Teleradiology Market to surpass USD 25.3 billion by 2030 from USD 7.5 billion in 2019 at a CAGR of 23.3% throughout the forecast period, i.e., 2020-30. The major high-impact rendering driver is the growing demand for teleradiology in cases of second opinion and emergencies. Moreover, a shortage of healthcare professionals is leading to the adoption of teleradiology services especially in sub-specialist segments such as pediatric, neurology, and musculoskeletal radiology. Teleradiology allows healthcare practitioners, regardless of distance, to access patient records, thus enhancing diagnostic coverage. Therefore, during the forecast period, the increasing adoption of teleradiology for timely diagnosis is expected to drive the market.
Teleradiology is the process of the interpretation and analysis of medical images by a radiologist who is not present at the location where the images were made. Hospitals, emergency treatment centers, telemedicine providers, and other hospitals make use of this program. Teleradiology programs enable radiologists to use online services without having to be physically present on-site to enhance patient care and treatment.
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Teleradiology Market: Key Players
- Envision Healthcare Corporation
- Agfa-Gevaert N.V.
- 4ways Healthcare Limited
- Teleradiology Solutions
- USARAD Holdings, Inc.
- ONRAD, Inc.
- TeleDiagnosys Services Pvt Ltd.
- Euro American Tele Radiology
- Cybernet Medical Corporation
Teleradiology Market: Segments
Computed Tomography (CT) segment to grow with the highest CAGR during 2020-30
Teleradiology Market is segmented by Product as X-ray, Ultrasound, Magnetic Resonance Imaging (MRI), Computed Tomography (CT), and Nuclear Imaging. The X-ray segment held the largest revenue share of XX.X% in 2019. Some of the factors responsible for the dominance of the segment are economic pricing, high use in primary diagnosis, and the implementation of revolutionary devices such as filmless x-ray systems. The Computed Tomography (CT) segment is expected to see the fastest rise over the forecast period. To contribute to segment development, CT provides faster and clearer images of complex body organs such as the brain, cardiac cavities, and lungs.
Hospitals Segment to grow with the highest CAGR during 2020-30
Teleradiology Market is segmented by End-user into Hospitals, Ambulatory Imaging Centers, and Radiology Clinics. The Hospital segment accounted for the highest revenue share of XX.X% in the Teleradiology market and the segment is expected to grow at a significant rate during the forecast period. Teleradiology facilities are used by hospitals for critical care, primary diagnosis, and second opinion. In emergency treatment, however, these facilities are usually preferred. Therefore, the growing number of hospital emergency visits is expected to drive the segment over the projected period. During the forecast era, Ambulatory Imaging Centers (AIC) are expected to expand at the fastest rate, fueled by increasing demand for imaging procedures, cost-effectiveness, and the lack of radiologists. The radiology clinics segment is also expected to expand at a healthy rate during the forecast period. The high radiologists’ pay scale, coupled with increasing imaging costs, is expected to drive this segment’s revenue contribution over the forecast period.
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Teleradiology Market: Market Dynamics
Government initiatives to promote healthcare digitalization
Government programs to encourage the digitalization of healthcare are also expected to assist in business growth. The growth of the teleradiology market is driven by increased demand for radiological services due to the high prevalence of chronic diseases such as congestive heart failure and orthopedic injuries. Besides, the growth of the market is further fueled by a substantial increase in government spending on health information (HCIT) and an increase in the emphasis of key players on bringing innovation to digital diagnostics.
Low availability of broadband networks and shortage of skilled radiologists
One of the key factors that could hamper the growth of the global teleradiology services market is the high cost involved in the initial setup and implementation of imaging equipment and broadband infrastructure in remote locations. Besides, the chances of recovering the costs depend entirely on the number of scans per day that arrive. Therefore, it is very uncertain to reach break-even and entails high risk. Besides, the lack of data protection for imagery is also expected to hinder the market growth. The practice of teleradiology includes the worldwide transfer of imaging data, for which it is important to preserve data confidentiality and protection. Lack of effective data protection measures could adversely hamper the growth of the market for teleradiology services.
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Teleradiology Market report also contains analysis on:
Teleradiology Market Segments:
- By Product:
- Magnetic Resonance Imaging (MRI)
- Computed Tomography (CT)
- Nuclear Imaging
- By Technology:
- Picture Archiving and Communication System (PACS)
- Radiology Information System (RIS)
- Telecom & Networking
- Web-Based Teleradiology Solutions
- Cloud-Based Teleradiology Solutions
- By End-use:
- Ambulatory Imaging Centers
- Radiology Clinics
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