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.
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
|Market Size||USD 16.9 billion|
|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