Teleradiology Market Analysis

Global Teleradiology Market Overview

The global teleradiology market size is expected to reach USD 17.1 billion by 2032, registering a CAGR of 13.8% during the forecast period (2023-2032)

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.

COVID-19 Analysis

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 Trends

Drivers

• Growing number of imaging procedures
  
  
  
  • The growing number of imaging procedures is expected to drive the demand for advanced teleradiology solutions for reliability and efficiency. For instance, as per the article published in July 2020 by the University College London in the National Health Service (NHS), around 5 million Computed Tomography (CT) scans are performed each year in the US, and the number of CT scans performed more than 80 million annually. The adoption of teleradiology solutions has significantly helped bridge the rural-urban disparity in many emerging countries, including India and Brazil, as well as developed economies like the US, UK, and Germany. These solutions are more convenient and cost-effective as they eliminate the need for travel and enable radiologists to work from anywhere.
  
  
  
  


• Advancements in teleradiology solutions
  
  
  
  • Teleradiology enables the transmission of diagnostic medical images right from one place to another, where it can be accessed by radiologists and physicians to provide their expertise without necessarily being at the same location as the patient. This is essential because radiologist subspecialties are few and mainly located in metropolitan cities.
  
  
  • The adoption of teleradiology solutions has significantly helped bridge the rural-urban disparity in many developing countries, including India and Brazil, and developed economies like the US, the UK, and Germany. These solutions are more cost-effective as they eliminate the need for travel and allow radiologists to work from anywhere.
  
  
  
  


• Increasing prevalence of osteoarthritis and chronic diseases 

Market Restraints

• Declining reimbursements and increasing regulatory burden in the US
  
  
  
  • The US dominates the teleradiology market and accounts for more than 60% share of this market. However, from 2016 to 2018, there has been a steady decline in reimbursements and an increase in regulatory changes within the country. So, this has led to consolidation in the healthcare industry. The regulatory processes associated with the industry are impeding the growth of the market. For instance, in the US, the Protecting Access to Medicare Act of 2014, or PAMA sets appropriate use criteria (AUC) for advanced diagnostic imaging services provided to the beneficiaries of Medicare.
  
  
  • According to the Protecting Access to Medicare Act (PAMA), every healthcare professional who orders an advanced diagnostic imaging test should consult the AUC through a Clinical Decision Support Mechanism (CDSM). These developments can significantly restrain the growth of the diagnostic imaging market in the US, which in turn, will affect the growth of the teleradiology market.
  
  
  
  


• Lack of Skilled Professionals

• Adoption of artificial intelligence in teleradiology
  
  
  
  • Artificial intelligence is one of the most promising discoveries in the field of teleradiology. It is estimated that the number of publications on AI in radiology has increased from an average of 100–150 research publications per year to 700–800 per year. Of all the major imaging modalities, the adoption of AI is higher in Computed Tomography (CT) and Magnetic Resonance Imaging (MRI) systems. Likewise, based upon applications, AI is majorly used in neuroradiology.
  
  
  • Many players have increased their offerings in the field of artificial intelligence (AI). For instance, at the Radiology Society of North America (RSNA) annual conference of 2018, around 104 companies have exhibited AI-based technologies in the medical imaging space, of which 25 companies were first-time exhibitors. Artificial intelligence (AI) can help to create an inbuilt system that can prioritize cases based on protocol requirements.
  
  
  
  

Value Chain Analysis

The value chain analysis for the market contains five major components, which start with research & product development, followed by the manufacturing of the products, distribution & sales, and ends with post-marketing surveillance. In the research & product development stage, new models and designs are introduced to make the products better and more effective, with the major focus of manufacturers on designing the comfort of the patients. The manufacturing process begins with assembling of raw materials. Manufacturing is a quick process, which is followed by testing for safety, accuracy, and comfort. Distribution and sales play a vital role in market value chain analysis. It consists of direct selling channels, intermediaries, and others. additionally, post-sales monitoring also plays a significant role in this market. The follow-up stage gives a view of the sales of the products and helps understand any limitations or feedback from the users.

Teleradiology Market Segment Insights

By Products and Services

Teleradiology Services: It is a process where radiologists are able to deliver services to patients without being in the same location. This is usually done for either diagnosis or treatment. Ultrasounds, Magnetic Resonance Imaging (MRI), and X-rays are some examples of teleradiology services.

Software: Increasing demand for healthcare software has driven companies to improve technical capabilities, enhance interoperability, and increase data transparency. Moreover, the COVID-19 outbreak has led to an increased demand for better management of large amounts of patient data. Owing to this, multiple hospitals are deploying teleradiology software to improve the efficiency of healthcare providers and improve patient outcomes. Some of the major software include Radiology Information System (RIS) and Picture Archiving and Communication System (PACS).

By Imaging Technique

Computed Tomography (CT): Computed Tomography (CT) is a form of tomography in which a computer controls the motion of the X-ray source and detectors process the data to produce the image. It also provides faster and clearer images of complex body organs, such as the cardiac cavities, brain, and lungs thereby contributing to segment growth. Accuracy in analysis and constant improvements in innovation are the major factors fueling the market growth. For instance, in March 2019, Siemens Healthineers (Germany) and GE Healthcare (US) launched a Go platform cardiac computed tomography scanner.

Magnetic Resonance Imaging (MRI): Magnetic Resonance Imaging (MRI) is often considered indispensable in the diagnosis, treatment, and management of various critical illnesses. The development of MRI procedures is non-invasive, harmless, and produces detailed images of the human body’s abnormalities. The number of cancer and trauma cases is increasing, and in those cases, the use of such imaging systems for diagnosis is being used increasingly.

Ultrasound: Ultrasound is an imaging technology it uses high-frequency sound waves to characterize tissue. It is a useful modality in medical imaging for providing a unique characterization of tissues, compared with other modalities such as conventional radiography or CT.

X- Ray: X-rays are radiation also known as electromagnetic waves. It mainly creates pictures of the bones. X-rays are also widely applied across multiple healthcare domains, such as cardiovascular diagnostics, orthopedics, chest imaging, dental imaging, and cancer screening.

Mammography: Mammography is an x-ray imaging method used to analyze the breast for the early detection of cancer and other breast diseases. It is also used as both a diagnostic and screening tool.

Nuclear Imaging: Nuclear imaging is attributed to technological advancements, an increase in diagnostic applications in several diseases, such as cancer, and cardiovascular diseases, government support, and a shift from standalone to hybrid modalities. According to the American Cancer Society 2020, 1.8 million new cancer cases was diagnosed and 606,520 cancer deaths in the US, many of which have been diagnosed by nuclear imaging devices and equipment. Thereby propelling the demand of the market.

Fluoroscopy: Fluoroscopy is one of the imaging modalities. It enables real-time x-ray viewing of a patient with high temporal resolution. It is also based on an x-ray image intensifier coupled with a still or video camera. In recent years flat panel detectors have been replacing image intensifiers.

By End-user

Hospitals: A large patient base, building financial capacity, and receptivity to advanced technologies are some factors responsible for the uptake of radiology products in hospitals. In hospitals, teleradiology services are mainly for urgent care such as diagnosis and second opinion. For instance, if a patient visits a hospital with an extreme head trauma during the absence of a neuroradiologist, then teleradiology services help for faster diagnosis and immediate treatment. Moreover, the shortage of radiologists due to the COVID-19 pandemic and the rising adoption of advanced imaging modalities help to improve workflow efficiency in hospitals and are further expected to support the growth.

Ambulatory Imaging Centers: Ambulatory Imaging Centers (AIC) are boosted by the rising demand for cost-effectiveness, imaging procedures, and the shortage of radiologists. However, the most vital concern during an imaging procedure is the time taken for the diagnosis. According to the report published by the National Health Service (NHS), the average waiting time for a MRI test in England was reported to be 21 days. Therefore, ambulatory imaging centers help in reducing diagnosis time and is leading to the growing adoption of teleradiology for multiple imaging procedures.

Others: Others include radiology clinics and diagnostic imaging centers and labs. The growing preference of radiology clinics toward the automation and digitization of patient records, and the growing need to improve the quality of patient care coupled with rising imaging costs, are expected to boost the radiology clinics over the forecast period. Diagnostic imaging centers and labs are some of the standalone diagnostic labs starting with their own teleradiology labs to provide the services to the customers.

Teleradiology Market Regional Analysis

The teleradiology market based on the region has been segmented into North America, Europe, Asia-Pacific, and the Rest of the World.

North America: Increase in healthcare expenditure and increasing prevalence of chronic diseases is the prime factor responsible for the growth in North America. According to the American College of Cardiology, by 2035, around 130 million adults in the US are projected to have various types of cardiovascular disease. As stroke prevalence in adults is about 2.7% in the US. Therefore, it is believed that due to higher adaptability to healthcare technology solutions, the US may witness the largest share of the market. For instance, in September 2020, MEDNAX INC. (US) announced the agreement for selling its radiology solutions to radiology partners in the US. Hence, this is anticipated to boost the teleradiology market across the region during the forecast period.

Teleradiology Market Competitive Landscape

The key industry players are adopting various business strategies such as investments in R&D activities to increase their market presence and expand their product portfolio thereby, driving the teleradiology market. In addition, the key market players are adopting various strategic initiatives such as new product launches, mergers, and acquisitions, increasing investments, contractual agreements, and collaboration with other players to expand their global footprint in the market. For instance, in August 2021, GE Healthcare (US) announced a strategic collaboration with Amazon Web Services (AWS) to deliver Artificial Intelligence (AI) and cloud-based imaging health IT solutions to help hospitals and healthcare providers.

List of companies covered in this report

• 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)

Teleradiology Market Recent Developments

• In August 2021, GE Healthcare (US) launched a cloud-based Edison True PACS that provides innovative & AI-enabled decision-making tools which help enhance reading speed, reduce errors, improve diagnostic precision, and enable confident diagnoses.


• In January 2021, Medica Group (UK) moved into a strategic collaboration with Sectra AB (Sweden) to provide a new Picture Archive and Communication System (PACS) for elective and emergency NightHawk reporting.


• In December 2021, McKesson Corporation (US) launched Stratus Imaging PACS, a cloud-native, zero-footprint picture archiving and communication system for clinical use.


• In March 2021, Nines announced the 510(k) FDA clearance for Nines Measure, an innovative lung module measurement tool that helps to diagnose certain respiratory diseases.

Report Overview

The study covers the existing short-term and long-term market effects. It helps decision-makers to draught short-term and long-term business plans by region. The report covers major regions in North America, Europe, Asia-Pacific, and the Rest of the World. The report analyzes market drivers, restraints, opportunities, challenges, Porter's five forces, value chain, and impact of COVID-19 on the market.

Study Objectives

• To provide a detailed analysis of the market structure and forecast for the next seven years of the various segments and sub-segments of the preparative and process chromatography market


• To provide insights about factors affecting the market growth


• To analyze the preparative and process teleradiology market based on various factors- price analysis, supply chain analysis, Porter's five force analysis, etc


• To provide historically and forecast revenues of the market segments and sub-segments with respect to four main geographies and their countries- North America, Europe, Asia-Pacific, and the Rest of the World


• To provide a country-level analysis of the market with respect to the current market size and future prospective


• To provide a country-level analysis of the market for segments by products and services, imaging technique, and end user


• To provide strategic profiling of key players in the market, comprehensively analyze their core competencies, and draw a competitive market landscape


• To track and analyze competitive developments such as joint ventures, strategic alliances, mergers & acquisitions, new product developments, and R&D in the preparative and process teleradiology market

Teleradiology Market Segmentation

Teleradiology Products and Services Outlook

• Teleradiology Services


• Software
  
  
  
  • PACS
  
  
  • RIS
  
  
  
  

Teleradiology Imaging Technique Outlook

• Computed Tomography (CT)


• Magnetic Resonance Imaging (MRI)


• Ultrasound


• X-ray


• Mammography


• Nuclear Imaging


• Fluoroscopy

Teleradiology End User Outlook

• Hospitals & Clinics


• Ambulatory Imaging Centers


• Others

Teleradiology Regional Outllook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


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


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America
  
  
  
  

Recent Development

In August 2021,

Launched Edison True PACS, a cloud-based platform with AI-powered tools for faster reading, error reduction, and improved diagnostics.

Intended Audience

• Teleradiology product manufacturers and suppliers


• Contract Research Organizations (CROs)


• Research and Development (R&D) Companies


• Biopharmaceutical Companies


• Government & Independent Research Laboratories


• Government and Independent Regulatory Authorities


• Market Research and Consulting Service Providers


• Academic Institutes and Universities