The global teledermatology market size is expected to gain momentum by reaching USD 44.86 billion by 2027 while exhibiting an impressive CAGR of 24.3% between 2020to 2027. In its report titled “Teledermatology Market, 2020-2027”, “Fortune Business Insight mentions that the market stood at USD 48.3 billion in 2019.
Increasing partnerships between pharmacies, insurance companies, and telehealth are likely to promote the market growth. For instance, Walgreens, a drugstore chain in the US announced its partnership with MD Live to launch a new app, Find Care. The app connects patients with healthcare providers through online medium or in-person. Such initiatives are expected to promote the market in upcoming years.
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Based on product type, the global market for teledermatology is bifurcated into products and services.
Based on its type, the services segment held a major global share in 2019. This is attributable to the less waiting time for patients to consult the doctor.
By its modality, the market is segregated into, store and forward, real-time, and others. Based on the end-user, the market is divided into healthcare facilities and home care. Finally, based on region, the market is categorized into North America, Europe, Asia-Pacific, and the Rest of World (RoW)
Increasing Demand for Teleconsultations amid Pandemic to Aid Growth
Increased internet penetration has shifted doctor consultation on online platforms. In these tough times, teleconsultation has emerged as the biggest savior. People are following lockdown and social distancing regulations to avoid the spread of the virus. For instance, a survey by the American Association of Dermatology published in 2020 mentioned that around 43% of the decline was reported in usual consultation due to the outbreak of the virus. This decline has led to huge uptake of teleconsultations services, including dermatologist. All these factors are likely to favor the market during the forecast period.
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