The global teleradiology market was valued at USD 11.84 billion in 2018 and is expected to grow significantly, reaching USD 184.78 billion by 2032, with a compound annual growth rate (CAGR) of 21.5% over the forecast period. In 2018, North America led the market, accounting for 42.23% of the global share.
Teleradiology, a branch of telemedicine, involves the use of telecommunication systems to transmit radiological images from one location to another for remote interpretation by a radiologist. In this practice, the radiologist analyzing the images is not physically present at the facility where they are generated. Teleradiology is particularly beneficial for healthcare institutions where employing an on-site radiologist is cost-prohibitive, as well as for facilities with a low volume of radiological images requiring expert interpretation. With the increasing number of imaging procedures performed globally and the rising demand to reduce interpretation costs, the teleradiology market is expected to witness significant growth in the coming years.
Get a Free Sample Research PDF:
https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/teleradiology-market-100284
Market Segmentation:
The global teleradiology market is segmented by imaging techniques, including X-ray, CT, MRI, ultrasound, nuclear imaging, and others. X-ray dominated the market in 2018 due to its high usage in emergency cases and orthopedic diagnostics. The CT segment is expected to grow at the fastest rate, driven by its expanding role in cancer diagnosis. MRI is also set to grow steadily, supported by rising neurological cases like strokes. Additionally, increasing use of ultrasound, especially in pediatrics, and nuclear imaging methods such as SPECT and PET, will further drive market growth over the forecast period.
Key Companies Featured in the teleradiology Market Report:
· Agfa-Gevaert Group
· Teleradiology Solutions
· Koninklijke Philips N.V.
· Everlight Radiology
· GE Healthcare (GENERAL ELECTRIC COMPANY)
· MEDNAX Services, Inc.
· ONRAD, Inc.
· RamSoft, Inc.
· USARAD Holdings Inc
· Medica Reporting Ltd.
· Others
Market Drives:
The global teleradiology market is driven by the rising number of medical imaging procedures for diagnosing and managing chronic and acute diseases. Despite efforts to limit imaging, procedure rates continue to grow in the U.S. and Canada. The increasing focus on preventive care, along with the rising prevalence of cancers like lung cancer, is further fueling demand for imaging technologies such as CT scans, X-rays, and MRIs. This growing need, especially in rural areas, is expected to propel the teleradiology market during the forecast period.
Market Restraint:
Despite the growing prevalence of cancers and chronic diseases, and the increasing demand for medical imaging in emerging markets like Asia, the adoption of teleradiology faces significant hurdles. Key challenges include poor integration of patient history data due to inconsistent data formats and fragmented data management, along with ongoing concerns about patient data security. Misunderstandings around data privacy regulations further contribute to hesitation among healthcare providers, collectively limiting the global expansion of the teleradiology market.
Regional Analysis:
Rising Awareness about Telemedicine Solutions to Foster Growth in North America
In 2018, the North American teleradiology market was valued at USD 5.00 billion and is expected to witness significant growth during the forecast period, driven by the increasing adoption of advanced teleradiology solutions. The rising prevalence of chronic diseases and medical emergencies is anticipated to further fuel market expansion in the region. Additionally, growing awareness of telemedicine solutions among patients is expected to create new business opportunities in North America. The increasing number of medical imaging procedures will continue to have a positive impact on market growth in the coming years.
Europe is projected to hold the largest market share in the near future, primarily due to the growing adoption of teleradiology services across the region. Furthermore, the increasing demand for on-site radiologists in rural areas is expected to drive market growth in the foreseeable future.
Key Industry Developments:
· May 2021: Teleradiology Solutions launched the ‘COVID Support’ initiative, offering free tele-reporting of chest CT scans for COVID-positive patients.
· February 2021: Medica Group and Integral Diagnostics partnered with MedX in a joint venture to enhance teleradiology reporting services across Australia, the U.K., Ireland, and New Zealand.
· September 2020: MEDNAX, Inc. sold MEDNAX Radiology Solutions to Radiology Partners for USD 885 million, enabling them to become the largest provider of radiology and teleradiology services in the U.S.