Yahoo Finance Teleradiology Market Size to Hit USD 16.9 Billion by 2030 at 13.9% CAGR – Report by Market Research Future (MRFR)
Teleradiology Market Trends and Insights by Products and Services (Teleradiology Services, Software), by Imaging Technique (Computed Tomography (CT), Magnetic Resonance Imaging (MRI), Ultrasound, X-ray, Mammography, Nuclear Imaging, Fluoroscopy), by End User (Hospitals and Clinics, Ambulatory Imaging Centers, Radiology Clinics, others), by Region (North America, Europe, Asia-Pacific, and Rest of the World), Competitive Market Growth, Size, Share and Forecast to 2030
New York, USA, Dec. 07, 2022 (GLOBE NEWSWIRE) -- Teleradiology Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Teleradiology Market Information by Product and Services, Imaging Technique, End User and Region - Forecast till 2030”, the market size is expected to reach USD 16.9 billion by 2030, registering a CAGR of 13.9% during the forecast period (2022-2030).
Market Synopsis
The worldwide teleradiology industry is being driven by an increase in the geriatric population and the incidence of chronic diseases. The global teleradiology market size is anticipated to increase over the course of the projected period due to a dearth of radiologists worldwide and technological developments in the field. For radiology procedures like CT scans and MRIs, teleradiology enables precise and accurate diagnoses.
The worldwide teleradiology market, however, is expected to be constrained during the forecast period due to incompatibilities between Picture Archival and Communication Systems (PACS) of various suppliers and a lack of integration with PACS and Radiology Information System (RIS).
To diversify their revenue streams, market leaders are making considerable investments in the development of teleradiology goods like vision teleradiology and transmission imaging teleradiology solutions.
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Report Scope:
Report Attribute | Details |
Market Size in 2030 | USD 16.9 Billion |
CAGR | 13.9% |
Base Year | 2021 |
Forecast Period | 2022-2030 |
Historical Data | 2020 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Product and Services, Imaging Technique and End User |
Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
Key Market Drivers | Growing number of imaging procedures |
Increasing prevalence of osteoarthritis and chronic diseases |
Teleradiology Market Competitive Landscape:
The important participants in the teleradiology market include
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)
The main competitors in this market are concentrating on implementing new technologies, benefiting from significant cooperative activities, and investigating acquisitions, partnerships, and collaborations in order to provide better services to their clients and increase their market presence.
In July 2022, Unilabs and Qure.ai collaborated to implement the latter's AI solution to help classify chest X-rays into normal and abnormal examinations. To boost capacity and improve the radiology process, the system would initially be introduced and piloted at Unilabs TMC's Elective UK Service division.
In March 2022, Hamad Medical Corporation (HMC), a governmental healthcare organization in the State of Qatar, awarded Teleradiology Solutions a five-year, US$ 12.5 M contract to offer radiology reports.
Teleradiology Market Dynamics:
Market Drivers:
Teleradiology sales are anticipated to increase as more industry participants use cloud-based solutions to safeguard the dissemination of full-fidelity medical diagnostic images and provide simultaneous real-time access to numerous radiologists or medical workers.
Additionally, there is a growing need for teleradiology since more patients are seeking specialized treatment in remote regions using radiology procedures like MRI, CT, and X-ray. Another factor that is anticipated to support the expansion of the teleradiology market share is the rising number of medical imaging procedures performed to address the rising prevalence of diseases like cancer, cellulitis, arthritis, osteomyelitis, and others around the world.
One of the most exciting advancements in teleradiology is artificial intelligence. The number of publications on AI in radiology is thought to have climbed from an average of 100–150 per year to 700–800 per year. The use of AI is higher in computed tomography (CT) and magnetic resonance imaging (MRI) systems than in any other significant imaging modalities. Similar to this, according to applications, neuroradiology makes extensive use of AI.
Market Restraints:
For the market, data security is a top priority. Healthcare facilities collect and keep information about patients and their radiological images. To prevent patient data from being misused, picture archiving and communication system (PACS) security is crucial. Regarding the data security of radiological images, a number of complaints have been made.
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COVID-19 Analysis
The global economy has been impacted by COVID-19 in three different ways: by reducing demand and production capacity, by upsetting the supply chain, and by financially affecting vendors and financial markets. The healthcare sector is currently trying to deal with all the issues brought about by the pandemic due to a shortage of treatment, an increase in infection cases, strain on the medical staff, and a lack of resources.
Governments around the world are developing strategies to stop the pandemic's spread. Because of this, patients and doctors cannot see each other. Because of this, businesses competing in the market are attempting to provide medical facilities with teleradiology options. Radiologists can evaluate pictures and create reports via teleradiology just as easily as they could at workstations located on-site. Radiologists can provide interpretations and communicate with referring doctors through teleradiology in the same way they would in a hospital, but without actually meeting them.
Physicians and radiologists may access reports, pictures, and diagnoses through cloud-based PACS from anywhere thanks to cloud-based workstations and mobile applications. This makes it easier for doctors and radiologists to treat patients effectively while bringing down the risk of contracting or spreading COVID-19.
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Teleradiology Market Segmentation
By Product & Services
The market has been divided into software and teleradiology services, with respect to products and services.
Picture Archiving & Communication System (PACS) and Radiology Information System are further software categories (RIS). Because of the rising demand for healthcare software, which has encouraged software providers to expand interoperability, technical prowess, and data openness, the software category retained the highest share in 2021.
By Imaging Technique
The market has been segregated into ultrasound, x-ray, mammography, nuclear imaging, fluoroscopy, computed tomography (CT), magnetic resonance imaging (MRI), and ultrasound, depending on the imaging technique.
A wide range of applications, including oncology, cardiology, neurology, and musculoskeletal imaging, made computed tomography (CT) the market leader in 2021.
By End-User
Hospitals & clinics, ambulatory imaging centers, and others make up the segments, in terms of end-user.
Due to the increasing number of diagnostic imaging operations performed in hospitals and the growing trend of hospitals toward the digitalization of patient data, the hospitals & clinics segment retained the largest segment in 2021. Additionally, the dearth of radiologists brought on by the COVID-19 epidemic and the growing use of advanced imaging modalities are enhancing hospital workflow effectiveness and promoting the segment’s expansion.
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Teleradiology Market Regional Insights
In terms of share, North America dominated the teleradiology market in 2021. The main elements influencing the region's leadership position include the expanding target population base, the rising prevalence of chronic diseases such as osteomyelitis and breast cancer, and the existence of important market participants. The market is also expected to rise as a result of helpful government initiatives, infrastructure development, and the rising need for effective teleradiology solutions.
Asia Pacific, the market with the fastest growth, will be favored by the surge in medical tourism and the substantial costs of healthcare in the region. In April 2022, Teleradiology Solutions and Andhra Med Tech Zone (AMTZ) announced their collaboration to offer teleradiology services to the public sector. Initiatives like these by the leading vendors in the region will also aid in accelerating market growth in the ensuing years.
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