ID: MRFR/HC/9540-HCR | 120 Pages | Author: Kinjoll Dey | June 2023
Teleradiology Market is expected to grow USD 16.9 billion at a CAGR 13.9% during the forecast period 2022-2030
$16.9 billion
13.9%
US
2022-2030
The global teleradiology market size is expected to reach USD 16.9 billion by 2030, registering a CAGR of 13.9% during the forecast period (2022-2030)
Teleradiology is the branch of telemedicine that involves the transmission of radiological images and related data from one location to another for diagnostic and consulting purposes. It is an advanced technology that has emerged due to the imbalance between demand and availability of diagnostic services during emergencies. Earlier, teleradiology was used only for emergencies. However, with the advent of the internet and advancements in the IT industry, teleradiology practice has become more common in recent years. The availability of computer programs such as Picture Archiving & Communication System (PACS) and Radiological Information System (RIS) is particularly dedicated to sending radiological images which have led to the major advancements in teleradiology technologies.
COVID-19 Analysis
In the COVID-19 pandemic situation, teleradiology systems are adopted widely to share observations and details information assembled during the treatment of COVID-19 patients. For instance, in March 2020, USARAD Holdings Inc. (US) collaborated with Nanox Imaging (Israel) to facilitate fetching Nanox’s mobile imaging system to high-risk areas, supporting preventative COVID-19 screening efforts in these locations. It has helped prevent the exchange of hard copies of imaging results and avoid in-person contact. Moreover, several international teleradiology alliances of radiologists are expected to propel the speed of clinical trials and studies on preventive measures. Furthermore, initially due to the lockdown and hold on elective imaging services, there was a decline in teleradiology services being observed. However, as restrictions ease, also the rate of imaging services will gradually rise.
Teleradiology Market Dynamics
Drivers
Market Restraints
Value Chain Analysis
The value chain analysis for the market contains five major components, which start with research & product development, followed by the manufacturing of the products, distribution & sales, and ends with post-marketing surveillance. In the research & product development stage, new models and designs are introduced to make the products better and more effective, with the major focus of manufacturers on designing the comfort of the patients. The manufacturing process begins with assembling of raw materials. Manufacturing is a quick process, which is followed by testing for safety, accuracy, and comfort. Distribution and sales play a vital role in market value chain analysis. It consists of direct selling channels, intermediaries, and others. additionally, post-sales monitoring also plays a significant role in this market. The follow-up stage gives a view of the sales of the products and helps understand any limitations or feedback from the users.
Teleradiology Market Segment Overview
By Products and Services
Teleradiology Services: It is a process where radiologists are able to deliver services to patients without being in the same location. This is usually done for either diagnosis or treatment. Ultrasounds, Magnetic Resonance Imaging (MRI), and X-rays are some examples of teleradiology services.
Software: Increasing demand for healthcare software has driven companies to improve technical capabilities, enhance interoperability, and increase data transparency. Moreover, the COVID-19 outbreak has led to an increased demand for better management of large amounts of patient data. Owing to this, multiple hospitals are deploying teleradiology software to improve the efficiency of healthcare providers and improve patient outcomes. Some of the major software include Radiology Information System (RIS) and Picture Archiving and Communication System (PACS).
By Imaging Technique
Computed Tomography (CT): Computed Tomography (CT) is a form of tomography in which a computer controls the motion of the X-ray source and detectors process the data to produce the image. It also provides faster and clearer images of complex body organs, such as the cardiac cavities, brain, and lungs thereby contributing to segment growth. Accuracy in analysis and constant improvements in innovation are the major factors fueling the market growth. For instance, in March 2019, Siemens Healthineers (Germany) and GE Healthcare (US) launched a Go platform cardiac computed tomography scanner.
Magnetic Resonance Imaging (MRI): Magnetic Resonance Imaging (MRI) is often considered indispensable in the diagnosis, treatment, and management of various critical illnesses. The development of MRI procedures is non-invasive, harmless, and produces detailed images of the human body’s abnormalities. The number of cancer and trauma cases is increasing, and in those cases, the use of such imaging systems for diagnosis is being used increasingly.
Ultrasound: Ultrasound is an imaging technology it uses high-frequency sound waves to characterize tissue. It is a useful modality in medical imaging for providing a unique characterization of tissues, compared with other modalities such as conventional radiography or CT.
X- Ray: X-rays are radiation also known as electromagnetic waves. It mainly creates pictures of the bones. X-rays are also widely applied across multiple healthcare domains, such as cardiovascular diagnostics, orthopedics, chest imaging, dental imaging, and cancer screening.
Mammography: Mammography is an x-ray imaging method used to analyze the breast for the early detection of cancer and other breast diseases. It is also used as both a diagnostic and screening tool.
Nuclear Imaging: Nuclear imaging is attributed to technological advancements, an increase in diagnostic applications in several diseases, such as cancer, and cardiovascular diseases, government support, and a shift from standalone to hybrid modalities. According to the American Cancer Society 2020, 1.8 million new cancer cases was diagnosed and 606,520 cancer deaths in the US, many of which have been diagnosed by nuclear imaging devices and equipment. Thereby propelling the demand of the market.
Fluoroscopy: Fluoroscopy is one of the imaging modalities. It enables real-time x-ray viewing of a patient with high temporal resolution. It is also based on an x-ray image intensifier coupled with a still or video camera. In recent years flat panel detectors have been replacing image intensifiers.
By End-user
Hospitals: A large patient base, building financial capacity, and receptivity to advanced technologies are some factors responsible for the uptake of radiology products in hospitals. In hospitals, teleradiology services are mainly for urgent care such as diagnosis and second opinion. For instance, if a patient visits a hospital with an extreme head trauma during the absence of a neuroradiologist, then teleradiology services help for faster diagnosis and immediate treatment. Moreover, the shortage of radiologists due to the COVID-19 pandemic and the rising adoption of advanced imaging modalities help to improve workflow efficiency in hospitals and are further expected to support the growth.
Ambulatory Imaging Centers: Ambulatory Imaging Centers (AIC) are boosted by the rising demand for cost-effectiveness, imaging procedures, and the shortage of radiologists. However, the most vital concern during an imaging procedure is the time taken for the diagnosis. According to the report published by the National Health Service (NHS), the average waiting time for a MRI test in England was reported to be 21 days. Therefore, ambulatory imaging centers help in reducing diagnosis time and is leading to the growing adoption of teleradiology for multiple imaging procedures.
Others: Others include radiology clinics and diagnostic imaging centers and labs. The growing preference of radiology clinics toward the automation and digitization of patient records, and the growing need to improve the quality of patient care coupled with rising imaging costs, are expected to boost the radiology clinics over the forecast period. Diagnostic imaging centers and labs are some of the standalone diagnostic labs starting with their own teleradiology labs to provide the services to the customers.
Teleradiology Market Regional Analysis
The teleradiology market based on the region has been segmented into North America, Europe, Asia-Pacific, and the Rest of the World.
North America: Increase in healthcare expenditure and increasing prevalence of chronic diseases is the prime factor responsible for the growth in North America. According to the American College of Cardiology, by 2035, around 130 million adults in the US are projected to have various types of cardiovascular disease. As stroke prevalence in adults is about 2.7% in the US. Therefore, it is believed that due to higher adaptability to healthcare technology solutions, the US may witness the largest share of the market. For instance, in September 2020, MEDNAX INC. (US) announced the agreement for selling its radiology solutions to radiology partners in the US. Hence, this is anticipated to boost the teleradiology market across the region during the forecast period.
Teleradiology Market Competitive Landscape
The key industry players are adopting various business strategies such as investments in R&D activities to increase their market presence and expand their product portfolio thereby, driving the teleradiology market. In addition, the key market players are adopting various strategic initiatives such as new product launches, mergers, and acquisitions, increasing investments, contractual agreements, and collaboration with other players to expand their global footprint in the market. For instance, in August 2021, GE Healthcare (US) announced a strategic collaboration with Amazon Web Services (AWS) to deliver Artificial Intelligence (AI) and cloud-based imaging health IT solutions to help hospitals and healthcare providers.
List of companies covered in this report:
Teleradiology Market Recent Developments
Report Overview
The study covers the existing short-term and long-term market effects. It helps decision-makers to draught short-term and long-term business plans by region. The report covers major regions in North America, Europe, Asia-Pacific, and the Rest of the World. The report analyzes market drivers, restraints, opportunities, challenges, Porter's five forces, value chain, and impact of COVID-19 on the market.
Study Objectives
 Market Segmentation:
Global Teleradiology Market, By Products and Services
Global Teleradiology Market, By Imaging Technique
Global Teleradiology Market, By End User
Global Preparative and Process Chromatography Market, By Region
Intended Audience
Report Attribute/Metric | Details |
---|---|
Market Size | USD 16.9 billion |
CAGR | 13.9% |
Base Year | 2021 |
Forecast Period | 2022-2030 |
Historical Data | 2018 to 2020 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Product and Services, Imaging Technique and End User |
Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World |
Key Vendors | GE Healthcare (US), Cerner Corporation (US), Agfa Healthcare (Belgium), Siemens Healthineers (Germany), McKesson Corporation (US), FUJIFILM Holdings Corporation (Japan), RamSoft Inc. (Canada), Novarad Corporation (US), TeleDiagnostic Solutions Pvt. Ltd. (India), Carestream Health Inc. (US) |
Key Market Opportunities | • Adoption of artificial intelligence in teleradiology |
Key Market Drivers | • Growing number of imaging procedures • Advancements in teleradiology solutions • Increasing prevalence of osteoarthritis and chronic diseases |
The market size of teleradiology is projected to reach USD 16.9 billion at CAGR of 13.9% during the forecast period (2022-2030)
North America was holding the largest market share in 2021 and expected to grow exponentially during the forecast period.
GE Healthcare (US), Cerner Corporation (US), Agfa Healthcare (Belgium), Siemens Healthineers (Germany), McKesson Corporation (US), FUJIFILM Holdings Corporation (Japan), RamSoft Inc. (Canada), Novarad Corporation (US), TeleDiagnostic Solutions Pvt. Ltd. (India), Carestream Health Inc. (US) are the top key players in the market of Teleradiology
Growing number of imaging procedures and Increasing prevalence of osteoarthritis & chronic diseases are key factors driving the market
Declining reimbursements and increasing regulatory burden in the US and Lack of Skilled Professionals are limiting the market growth of Teleradiology
Key Questions Answered
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