Teleradiology Market Size, Share & Industry Analysis, By Imaging Technique (X-Ray, Computed Tomography (CT), Magnetic Resonance Imaging (MRI), Ultrasound, Nuclear Medicine, and Others), By Component (Services & Software, and Product), By End User (Hospitals & Clinics, Diagnostic Centers and Others), and Regional Forecast, 2019-2032

The global teleradiology market size was valued at USD 11.84 billion in 2018 and is projected to reach USD 184.78 billion by 2032, exhibiting a CAGR of 21.5% during the forecast period. North America dominated the global market with a share of 42.23% in 2018.

Teleradiology, a branch of telemedicine, refers to the medical practice where telecommunication systems are used for the transmission of radiological images from one location to another location. The radiologist undertaking the interpretation of the radiological images is not physically present in the location where the images from the patient are generated. The branch of teleradiology is especially beneficial for institutions for whom, having a radiologist on-site at the facility is expensive. This is also true for facilities which only generates a small number of radiological images for interpretation by a radiologist. Due to the increasing number of imaging procedures conducted globally, and the increasing need to limit costs for the interpretation of radiological images, the market is expected to experience strong growth in the forecast period.

MARKET TRENDS

Increasing Usage in Rural Areas to Augment Market Growth

One of the key market trends prevailing in the global market is the increasing adoption of teleradiology in rural areas where there is often a dearth of trained radiologists across medical institutions. Many medical professionals have faced problems with relation to imaging procedures in rural areas in several countries across the globe. In a 2018 study conducted by the American College of Radiology (ACR), medical professionals have indicated that hospitals located in counties that are poor and in rural areas, often do not have access to a radiologist. They particularly do not have access to subspecialties such as a musculoskeletal radiologist or a neuroradiologist. Due to this technology, a patient situated in a very rural area has access to the same level of specialized care that an individual situated in an urban area receives. This is projected to further propel the teleradiology market growth during the forecast period.

MARKET DRIVERS

Increasing Number of Medical Imaging Procedures to Fuel Demand

One of the critical market drivers of the global market is the substantial increase in medical imaging procedures for the diagnosis, treatment and management of chronic and acute diseases. In a study published in September 2019, in the Journal of the American Medical Association, it was noted that despite a broad campaign by medical professionals to reduce medical imaging procedures, medical imaging underwent substantial increase in procedure rates in the United States, and some parts of Canada. Driving factors as such increases in medical imaging procedures, is expected to substantial drive the growth of the teleradiology market. Furthermore, there is an increased adoption of treatment plans that focuses on preventive care of major illnesses, which often uses an array of imaging procedures for the diagnosis and management of disorders. Introduction of this technology, which often uses a model of payment per procedure which is cost effective as compared to having a radiologist on-site. Drivers as such is anticipated to drive the growth of the global market during the forecast period.

The increasing prevalence of cancer has led to demand for imaging procedures which function as an important diagnostic method. Several types of imaging procedures such as computed tomography (CT) scans, X-ray, and magnetic resonance imaging (MRI) are used for the diagnosis of several oncological disorders. Hence, for the effective diagnosis of the increasing number of cancer patients located in rural, and semi-rural areas, this technology is an indispensable option. For instance, chest X-rays is often used for the diagnosis, treatment, and the staging of lung cancer. According to the American cancer Society (ACS), new lung cancer cases diagnosed number in the U.S. in 2020 will be approximately 228,820. This is projected to drive the demand for this technology which is critical for the diagnosis and management of many types of cancers and drive the growth of the teleradiology market size during the forecast period.

Increasing Demand Coupled with Technological Advancements to Drive the Market Growth

There is an increasing R&D activity in the development of advanced solutions for the efficient diagnosis, treatment, and management of several medical conditions. This coupled with the increasing demand for this technology due to several advantages associated with them is anticipated to drive market growth. Some of the advantages of this technology includes better efficiency, lower costs, and quick turnaround times. Due to advancements in this technology, any modality in which the medical images can be digitalized can be paired well with teleradiology. Some of the other technological advancements which includes improved workflow efficiency, and also the usage of cryptocurrency and blockchain in this marketplace. The above factors combined with the increasing need for efficient diagnostics is further projected to fuel the demand for these technologies and boost the market growth rate. 

MARKET RESTRAINT

Insufficient Integration of Patient History with Data Security Concerns to Limit the Adoption

Despite increasing prevalence of cancers such as lung cancer, and other chronic diseases globally, and the increasing demand for medical imaging in emerging markets such as Asia, there are certain factors that are restraining the adoption. One of the major factors restraining the growth of the teleradiology market is the insufficient integration of patient history data, and also the concerns associated with patient data security. Some of the challenges in data integration include the lack of a standard format for the data, and also lack of holistic approach for the handling of data. Also, several misconceptions in relation to the privacy of patients’ data and data sharing is limiting the market growth. Several healthcare organizations have incomplete understanding of laws governing data privacy and sharing, which leads to the creation of these major factors restraining the global market growth.

SEGMENTATION

By Imaging Technique Analysis

X-Ray Segment Dominated the Global Market

Based on imaging technique, the global teleradiology market is segmented into x-ray, computed tomography (CT), magnetic resonance imaging (MRI), ultrasound, nuclear imaging, and others. One of the key application areas of this market includes its usage in emergency medical situations such as trauma, accidents, and others. This leads to the dominance of imaging techniques used in medicals emergencies in this market landscape. The x-ray segment dominated the global market share in 2018. The high procedure volumes of x-ray imaging, and also the usage of X-ray for the diagnosis, and treatment of sudden injuries such as orthopedic have been instrumental in the dominance of this segment in the global market.

The computed tomography (CT) segment is anticipated to grow at a comparatively higher CAGR. The increasing usage of this segment as an imaging procedure especially in the diagnosis of various cancers is also anticipated to drive the global market growth during the forecast period. Increasing prevalence of neurological conditions such as strokes is expected to drive the magnetic resonance imaging (MRI) segment. Ultrasound in teleradiology such as pediatric ultrasound and nuclear medicine procedures such as SPECT and PET is expected to drive the growth in these segments in the forecast period.

By Component Analysis

Increasing Usage of Software & Services to Aid in the Dominance of the Segment

In terms of component, the teleradiology market is segmented into services & software, and product. The services & software is anticipated to dominate the component segment, because the most common usage of this market includes the interpretation of medical images. Increasing need of healthcare facilities to reduce costs and the increasing demand for radiologists’ in the remote locations, is key reason for dominance of this segment in the global market.

Product is the other segment in the component segment and consists of the hardware components used in the conduction of teleradiology. Increasing adoption across the globe and the requirement of the hardware component for the efficient installation of the teleradiology software, is expected to drive the growth of the segment during the forecast period.

By End User Analysis

Availability of Imaging Facilities at Hospitals & Clinics Likely to Dominate

In terms of end user, the global market is segmented into diagnostic centers, hospitals & clinics, and others. One of the key reasons for the dominance of hospitals & clinics segment is that a number of imaging equipment is located in these facilities and the number of hospitals & clinics outweigh the other medical facilities. Often these facilities operate at all hours of the day and often receive medical emergencies who require prompt radiologists support. Factors as such have led to the dominance of this segment in the forecast period.

Growing number of diagnostic centers in the emerging markets, along with the increasing need for radiologists with sub-specialties, are some of the major factors responsible for growth of this segment in the forecast period.  The other segment consists of other facilities such as ambulatory service centers (ASCs), who have seen increasing growth in some regions.

REGIONAL ANALYSIS

In terms of regions, the market size in North America accounted for USD 5.00 billion in 2018. Adoption of advanced teleradiology solutions, coupled with the increasing prevalence of chronic and medical emergencies and the increasing number of patients in remote locations are some of the major factors boosting growth in the region. These factors, along with higher awareness among patient population towards telemedicine solutions such as this market and the significant increase in medical imaging procedures, are responsible for the higher market revenue share of the region. The market in Europe is anticipated to account for the second largest share in market revenue and Asia-Pacific is projected to register a comparatively higher CAGR during the forecast period. The increasing usage of this services in the region especially in rural locations with absence of on-site radiologist, are anticipated to increase the demand in Europe during 2019-2026. Recent Developments in Asia Pacific such as Philips launch of teleradiology services in China, and the presence of a huge potential population in the region with no access to immediate radiologists’ support, together are projected to drive the teleradiology market growth in Asia Pacific during forecast period. Latin America and the Middle East & Africa and is currently witnessing good growth. Driving factors such as, developing healthcare infrastructure in these regions leading to demand for more imaging procedures, presence of patient population in remote locations and growing awareness of cheaper and efficient diagnostic solutions is projected to fuel the global market growth during forecast period.

KEY INDUSTRY PLAYERS

Strong International Footprint and Strong Product Portfolio of Agfa-Gevaert, to Help the Company to Retain a Leading Position

Competition landscape of this market depicts a monopolistic (too many market players) competition structure where there are a number of players which includes players of international presence such as Agfa-Gevaert Group and also players who only have domestic presence such as USARAD Holdings Inc. The international presence of Agfa-Gevaert due to its diversified and strong product portfolio will be responsible for the dominance in the market.

One of the key characteristics of the competition structure of this market is the emergence of regional players such as Everlight Radiology and Medica Reporting Ltd., in Europe, a key growth market. This is anticipated to impact the global market positively as these companies are projected to increase their market share during the forecast period through their increasing geographical presence in key locations.

LIST OF KEY COMPANIES PROFILED:

• Agfa-Gevaert Group


• Teleradiology Solutions


• Koninklijke Philips N.V.


• Everlight Radiology


• GE Healthcare (GENERAL ELECTRIC COMPANY)


• MEDNAX Services, Inc.


• ONRAD, Inc.


• RamSoft, Inc.


• USARAD Holdings Inc


• Medica Reporting Ltd.


• Others

KEY INDUSTRY DEVELOPMENTS:

• May 2021 – Teleradiology Solutions announced the launch of a community initiative ‘COVID Support’. Through this initiative Teleradiology Solutions will offer tele reporting of chest CT scans for free in COVID positive patients.


• February 2021 – Medica Group, a teleradiology service provider in U.K. and Ireland, Integral Diagnostics, a medical imaging service provider announced a joint venture partnership with MedX. This joint venture will help them provide teleradiology reporting services and maximize their capacity in Australia, U.K., Ireland and New Zealand.


• September 2020 – MEDNAX, Inc. announced an agreement with radiology Partners to sell the MEDNAX Radiology Solutions for USD 885.0 million. This acquisition will help Radiology Partners to become the largest provider for comprehensive radiology and teleradiology services in the U.S. region

REPORT COVERAGE

The teleradiology market report provides a detailed analysis of the market and focuses on key aspects such as overview - by key regions, technological advancements in this market, key industry developments, and regulatory scenario - by key regions, overview of imaging procedures – by key countries - 2018, and reimbursement scenario - by key regions. In addition to the above-mentioned factors, the report covers several factors that have contributed to the growth of the market over the recent years.

Report Scope & Segmentation