Teleradiology solutions are expected to augment the market at a healthy CAGR of 13.9% during the forecast period of 2022 to 2030

Pune, India, May 2022/MRFR Press Release/- Market Research Future has published its half-cooked research report on the global teleradiology market.

Market Highlights

According to MRFR analysis, the global teleradiology market is expected to register a CAGR of 13.9 % from 2022 to 2030 and hold a value of over USD 16.9 Billion by 2030. 

The global teleradiology market is driven by several factors such as the lack of radiologists and the continuously rising demand for imaging procedures. Despite a significant rise in the installation of radiology equipment, there is a high need for diagnostics imaging in countries such as the US, the UK, and Singapore. For instance, as per a article published by the National Health Service (NHS), the standard wait time for a Magnetic Resonance Imaging (MRI) test in England was reported to be 1-2 weeks in 2021. Moreover, the increasing prevalence of osteoarthritis and chronic diseases are anticipated to drive market growth further.

Additionally, COVID-19 had a negative impact on the teleradiology market at the start as all the medical practices were under tremendous strain. Medical treatment volumes had declined dramatically due to the postponement of elective procedures. On the other hand, healthcare providers relied on teleradiology solutions to diagnose reports and treat patients, which boosted the teleradiology industry. Additionally, teleradiology solutions improved diagnostic imaging efficiency by improving radiology with accurate reads.

Regional Analysis

North America dominated the market for teleradiology in 2021. The growing target population base, increasing prevalence of chronic diseases such as breast cancer, osteomyelitis, and presence of key market players are the major factors contributing to the region’s leading position. In addition, supportive government initiatives, developed infrastructure, and increasing demand for efficient teleradiology solutions further supplement the market growth.

Europe is likely to account for a significant share of the teleradiology market due to the increasing number of awareness programs about teleradiology and its application being held in Europe is expected to drive the market. For instance, in July 2020, as per the article published by the Journal of Health Informatics & Management, the 8th International Conference on Medical Informatics and Telemedicine is held in Switzerland. The conference was mainly to explore the ways to innovate the field of Medical Informatics and discover new possibilities to empower the Healthcare System. Such conferences are expected to increase awareness and simultaneously support innovations in teleradiology, thereby supporting market growth.

Asia-Pacific projected to be the fastest-growing regional market during the forecast period. This can be attributed to the growing medical tourism, and increasing healthcare expenditure in the region. For instance, in April 2022, Teleradiology Solutions annouced a collabration with Andhra Med Tech Zone (AMTZ) to provide teleradiology services for government sector. Such initiative will help propel the market growth in fourthcoming years.

The market's growth in the Rest of the World is slower than in the other regions due to the presence of poorer economies and fewer research activities. However, government initiatives help to develop the healthcare infrastructure and bring innovative technologies to drive market growth in upcoming years.

Browse In-depth Market Details [Table of Content, List of Figures, List of Tables] of Teleradiology Market Research Report

Segmentation

The global teleradiology market has been segmented into products & services, imaging technique, and end users.

Based on products and services, the market has been segmented into teleradiology services and software. Software is further segmented into Picture Archiving & Communication System (PACS) and Radiology Information System (RIS). The software segment held the largest segment in 2021, owing to the increasing demand for healthcare software that has driven software companies to improve interoperability, enhance technical capabilities, and increase their data transparency. Moreover, the increased need for better management of large amounts of patient data has led many hospitals to deploy teleradiology solutions to improve the efficiency of healthcare providers and improve patient outcomes.

Based on imaging techniques, the market has been segmented into Computed Tomography (CT), Magnetic Resonance Imaging (MRI), ultrasound, x-ray, mammography, nuclear imaging, and fluoroscopy. The computed tomography (CT) segment held the largest segment in 2021, owing to the wide range of applications, such as oncology, cardiology, neurology, and musculoskeletal imaging. Additionally, the growing need for effective and early diagnosis, technological advancements, and digitalization in this field are driving the growth of the teleradiology market for this segment. According to the article published in PubMed, 300 million Computed Tomography (CT) scans are performed every year across the globe. The need to prevent exploratory surgeries and improvements in cancer diagnosis has increased the demand for CT scans over other imaging techniques.

Based on end-user, the market has been segmented into hospitals & clinics, ambulatory imaging centers, and others. The hospitals & clinics segment held the largest segment in 2021, owing to the rising number of diagnostic imaging procedures performed in hospitals, and the growing inclination of hospitals towards the digitization of patient records. Moreover, a lack of radiologists due to the COVID-19 pandemic and the rising adoption of advanced imaging modalities are also improving the workflow efficiency in hospitals further supporting the growth of this end-user segment.

Key Players

Some of the key market players included 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).