From 2022 to 2027, the size of the global teleradiology market is predicted to grow at a CAGR of 18.5% and grow from USD 1.74 billion in 2022 to USD 4.07 billion by 2027.
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The global spread of coronavirus has resulted in a surge in demand for teleradiology services. The rising geriatric population and the associated increase in the prevalence of associated diseases, and the increasing number of advanced imaging procedures are all contributing to the market’s growth. As a result of the global COVID-19 outbreak, medical practices of all types are under severe strain, and healthcare providers must rely on teleradiology technologies to analyze diagnostic results and treat patients. Teleradiology technologies also aid in improving diagnostic imaging efficiency by streamlining and simplifying radiology with accurate reads and less manual errors. As the fight against COVID-19 continues, teleradiology methods are being more widely used. Teleradiology systems are commonly used in the COVID-19 pandemic situation to exchange study observations and detailed information obtained during the treatment of COVID-19 patients. This has reduced the need for physical copies of imaging results and avoided face-to-face meetings. Furthermore, various international radiology teleradiology collaborations are projected to accelerate clinical trials and studies on preventive strategies.
MARKET DYNAMICS:
Rising number of digital technology advancements are expected to boost the teleradiology market growth.
Rapid advancements in digital image processing technologies ensure that images are distributed effectively at the regional, local, and global levels. The Internet’s substantially expanded capacity and transmission speed have enabled a far broader usage of teleradiology, with centres all over the world providing daytime reporting for out-of-hours imaging services in nations with different time zones. In industrialised countries such as the United States, Germany, the United Kingdom, Australia, and Japan, the introduction and acceptance of mobile technology (mHealth) to display and interpret pictures has fuelled the rise of the teleradiology business. The widespread usage of smart connection devices and related solutions confirms accurate medical image interpretation, shortening treatment times. As a result, advances in digital technology will improve remote patient monitoring approaches and services.
An Increase in Medical Imaging Procedures is propelling the teleradiology market.
The significant increase in medical imaging procedures for the diagnosis, treatment, and management of chronic and acute disorders is one of the key market drivers in the global market. Furthermore, there is a growing acceptance of treatment regimens that focus on serious illness prevention, which frequently employ a variety of imaging technologies.
Technological Advancements are further anticipated to accelerate the growth rate of the teleradiology market.
The development of new solutions for the effective diagnosis, treatment, and management of a variety of medical diseases is seeing increased R&D activity. This, combined with the rising demand for this technology due to the numerous benefits it offers, is expected to propel the market forward. Better efficiency, reduced costs, and faster turnaround times are just a few of the benefits of this technology. Improved workflow efficiency, as well as the use of bitcoin and blockchain in this marketplace, are some of the other technological developments. The foregoing causes, together with the growing need for effective diagnostics, are expected to drive up demand for these products.
High costs associated is one of the significant restraints to the teleradiology market.
One of the primary reasons that could slow the growth of the global teleradiology services market is the high cost of initial setup and installation of imaging equipment and broadband technologies in remote places. Furthermore, the likelihood of recouping expenditures is purely dependent on the number of scans arriving each day. As a result, achieving break-even is highly unclear and risky.
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KEY MARKET INSIGHTS:
- Based on the modality, the market is divided into X-ray, Magnetic Resonance Imaging, Computed Tomography, Ultrasound System, Nuclear Imaging. The computed tomography segment held the greatest market share in 2021. Computed Tomography is employed in a variety of applications, including cardiology, cancer, neurology, abdomen and pelvic imaging, and spine and musculoskeletal imaging. The teleradiology market for this area is rising due to factors such as the increased need for effective and early diagnosis, technical improvements, and digitalization in this market. CT scans have become more popular than other imaging modalities due to the desire to avoid exploratory procedures and advances in cancer diagnosis and treatment.
- Based on the application, the market is divided into Picture Archiving and Communication System , Radiology Information System. The new teleradiology services are based on its Picture Archiving and Communication Systems (PACS) cloud-based radiology informatics suite. Teleradiology services have been severely impacted by the COVID-19 outbreak. However, as the struggle against COVID-19 continues, there is a growing demand for radiologists to use teleradiology technologies. Teleradiology can be used to scan a patient and preserve the image for later viewing (when the doctor is unavailable), or it can be used to communicate images created by mobile imaging devices in remote places to doctors in hospitals. Furthermore, most of the software incorporates data compression algorithms, as most radiologists require the ability to exchange detailed, high-resolution images.
- Based on the technology, the market is divided into web-based and cloud-based. The Global Teleradiology market is dominated by Cloud-Based Tele Radiology Solutions. Due to the increasing demand for artificial intelligence and the high adoption rate of cloud-based technologies to store massive volumes of acquired data, it is expected to increase rapidly.
- Based on region, North America dominated the market with the largest share, and this growth is projected to continue during the forecast period. The United States is the world’s most COVID-affected country. Initially, there has been a surge in demand for teleradiology services, which has boosted total market growth. In addition, the Centres for Medicare & Medicaid Services (CMS) has expanded access to Medicare telehealth services under the 1135 waiver authority and the Coronavirus Preparedness and Response Supplemental Appropriations Act, allowing beneficiaries to access a wider range of services. Furthermore, in comparison to other developed countries, the increased prevalence of chronic illnesses and the presence of improved healthcare infrastructure are boosting the growth of the teleradiology market in the North American area. The use of new technology is assisting the United States’ growth in the healthcare sector. The primary driver of this sector’s expansion is rising healthcare expenditure.
- Siemens AG, 4ways Limited, Worldwide Diagnostics Limited, Mednax, Inc., Koninklijke Philips N.V., GE Healthcare, Everlight Radiology, Agfa-Gevaert Group, Radisphere National Radiology Group, Inc., and Fujifilm Medical Systems, Inc. are among the main firms in the global teleradiology market.
Recent developments in this market:
- Teleradiology Leader Gets FDA Approval for Artificial Intelligence-Based Lung Nodule Measurement Tool in 2021.
- Vesta Teleradiology is excited to announce the purchase of Momentum Healthcare Staffing in 2021. In addition to its present range of world-class teleradiology and telemedicine services, Vesta Teleradiology will now deliver onsite and remote coverage of well-qualified physicians to medical institutions through this purchase.
- The Alaska Native Medical Center (ANMC), which is jointly run by the Alaska Native Tribal Health Consortium (ANTHC) and the Southcentral Foundation, selected Life Image as its image exchange and network access provider in 2020 to improve the Anchorage-based hospital’s ability to provide telehealth and teleradiology services throughout Alaska and beyond.
- In 2021, NANO-X IMAGING LTD, a leading medical imaging technology company, announced the expansion of its strategic partnership with USARAD Holdings Inc., a US Joint Commission accredited teleradiology and telemedicine company, to launch an advanced radiology diagnostics service that combines over 300 expert radiologists with artificial intelligence (AI) decision support algorithms and solutions.
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