Teleradiology Market Report Key Highlights

• Global teleradiology market revenue is estimated to reach USD 18.7 Billion by 2030 with a CAGR of 15.4% from 2022 to 2030
• North America teleradiology market share accounted for over 40% shares in 2021
• According to WHO, over 3.6 billion diagnostic medical examinations, such as X-rays, are performed every year
• Based on technique, X-rays accounted for over 26% of the overall market share in 2021
• Asia-Pacific teleradiology market growth will achieve fastest CAGR from 2022 to 2030
• Rising cases of age-associated diseases fuels the global teleradiology market value

Teleradiology is the transmission of radiological patient images, such as x-rays, CTs, and MRIs, from one location to another for the purpose of sharing studies with other radiologists and physicians. Increasing demand for teleradiology for second opinions in emergency conditions is the major factor in the growth of the market. The availability of teleradiology in multispecialty hospitals is boosting the growth of the market. Furthermore, penetration of the product in developing regions is a major factor in the growth of the market. For instance, in 2019, Argus Radiology expands its personalized version of Teleradiology into Indiana. The increasing demand for urgent care clinics is a major reason for adopting the teleradiology system and is a major reason for propelling the teleradiology market.

Global Teleradiology Market Dynamics

Market Drivers

• Growing prevalence of target disease
• Increasing base of elderly patients
• Advancements in teleradiology solutions
• Growing number of advanced imaging procedures

Market Restraints

• Shortage of skilled professionals
• Declining reimbursements policies

Market Opportunities

• Adoption of artificial intelligence (AI) in teleradiology
• Use of blockchain in teleradiology

Teleradiology Market Report Coverage

Teleradiology Market Dynamics

The rapid adoption of the CT scanner owing to the ability to scanning speed, high power at low KVs allows for a treat each patient as per individual needs, and a reduction in x-ray exposure of about 40% compared with 64-slice CT will propel the demand for teleradiology market. The demand for the dual-source CT scanner has risen significantly due to the increasing prevalence of different diseases, rapidly developing in the healthcare sector. Additionally, rising healthcare expenditure, growing healthcare infrastructure, and continuous development of new and advanced scanners have fueled the growth of the teleradiology market. Moreover, the increasing prevalence of different chronic diseases, the rising geriatric population, and the rapidly increasing number of healthcare organizations across the globe are likely to have a significant impact on the hospital beds market during the forecasted period, 2022 – 2030. The use of this second tube reduces the noise in the images without exceeding the safe level of dose application. Teleradiology has sparked significant progress in numerous other fields of medical imaging –for all patients, regardless of their weight, age, and general state of health. On the other hand, side effects of the treatment and exposure to radiation may slow the growth of the teleradiology market.

Teleradiology Market Segmentation

The worldwide teleradiology market is split based on technique, technology, end-user, and geography.

Teleradiology Market By Technique

• X-rays
• Computed Tomography (CT)
• Nuclear Imaging
• Others

According to the teleradiology industry analysis, the x-rays sub-segment dominated the technique segment in 2021 and is expected to continue its dominance in the coming years from 2022 to 2030. The utmost share of the sub-segment is credited to the widespread use of x-ray systems across various healthcare domains such as cardiovascular diagnostics, cancer screening, chest imaging, orthopedics, and dental imaging. On the other hand, computed tomography (CT) is expected to witness a substantial growth rate in the coming years.

Teleradiology Market By Technology

• Hardware
• Software

As per the teleradiology market forecast, the software sub-segment is likely to attain a significant growth rate from 2022 to 2030. The growing demand for healthcare software has compelled software vendors to improve technical capabilities, interoperability, and data transparency. In addition to that, owing to the advent of the COVID-19 pandemic the increased patient data has also fueled the software technology in the teleradiology industry.

Teleradiology Market By End-User

• Hospitals
• Diagnostic Centers
• Others

As per the teleradiology market forecast, hospitals will account for a considerable market share. Hospitals use teleradiology services for urgent care, primary diagnosis, and second opinion. Additionally, the growing inclination of hospitals towards the automation and digitization of patient records, and the growing need to improve the quality of patient care are some of the prominent factors that are boosting the hospital's end-user. On the other hand, diagnostic centers would attain a noteworthy CAGR from 2022 to 2030, due to the increasing base of patients diagnosing tests at diagnostic centers.

Teleradiology Market Regional Outlook

North America

• U.S.
• Canada

Europe

• U.K.
• Germany
• France
• Spain
• Rest of Europe

Latin America

• Mexico
• Brazil
• Rest of Latin America

Asia-Pacific

• India
• Japan
• China
• Australia
• South Korea
• Rest of Asia-Pacific

The Middle East & Africa (MEA)

• Gulf Cooperation Council (GCC)
• South Africa
• Rest of the Middle East & Africa

Teleradiology Market Regional Analysis

North America is expected to dominate the teleradiology market during the forecast period. High presence of geriatric patients suffering from different chronic diseases such as cancer, arthritis, heart disease, CNS related problem. This is a major reason for conducting a number of CT-Scan, and MRI which is increasing demand in the teleradiology market for the second opinion of a doctor. Increasing consciousness about their health thereby, patients take always a second opinion before performing surgery or major treatment. The presence of a huge geriatric population and continuously increasing demand for advanced imaging technology will support the growth of the market.

Europe is expected to second leading region in the teleradiology market. According to the survey Among the 368 participants from 35 different countries, Belgium, Austria, the UK, and The Netherlands are major users of the teleradiology market. In major application of teleradiology in house image transmission. In European country formation of Collaborative Diagnostic Networks (CDxN) is a tailor-made concept to develop efficiently and seamlessly working radiology networks for consulting managed services. The increasing geriatric population coupled with continuous development in the services has driven the growth of the teleradiology market in Europe. Germany, France, and the U.K are expected to be the major shareholder in the Europe teleradiology market owing to the presence of a huge patient pool and continuously increasing demand for better imaging devices for the diagnosis of various chronic diseases.

Asia Pacific market is expected to fast a growing market for teleradiology market. Increase in penetration of the key players including GE Healthcare, Philips, and others, which fuels the teleradiology market growth. For instance, GE Healthcare adopted a partnership with Teleradiology Solutions to widen its reach across India with Teleradiology’s proprietary Radiology Workflow Solution-RadSpa to make remote radiology reporting services available to healthcare providers. The presence of rapidly developing economies, a huge population base, and constructive government policies are driving the growth of the teleradiology market. During the last few years, the number of healthcare organizations has risen significantly, which has also increased the demand for the teleradiology scanner.

LAMEA is expected to slow the growth of the teleradiology market. An increasing number of multispecialty hospitals is rising in demand in the teleradiology market. Africa holds the least share in the teleradiology market, however, possesses a huge opportunity for the teleradiology market. Continuously increasing demand for various monitoring devices, increasing prevalence of various diseases, and increasing healthcare spending will boost the growth of the Africa teleradiology market. The Middle East holds the leading and mature market for the teleradiology.

Teleradiology Market Players

The global teleradiology companies profiled in the report include 4ways Healthcare Ltd.; ONARD; RamSoft, Inc.; Virtual Radiologic; Agfa-Gevaert N.V.; HealthWatch TeleDiagnostics Pvt. Ltd.; Everlight Radiology; Teleradiology Solutions; and Global Diagnostics.