Teleradiology market to Eyewitness Huge Marginal Growth by 2030

Teleradiology market COVID-19 Impact, Trends & Business Statistics By 2030

San Francisco, 01 March 2024: The Report Teleradiology Market Size, Share & Trends Analysis Report By Product (Ultrasound, MRI, CT, X-ray), By Report (Preliminary, Final), By End-use (Hospital, Ambulatory Imaging Center, Radiology Clinics), By Region, And Segment Forecasts, 2023 - 2030

The global teleradiology market size is expected to reach USD 6.28 billion by 2030 registering a CAGR of 12.9% from 2023 to 2030,  according to a new report by Grand View Research, Inc. The growing prevalence of chronic disorders, the introduction of technologically advanced diagnoses, and an increasing need for teleradiology for emergencies and second opinions are stimulating demand for teleradiology services.

The shortage of radiologists coupled with a continuously rising demand for imaging procedures is also expected to drive market growth. Although, the number of radiology equipment installed in the countries such as the U.K., U.S., and Singapore has increased over years; however, it is unable to meet the rising demand for diagnostics imaging. For instance, as per the NHS report, the average waiting time for an MRI test is reported to be 22 days in England in the year 2021.

In addition, legislative amendments made by the various governments worldwide for diagnostic imaging services will enhance the growth of this market during the forecast period. For instance, amendments in Australia’s Health Insurance Act 1973 for diagnostic imaging have enabled Medicare funding for these diagnostic imaging services since March 2008. This has allowed better access to diagnostic imaging for various conditions. North America was the major regional market in 2021 and accounted for 39.09% of the global share due to the factors, such as the higher amount of funding for R&D, patient awareness levels, and cancer prevalence.

Aging is considered as the greatest risk factor for developing degenerative disorders of the joints, such as osteoporosis. Thus, the growing geriatric population, globally, is expected to be a high-impact rendering driver of the market. Osteoarthritis and osteoporosis are some of the most common disorders in the population aged over 70 years. The growing prevalence of these disorders is leading to an increase in the economic burden on many countries, thereby growing demand for teleradiology.

The growth is majorly driven by the increasing prevalence of target diseases, rising demand for teleradiology for second opinion and emergencies. Moreover, the COVID-19 pandemic has emphasized the importance of teleradiology. The shortage of healthcare professionals especially in the sub-specialist segment such as pediatric, neurology, and musculoskeletal radiology is leading to the adoption of teleradiology services. This is because teleradiology helps these healthcare professionals in accessing patient information irrespective of the distance thereby improving diagnostic coverage. Therefore, the growing adoption of teleradiology for early diagnosis is expected to drive market growth during the forecast period.

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Teleradiology applications comprise tele-consultation, tele-monitoring, and tele-diagnosis which enable radiologists to effectively perform their daily work. Teleradiology provides effective on-site solutions via cloud network globally and real-time interpretation. Increasing incidence of chronic diseases including breast cancer, cellulitis, & osteomyelitis and growing number of emergency cases in less developed areas are expected to drive the market further.For instance, according to the International Agency for Research on Cancer, breast cancer ranked 1 globally amongst all others cancers with about 2,261,419 new cases in 2020.

Teleradiology Market Report Highlights

  • X-ray held the largest market share in 2022 owing to its wide applications, such as in the detection of dental injuries and fractures in bones
  • Based on report type, the preliminary reports segment held the largest market share in 2022
  • Based on end-use, hospitals held the largest market share in 2022, owing to large patient base, building financial capacity, and receptivity to advanced technology
  • North America held the largest teleradiology market share in 2022 due to wide usage of the advanced technologies and the presence of key companies along with established healthcare infrastructure in the region
  • Asia Pacific is expected to be the fastest-growing region during the forecast period due to the supportive government regulations for the expansion of teleradiology and the quick adoption of the new technologies
  • Most of the manufacturing companies focus on expanding their product portfolios and entering untapped markets, such as Asia Pacific

Integration of Artificial Intelligence into teleradiology, implementation of picture archiving and communication system (PACS), and growing R&D activities pertaining to eHealth are several other factors expected to boost the demand for teleradiology services over the forecast period. For instance, 5C Network, an Indian teleradiology provider, launched an artificial intelligence-powered platform called Prodigi, that uses advanced technology to ensure that no radiology image is left unreported for more than 2-3 hours. However, data security is a major concern for this market. Healthcare settings capture and store data regarding patients and their radiology images. Security of picture archiving and communication system (PACS) is important to avoid the misuse of a patient’s information. Several complaints have been filed regarding data security of radiology images.

Teleradiology Market Report Scope

Report Attribute

Details

Market size value in 2023

USD 2.69 billion

Revenue forecast in 2030

USD 6.28 billion

Growth rate

CAGR of 12.9% from 2023 to 2030

Base year for estimation

2022

Historical data

2018 - 2021

Forecast period

2023 - 2030

Key players in this market are focused on adopting new technologies, taking advantage of important cooperation activities, and exploring acquisitions, partnerships and collaborations in order to offer better services to their customers and to strengthen their presence in the market. For instance, In November 2021, Agfa Healthcare introduced true remote diagnostic imaging workflow. With this, radiologists may not only access images but also create, interpret, collaborate on, and make quality decisions around them, regardless of where they are.

List Of Key Players Of Teleradiology Market

  • Virtual Radiologic (vRad)
  • Agfa-Gevaert Group
  • ONRAD, Inc.
  • Everlight Radiology;
  • 4ways Healthcare Ltd.
  • RamSoft, Inc.
  • USARAD Holdings, Inc.
  • Koninklijke Philips N.V.
  • Matrix (Teleradiology Division of Radiology Partners)
  • Medica Group PLC

 

 


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