Global Teleradiology Market Size, Trends & Growth Opportunity, By Product & service (Software, Hardware), By image Technique ( Computed tomography, magnetic resonance imaging, Ultrasound, X Ray, Mammography, Nuclear imaging, Fluoroscopy) By End user (Hospital and clinics, Diagnostic imaging centres and labratories, Long term care centres, nursing home, assisted living facilities,other end users) R

Global Teleradiology Market

Teleradiology is the transmission of radiological patient images, such as x-rays, CTs, and MRIs, from one location to another for the purposes of sharing studies with other radiologists and physicians. Teleradiology is a growth technology given that imaging procedures are growing approximately 15% annually against an increase of only 2% in the radiologist population.

Teleradiology allows radiologists to provide services without actually having to be at the location of the patient. This is particularly important when a sub-specialist such as an MRI radiologist, neuroradiologist, pediatric radiologist, or musculoskeletal radiologist is needed, since these professionals are generally only located in large metropolitan areas working during daytime hours. Teleradiology allows for trained specialists to be available 24/7.

 Drivers: Increased number of advanced imaging procedures and a shortage of skilled radiologists.

The rise in imaging strategies is anticipated to drive the demand for advanced teleradiology solutions for reliability and efficiency. According to an editorial posted in July 2020 by the University College London, in the NHS, approximately five million CT scans are executed each year; in the US, the number of CT scans done more than 80 million annually. CT scanning accounts for 1 / 4 of Americans' total exposure to radiation. An excessive degree of technical skill and knowledge is required to handle advanced and sophisticated diagnostic imaging systems, as a result fueling the developing complexity of cases with a scarcity of adequate resources.

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Restraints: Limited access to high-speed internet in rural areas

With teleradiology, patients and experts in rural areas can get top notch imaging recommendations without traveling to more populated urban areas with more advanced healthcare systems. Moreover, radiologists working remotely need a good internet connection. However, the lack of high-speed broadband connections affects expanding access to teleradiology services in rural areas. For instance, according to the 2018 Broadband Deployment Report, only 69.3% of rural areas and 64.6% of tribal areas had access to high-velocity broadband net that met the minimal benchmark set by the Federal Communications Commission (FCC).

 Impact of COVID-19

Coronavirus has spread across 215 countries and territories and affected more than 4.4 million people, with close to 300 thousand deaths. Due to the outbreak of COVID-19 globally, medical practices of all sizes are under immense pressure, and healthcare providers need to rely on teleradiology solutions to read diagnostic reports and treat patients. Teleradiology solutions also help to improve the efficiency of diagnostic imaging by optimizing and simplifying radiology with correct reads and reduced manual errors. As the battle against COVID-19 continues, there is a growing need to make teleradiology solutions more common.

However, this industry is facing staffing, monetary, and logistics challenges as a number of radiologists are moving into the cluster of telehealth and teleradiology. In radiology, the volumes have dropped drastically due to the cancellation or postponement of elective procedures. Additionally, there are internet bandwidth issues, especially in rural hospital settings, and people living in rural areas are hesitant to accept teleradiology reports due to data breaching issues.

Segmentation By Product & Service

Based on the product & service the market is segmented into teleradiology services, software, and hardware. The teleradiology services segment accounted for the largest share in 2019. The software segment is estimated to grow at the highest CAGR during the forecast period. The increasing demand for healthcare software has driven software companies to improve interoperability, enhance technical capabilities, and increase data transparency. Moreover, the COVID-19 outbreak has led to an increased need for better management of large amounts of patient data. Owing to this, many hospitals are deploying teleradiology solutions to improve the efficiency of healthcare providers and improve patient outcomes. Moreover, the software segment is further classified as RIS and PACS.

Segmentation by Image & Technique:

Based on imaging technique, the teleradiology market is segmented into X-ray, computed tomography (CT), ultrasound, magnetic resonance imaging (MRI), nuclear imaging, fluoroscopy, and mammography. In 2020, the computed tomography segment accounted for the largest market share. Computed tomography (CT) is used in a wide range of applications, such as cardiology, oncology, neurology, and abdomen and pelvic, and spine and musculoskeletal imaging. Factors such as 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 WHO, more than 100 million CT scans are performed every year across the globe. The need to prevent exploratory surgeries and improvements in cancer diagnosis and treatment have increased the demand for CT scans over other imaging techniques.

Segmentation by End User

Based on end users, the teleradiology market is segmented into hospitals and clinics; diagnostic imaging centers and laboratories; long-term care centers, nursing homes and assisted living facilities; and other end users. The hospitals and clinics segment accounted for the largest share of in 2019. The large share of this segment can be attributed to the rising number of diagnostic imaging procedures performed in hospitals, the growing inclination of hospitals towards the automation and digitization of patient records, and the growing need to improve the quality of patient care. Moreover, a shortage of radiologists due to the COVID-19 pandemic and the rising adoption of advanced imaging modalities to improve workflow efficiency in hospitals are further expected to support the growth of this end-user segment.

Segmentation by Region

By Region the market is segmented into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa. North America held the largest share of the teleradiology market in 2020, followed by Europe and the Asia Pacific. The Asia Pacific market is projected to grow at the highest CAGR during the forecast period. Market growth in the APAC region is mainly driven by the growing awareness about the benefits of early disease diagnosis, improvements in healthcare systems, growing medical tourism market in APAC countries, increasing healthcare expenditure, and increasing government initiatives for modernizing the healthcare infrastructure.

Competitive Landscape:

The products and services market is dominated by a few globally established players such as , GE Healthcare (US), Medica Group Plc. (UK) and Cerner Corporation (US), Medica Group PLC, Mckesson corporation, Agfa Healthcare.

Industrial Development:

In March 2020, USARAD Holdings Inc. (US) partnered with Medical Diagnostic Web (MDW), a blockchain-powered marketplace that provides access to hundreds of radiologists ready to provide diagnostic assistance. The new program allows providers to upload images through USARAD’s online service, 24-hours-a-day. Radiologists will be available to help either diagnose or rule out COVID-19.

In March 2020, USARAD Holdings Inc. (US) collaborated with Nanox Imaging (Israel) to facilitate bringing Nanox’s mobile imaging system to high-risk areas, supporting preventive COVID-19 screening efforts in these locations.

Market taxonomy

By Products and Services

• Teleradiology Services
• Software
  • PACS
  • RIS

By Imaging Technique

• CT
• MRI
• Ultrasound
• X-ray
• Mammography
• Nuclear Imaging
• Fluoroscopy

By End Users

• Hospitals and Clinics
• Diagnostic Imaging Center and Laboratories
• Long term care centers, nursing homes, assisted living facilities.
• Others

By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa