Teleradiology Market Size, Share, Trends and Forecast, 2028

Teleradiology Market Overview

The global Teleradiology market size accounted for USD 3.80 Billion in 2020 and is expected to reach USD 7.59 Billion by 2028, growing at a CAGR of around 8.5% between 2021 and 2028.

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The global teleradiology market is majorly enhanced by technological advancements in teleradiology everywhere on the planet. Other major factors are the rising geriatric population base and elevation in healthcare expenditure, paired with an elevated occurrence of chronic disorders. On the opposite hand, technology paired with a possible lack of skilled technicians & radiologists are the main hindering factors which will hamper the event of teleradiology market.

However, high rates of penetration by Internet & smartphones paired with elevated healthcare awareness amongst patients everywhere on the planet are expected to reveal new growth opportunities for the teleradiology market within the forecast period.

In addition to the present, various government initiatives also will support the event of the worldwide teleradiology market. For instance, in May 2018, the Maharashtra Government of India (APAC) roped private companies for development in teleradiology. This boosted the expansion of the worldwide teleradiology market.

Teleradiology is the process of electronic transmission of radiologic images from one location to another for the interpretation and/or consultation. Teleradiology allows more timely interpretation of radiologic images and helps in giving a greater access to secondary consultations. The major advantage of teleradiology is that the users in different locations may simultaneously view the images. Teleradiology is widely implemented by hospitals, urgent care clinics, and specialist imaging companies to address staff shortage to provide radiological services and the lack of expertise. The teleradiology process includes; image acquisition and storage station, an image sending station, a transmission network and a receiving image station that must have a high-quality display screen that has been cleared for clinical purposes. Teleradiology benefits both the patients as well as the radiologists. Various advantages of teleradiology for the patients include the availability of top radiologists for the interpretation of the findings, as well the findings are obtained in a very short period of time and even the costs of travel for the patients, accommodation, and absence from their workplace are minimized.

In the countries like US and UK, radiological scans performed are increasing whereas the shortage of radiologist persists. Also developing countries like India experience shortage of radiological experts in rural areas. During night hours emergency conditions lack of availability of diagnostic services causes great problems. Teleradiology plays important role in outsourcing radiology interpretation or diagnosis and assures competent and timely professional help. Thus the use of teleradiology has become of prime importance in remote locations, night hours and in emergency situations.

COVID-19 Impact Analysis  

With the sudden outbreak of COVID-19 globally, medical practices of all sizes are under huge pressure, and healthcare providers got to believe in teleradiology solutions to read diagnostic reports and treat patients. Teleradiology solutions also help to enhance the efficiency of diagnostic imaging by optimizing and simplifying radiology with accurate reads and reducing human/manual errors. However, this industry is facing monetary, staffing, and logistics challenges as a variety of radiologists are getting into the cluster of telehealth and teleradiology. Also, there are internet bandwidth issues, especially in rural hospital settings, and other people living in rural areas are hesitant to simply accept teleradiology reports due to data breaching issues.

Growth Factors

Due to the outbreak of the coronavirus globally, there's a sudden rise in the demand for teleradiology services. The growth of this market is especially attributed to the increasing geriatric population and therefore the subsequent upsurge in the prevalence of associated diseases, the increasing adoption of cloud-based solutions, and therefore the benefits offered by teleradiology and a shortage of skilled radiologists. However, declining reimbursements and increasing regulatory burden within the US, and data breaching of imaging reports hampered market growth to an extent.

Report Scope:

Category Type Segment Analysis Preview

Based on this, the teleradiology market is classified into category types such as software, hardware, and telecom & networking. The software sector is likely to develop in the teleradiology market at the quickest rate shortly, owing to the increasing demand for healthcare software to improve interoperability, enhance technical capabilities, and enhance data transparency. 

Modality Type Segment Analysis Preview  

Based on modality type, the teleradiology market is divided into CT (computed tomography), X-ray, ultrasound, MRI (magnetic resonance imaging), fluoroscopy, and nuclear imaging. X-ray was the dominant segment owing to high usage in primary diagnosis, economical pricing, and the introduction of innovative systems such as filmless x-ray systems are some of the factors responsible for the segment’s dominance. 

North America is expected to remain the dominant region over the forecast period. Availability of high-speed internet facilities, highly developed healthcare infrastructure, and high public healthcare expenditure are expected to boost the market in this region. Europe was the second largest market followed by Asia-Pacific. Asia-Pacific is expected to show fastest growth rate during the forecast period. The Middle East and Africa, and Latin America are also expected to experience noticeable growth in the years to come.

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Regional Analysis Preview  

North America is predicted to remain the ruling area within the teleradiology market in the years to return. Demand for teleradiology was uppermost in North America, particularly within the U.S., boosting the teleradiology market. Europe was the second biggest market chased by the Asia Pacific. Asia Pacific is probably going to be developing at the highest CAGR within the years to return for the teleradiology market. Additionally, Latin America and the Middle East & Africa also are likely to exhibit perceptible development for the teleradiology market within the coming years.

Key Market Players & Competitive Landscape

The key players in the Teleradiology market include 

• Virtual Radiologic
• Agfa-Gevaert Group
• ONRAD, Inc.
• Global Diagnostics Ltd.
• Everlight Radiology
• 4ways Healthcare Limited
• RamSoft, Inc.
• Sectra AB
• HealthWatch TeleDiagnostics Pvt. Ltd.

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The global Teleradiology Market is segmented as follows:

By Category Type

• Hardware
• Software
• Telecom and networking

By Modality Type

• X-ray
• Computed tomography (CT)
• Magnetic resonance imaging (MRI)
• Ultrasound
• Nuclear Medicine
• Fluoroscopy

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa