The global teleradiology market size is predicted to be growing at a CAGR of 18.5% during the forecast period. The global teleradiology market size is estimated to value USD 4.07 billion by 2027 and USD 1.74 billion in 2022.
Teleradiology has become embedded in the healthcare system and incorporated into a broad range of radiology practices. This technology is expected to play a major role in improving rural service and can relieve the existing radiology shortage. Thanks to teleradiology, it followed the effect of COVID-19 pandemic management on the activities of a significant group of emergency room services in an indirect but structured manner. Alternative reporting methods, such as teleradiology and artificial intelligence, should be aggressively pursued, focusing on educating their staff and the next generation of radiologists in the future. Increased telehealth and telecommuting are likely to continue in some form after the pandemic is over.
Teleradiology is a subcategory of telemedicine in which radiological images are transmitted from one location to another through telecommunication systems. All non-invasive imaging research, including digitized x-rays, MRI, ultrasound, CT, and nuclear medicine studies, may be perceived this way. Digitized images are now routinely transmitted around the world through high-speed telecommunication links. Teleradiology is also an important component of medical facilities, such as the increasing use of teledentistry; more studies are being conducted to demonstrate its usefulness. For example, recently explored the clinical utility of teleradiology in general dental practice. In the report, about 275 cases were sent for review to the Korean Academy of Oral and Maxillofacial Radiology's case presentation board.
Impact of COVID-19 on the global teleradiology market:
The virus rapidly spread across the world, with Europe bearing the brunt of the damage at the pandemic's start. Contained was designed, in part, to keep the healthcare system from being overburdened, especially in intensive care. The drastic reduction in travel and other behaviors resulted in significant lifestyle changes. The utilization of health-care services has decreased due to the phenomenon of postponing care and decreased accessibility and affordability of care. The restricted movement during the lockdown was supposed to reduce the number of trauma patients. During the COVID-19 pandemic, the ambulatory (outpatient) imaging rate fell sharply, and elective imaging services were temporarily suspended. The COVID-19 pandemic has had a significant effect on the working and personal lives of SIRM members, with more specific risks in high-risk areas. The COVID-19 pandemic would have a major financial impact on the healthcare industry. This will have a substantial short- and long-term impact on Radiology services throughout the world.
MARKET DRIVERS:
The establishment of a highly developed healthcare infrastructure, the availability of high-speed internet facilities, technology-enabled healthcare platforms, and high public healthcare expenditure are expected to accelerate the global teleradiology market growth.
The global teleradiology market is currently majorly driven by the technological advancements in the healthcare industry, growing digitalization, which aids in enhancing the Teleradiology process, and low costs in contrast to other modalities. Secondary factors include the shortage of radiologists worldwide, digital technology advancements in external patient diagnoses, and enhanced healthcare awareness. On the other hand, inadequate common standards are the primary barrier to the global teleradiology market.
Increasing demand for radiology services across the globe is expected to boost the global teleradiology market.
The high demand for radiology services in countries such as the United States, Singapore, and the United Kingdom, is often insufficiently met by the number of available in-house healthcare professionals. Although the number of scans conducted in the United States has increased, there is a continuing shortage of radiologists. It takes an average of 21 days for a radiologist to send an MRI study in the UK. There is a scarcity of radiologists in Singapore for night coverage.
Teleradiology is used to enhance tuberculosis screening and case management. Thyolo district in southern Malawi is home to approximately 600,000 residents. The World Health Organization (WHO) recommends 228 health practitioners for every 100,000 people. 159 X-ray images from 158 patients at Thyolo District Hospital were submitted for teleradiology from September 2010 to September 2011.
Rising technological advancements in teleradiology are further expected to accelerate market growth.
Teleradiology's usage reflects the evolving worlds of clinical practice, technology, and service delivery. Healthcare delivery is evolving, and teleradiology is a part of that transition, which also involves radiology's globalization. The current challenge is to address the general inability to seamlessly incorporate teleradiology systems with other (locally existing) healthcare information systems when data must be transmitted between institutions or to an outside provider.
Continuously increasing demand for CT scans due to lower exposure to x-ray and high scanning speed is expected to provide the key players opportunities during the forecast period. Expansion of teleradiology in developing countries owing to emerging economies and increasing patient pool is likely to offer lucrative opportunities for the growth of the global teleradiology market. Other factors such as the emergence of technologically advanced products, increased prevalence of various diseases, and expanding healthcare in developing countries are anticipated to create lucrative growth opportunities for the key players in the global teleradiology market.
MARKET RESTRAINTS:
The key challenge for the key players functioning in the global teleradiology market is radiation exposure. Side effects associated with the treatment are expected to restrain the growth of the teleradiology market. Lack of proper distribution networks in developing regions and unfavorable reimbursement policies pose challenges to the key players functioning in the worldwide teleradiology market.
The lack of timely diagnostic facilities poses severe challenges for clinicians during emergencies and at night. However, teleradiology services are currently defined by a trade-off between cost and image quality and billing and quality of care issues, payment challenges, and state licensure requirements. Problems with privacy and security, lack of awareness in developing countries, and risk of a cyber-attack on data are further expected to restrict the teleradiology market growth.
REPORT COVERAGE:
|
REPORT METRIC |
DETAILS |
|
Market Size Available |
2021 to 2027 |
|
Base Year |
2021 |
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Forecast Period |
2022 to 2027 |
|
Segments Analysed |
By Modality, Technology Solutions, Application, and Region |
|
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Analysed |
North America, Europe, Asia Pacific, Latin America, Middle East, and Africa |
This research report on the global teleradiology market has been segmented and sub-segmented based on the modality, technology solutions, application, and region.
Teleradiology Market - By Modality:
Teleradiology Market - By Technology Solutions:
Based on the technology solution, the Cloud-Based Tele Radiology Solutions segment is dominating the Global Teleradiology market. It is likely to witness rapid growth due to the increasing demand for artificial intelligence and the high adoption rate of cloud-based technologies to store large amounts of collected data.
Teleradiology Market - By Application:
Teleradiology Market - By Region:
Geographically, the North American market is dominating the global teleradiology market and is assumed to grow further during the forecast period due to the increasing prevalence of chronic diseases and multi-specialty healthcare facilities in the U.S and Canada. Asia Pacific market is contributing a significant share of revenues to the global market. It is foreseen to grow at the highest CAGR during the outlook period due to the large patient base, rapidly expanding healthcare sector owing to advancements of technology, and increasing economies of the developing countries such as India and China are fuelling the growth of the global teleradiology market in the region.
The Asia Pacific is projected to be the fastest-growing region in the Global Teleradiology market owing to its rapidly growing healthcare infrastructure conjoined with the increasing demand for innovative and advanced medical platforms. Moreover, the massive base of the target population, the rising government initiatives, and the strategic global expansions undertaken by significant players trigger the market growth.
KEY MARKET PLAYERS:
Some of the notable companies dominating the global teleradiology market profiled in the report are 4ways Healthcare Limited, RamSoft, Inc., Virtual Radiologic (vRAD), Agfa-Gevaert N.V., ONARD, Global Diagnostics, Everlight Radiology, Sectra AB, and Health Watch Tele Diagnostics Pvt. Ltd.
MAJOR HAPPENINGS IN THIS MARKET IN THE RECENT PAST:
1. Introduction
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.1 Introduction
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3. Overview
3.1 Executive Summary
3.2 Key Inferences
3.3 Epidemology
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 Modality
5.1.1 Introduction
5.1.2 X- Ray
5.1.3 Magnetic Resonance Imaging
5.1.4 Computed Tomography
5.1.5 Ultrasound Systems
5.1.6 Nuclear Imaging
5.1.7 Y-o-Y Growth Analysis, By Modality
5.1.8 Market Attractiveness Analysis, By Modality
5.1.9 Market Share Analysis, By Modality
5.2 Technology Solutions
5.2.1 Introduction
5.2.2 Web- Based Tele Radiology Solutions
5.2.3 Cloud- Based Tele Radiology Solutions
5.2.4 Y-o-Y Growth Analysis, By Technology Solutions
5.2.5 Market Attractiveness Analysis, By Technology Solutions
5.2.6 Market Share Analysis, By Technology Solutions
5.3 Application
5.3.1 Introduction
5.3.2 Picture Archiving And Communication System (PACS)
5.3.3 Radiology Information System (RIS)
5.3.4 Y-o-Y Growth Analysis, By Application
5.3.5 Market Attractiveness Analysis, By Application
5.3.6 Market Share Analysis, By Application
6. Geographical Analysis
6.1 Introduction
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
6.1.3.1 By Geographical Area
6.1.3.2 By Modality
6.1.3.3 By Technology Solutions
6.1.3.4 By Application
6.1.4 Market Attractiveness Analysis
6.1.4.1 By Geographical Area
6.1.4.2 By Modality
6.1.4.3 By Technology Solutions
6.1.4.4 By Application
6.1.5 Market Share Analysis
6.1.5.1 By Geographical Area
6.1.5.2 By Modality
6.1.5.3 By Technology Solutions
6.1.5.4 By Application
6.2 North America
6.1.1 Introduction
6.1.2 United States
6.1.3 Canada
6.3 Europe
6.2.1 Introduction
6.2.2 U.K
6.2.3 Spain
6.2.4 Germany
6.2.5 Italy
6.2.6 France
6.4 Asia-Pacific
6.3.1 Introduction
6.3.2 China
6.3.3 India
6.3.4 Japan
6.3.5 Australia
6.3.6 South Korea
6.5 Latin America
6.4.1 Introduction
6.4.2 Brazil
6.4.3 Argentina
6.4.4 Mexico
6.4.5 Rest of Latin America
6.6 Middle East & Africa
6.5.1 Introduction
6.5.2 Middle-East
6.5.3 Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.1.1 Political
7.1.2 Economic
7.1.3 Social
7.1.4 Technological
7.1.5 Legal
7.1.6 Environmental
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1 Agfa-Gevaert NV
8.1.1 Overview
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 NightHawk Radiology
8.3 Sectra Imtec AB
8.4 StatRad
8.5 LLC
8.6 ALTA VISTA TELERADIOLOGY
8.7 Argus Radiology
8.8 ONRAD
8.9 FujiFilm Medical Systems
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Market Outlook and Investment Opportunities
Appendix
a) List of Tables
b) List of Figures
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