, patients can gain insights from real-time discussions and take advantage of the thoroughness of asynchronous data sharing. The approach reduces waiting time, improves access to care, and enhances patient satisfaction.

Technological Advancements and the Launch of New Services in Teledermatology Fuel the Market

The Teledermatology market has witnessed a number of technological advancements and the launch of new services over the years. These developments are expected to spur the teledermatology market in the coming years.

For instance:

• In May 2023, the Black Country Provider Collaborative launched new teledermatology services in the UK that aim to triage patients within a 24-hour period, reduce unnecessary appointments, and streamline access to diagnostics and treatments
• In Septemeber 2022, Oro Health in partnership with MCI Onehealth launched a new Teledermatology platform In Ontario for private and public patients. The new MCI platform, MCI Dermatology Connect, is powered by Oro Health Technology and provides a highly secured and reliable medical process. By using the platform, patients from the comfort of their homes will be able to receive personalized consultation, diagnosis, and prescription for minor dermatology pathologies within few days.

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Competitive Landscape

Some of the key players operating in the market include MedX Health, Digital Diagnostic/3Derm Systems, MetaOptima, Miiskin, Hims & Hers, Mandel Dermatology, MDLIVE, Medweb, First Derm, Dermicus, Eagle Telemedicine, Advanced Telemed Services, SkyMD, Integrated Dermatology, Curology, among others.

Organic and Inorganic Growth Strategies Adopted by Players to Establish Their Foothold in the Market

Players operating in this market are adopting organic and inorganic growth strategies such as launching new products, launching pilot programs, acquiring related firms, and entering into collaborations to garner higher market share. For instance,

• In April 2023, MedX Health, a global leader in teledermatology entered into an agreement with PharmaChoice Canada to launch MedX teledermatology screening platform across canada. PharmaChoice Canada is one of Canada’s fastest-growing pharmacy groups, with more than 1000 independent pharmacy owners and operators
• In July 2021, Hims & Hers Health, acquired teledermatology specialist, Apostrophe. The acquisition expands the firm's ability to provide consumers with some of the most advanced and personalized dermatology treatments, faster and at scale

The Teledermatology Market is expected to gain further momentum in the coming years due to integration prospects of artificial intelligence (AI) in teledermatology for enhancing diagnosis accuracy, streamlining workflows, and optimizing patient care, the growing adoption of telehealth among patients & providers, and aggressive organic and inorganic growth strategies followed by the players.

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Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have completed 100+ projects in Digital Health, Healthcare IT, Medical Technology, Medical Devices & Pharma Services in the areas of market assessments, due diligence, competitive intelligence, market sizing and forecasting, pricing analysis & go-to-market strategy. Our methodology includes rigorous secondary research combined with deep-dive interviews with industry-leading CXO, VPs, and key demand/supply side decision-makers.

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