Teledermatology Market to Rise at 24.3% CAGR till 2027 Driven by the Integration of Concepts such as AI and IoT, says Fortune Business Insights™

Pune, Dec. 04, 2020 (GLOBE NEWSWIRE) — The global teledermatology market size is projected to reach USD 44.86 billion by the end of 2027. The presence of several large scale companies in this sector will have a huge impact on the growth of the overall market in the coming years. The market was worth USD 4.83 billion in 2019 and will exhibit a CAGR of 24.3% during the forecast period, 2020-2027. As of 2019, the market in North America was worth USD 2.04 billion and this value is projected to increase further in the coming years.KEY INDUSTRY DEVELOPMENTS:May 2020 – DermTech, announced the launch of its DermTech Pigmented Lesion Assay, a telemedicine solution to enable remote use of its non-invasive adhesive patch test for melanoma detection.April 2020 – Sakhiya Skin Clinic in India, announced the launch of cost free skin care treatment facilities via teledermatology platforms.Teledermatology is the combination of telehealth and dermatology and involves concepts such as AI and IoT. It is one of the most popular applications of e-health and telemedicine and serves the purpose of transferring medical information across longer as well as shorter distances through audio, video, and data communication.
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Teledermatology Manufacturers Among the Very Few Who Have Benefited from the Covid-19 PandemicThe recent coronavirus outbreak has created a sense of panic in several industries across the world. Accounting to the rapid spread of the disease, governments across the world are compelled to implement strict measures to curb the spread of the disease.As a result, people have been forced to stay indoors due to the strict lockdowns and social distancing practices implemented worldwide. Although the pandemic has had a daunting effect on several industries, that certainly hasn’t been the case for teledermatology companies. The surge in use of concepts such as telehealth and telemedicine has boded well for the growth of the overall teledermatology market in the past few months.
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Increasing Number of Product Launches Will Emerge in Favor of Market GrowthThe report encompasses several factors that have contributed to the growth of the overall market in recent years. Among all factors, the increasing investments in product R&D and the increasing number of product launches have made the highest impact on the growth of the market in recent years.The rising investments will also open up a flexible application scope, therefore creating a broader growth spectrum for the companies operating at a global as well as regional level. In April 2020, Sakhiya Skin Clinic announced the launch of free skin care treatment facilities across India.
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North America to Emerge Dominant; Presence of Several Large Scale Companies to Aid GrowthThe report analyses the ongoing market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in North America is projected to emerge dominant in the coming years.  The presence of several large scale companies in several countries across this region will emerge in favor of the regional market. The coronavirus outbreak will have a significant impact on the growth of the regional market in the coming years, particularly due to the rising demand for telemedicine tools in the past few months.It is likely that the increasing awareness regarding the use of online platforms even after the pandemic will encourage manufacturers in this region and this will subsequently influence the growth of the market in the foreseeable future. As of 2019, the market in North America was worth USD 2.04 billion and this value is projected to increase further in the coming years.
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List of companies profiled in the Teledermatology Market report:3GenKsyosMetaOptima3DermVigNet Inc.MapleMDLIVE Inc.CureSkinPing an Good DoctorFirstDermOther Players
Global Teledermatology Market Segmentations:By Type•              Products•              Serviceso              Teleconsultationo              Telemonitoringo              Tele-educationo              OthersBy Modality•              Store-and-forward (Asynchronous)•              Real-time (Synchronous)•              OthersBy End User•              Healthcare Facilities•              Home CareBy Geography•              North America (U.S. and Canada)•              Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)•              Asia-Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia- Pacific)•              Rest of the World (RoW)
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SECONDARY DATA SOURCES THAT WE REFER TO:Annual reports, investor presentation, SEC filings, and press releases of companies operating in the marketStudies published by relevant associations MedTech Europe; American College of Radiology; Cancer Council Australia; Japan Hospital Association, etc.), government sources (Centers for Disease Control & Prevention, Ministry of Health, Labour & Welfare, Japan; National Health Service, England, etc.), international organizations (World Health Organization, The Organization for Economic Co-operation and Development, Eurostat, etc.), and articles published by Research Gate, NCBI, etc.Website, reports, and press releases of end user facilities – Hospitals, Ambulatory Surgery Centres, ClinicsIndustry journals and paid databasesSECONDARY RESEARCH IS CONDUCTED TO DERIVE THE FOLLOWING INFORMATION:Details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companiesDetails in relation to prevalence, incidence, patient numbers, distribution of patients, average price of treatment, etc.Number of end user facilities by region/country and average annual spending or procurement of devices by type of end user facilityNumber of procedures and average price of proceduresReplacement rate and pricing of capital equipmentMarket dynamics in relation to the market under focus – Drivers, restraints, trends, and opportunitiesMarket & technological trends, new product developments, product pipeline.
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