Teleradiology Market

Market Overview

The global teleradiology market size had a revenue share of USD 6.2 billion in 2021, presumed to reach USD 35.8 billion, expanding at a CAGR of 24.5% during the forecast period. 

The practice of transmitting radiographic images to radiologists for review and consultation is known as teleradiology. To help radiologists forecast outcomes more correctly and improve service quality, teleradiology platforms are developing integrated artificial intelligence (AI) technologies. One of the earliest forms of patient consultation is teleradiology, in which radiologists employ teleradiology to overcome geographical obstacles.

Many small hospitals rely on teleradiology to help offer high-quality readings around the clock since they lack the facilities to staff a radiology department 24/7. The use of teleradiology technology eliminates the need for travel and allows radiologists to work wherever it is most practical and economical to do so. Using teleradiology systems strategically can help hospitals of all sizes. A hospital becomes more competitive and is better equipped to meet the requirements of its patients when radiology expenses are reduced, imaging findings are available immediately, and access is enhanced.

The teleradiology market is growing due to several factors, including the aging population and the consequent rise in the preponderance of related diseases, the increased use of advanced imaging techniques, the shortage of qualified radiologists, and the advancement of teleradiology, and the increasing popularity of cloud-based solutions. However, obstacles impede industry expansion, including falling reimbursements and the US's mounting regulatory load. In addition, it is expected that the growing use of blockchain and artificial intelligence in teleradiology will present good potential for the future growth of the teleradiology market.

Market Dynamics

Market Drivers

Lack in the Number of Radiologists and Transformation Towards Digitalization

Both rich and developing nations face a severe lack of radiologists. As AI takes over more and more employment, most radiologists are demoralized. As a result, fewer people are pursuing radiology studies. In the coming five years, most radiologists in practice will retire. For instance, as of 2018, 28% of radiologists in the radiography sector in the US were over the age of 56. As a result, there will be an excellent need for radiologists in the future. A severe lack of students enrolling in radiology courses suggests there may soon be a shortage. One of the primary options to tackle this situation, which helps to increase the number of radiologists, is teleradiology. Thus, boosting the teleradiology market during the forecast period. 

Moreover, the medical imaging industry is one of those adopting digitalization. Digital imaging modalities like X-rays, MRI, CT, and ultrasound are increasingly used. PACS, which offers electronic image storage, retrieval, transmission, and display from radiology departments, was used in conjunction with the transition to digital platforms. They have previously adopted digital platforms, which has aided radiologists in adopting teleradiology. Radiologists have adopted teleradiology because using PACS and digital teleradiology will enable them to abandon paper entirely. 

Countries have used digitalization to address various problems, including a lack of radiologists and access to diagnostic methods. Numerous experiments are being conducted to use teleradiology with mobile devices. This involves the transmission of images using mobile devices and gathering instantaneous feedback from radiologists. Mobile phone adoption is relatively high in undeveloped and developing nations. The transition to digital platforms will promote the growth of teleradiology.

Market Restraints

High Chances of Mis-Diagnosis

A crucial element in patient therapy has been the physical examination. Patients' health conditions can be better understood, and treatment programs can be created with the help of a quick physical examination. The same applies to radiologists because more accurate results are obtained when radiologists are present with patients during consultations. The inability of radiologists to make the best choice in teleradiology is mainly due to the lack of patient medical histories and other necessary records of patient body examinations during medical imaging. For example, it has been shown that clinical diagnosis changes in 50% of instances due to physicians and radiologists communicating, which also impacts the difference in treatment. One of the main barriers to using teleradiology for radiological tests is this. The accuracy of interpretation will change if the patient's medical history is appropriately disclosed.

Market Opportunities

The Growing Employment of AI

Radiology is one of the primary areas of healthcare that has embraced digital technology more quickly than other areas. One of the fields that are heavily investigated is medical imaging. Due to many vital benefits, AI is widely used in teleradiology. Radiologists are producing more accurate results because of AI. This is quite important when there is a lot of medical imaging done. AI has significantly contributed to a 60% reduction in turnaround time for several important cases. This technology has made the gap smaller and enabled teleradiology to be more effective in overcoming challenges.

Companies have been able to cut their turnaround time from days to a few hours thanks to the application of AI. Additionally, affordable, AI-based software is improving the effectiveness of teleradiology service providers. AI-based teleradiology systems are thus becoming more and more necessary. Many additional businesses are developing novel AI-based teleradiology solutions. This redefines teleradiology, assisting nations in dealing with the radiologists' scarcity and offering professional solutions for medical imaging. Consequently, creating lucrative opportunities for the teleradiology market. 

Segmental Analysis

The global teleradiology market is classified based on product, imaging technique, application, end-user, and region.

By Product

Based on product, the categories are Services and Software & Hardware.

The services section is projected to advance at a CAGR of 25.2% and hold the largest market share. Some large hospitals engage with teleradiology service providers, who handle all services around the clock and boost patient access. Some hospitals only utilize teleradiology services when necessary. Hospitals get a high volume of cases in catastrophes or disasters, making it difficult for one radiologist to perform imaging consultations. Therefore, hospitals choose teleradiology services in emergencies where they receive a high volume of patients and cannot give radiology consultations for all cases.

The software & hardware section will hold the second-largest share. Teleradiology software depends on healthcare demands and size. Some teleradiology software suppliers offer a wide range of customizable options. Most teleradiology software has patient interfaces to transfer images without printing and couriering. Teleradiology software helps clinicians make accurate diagnostic, monitoring, and treatment decisions. It works as an interface between end-users and patient databases in teleradiology applications.

By Imaging Technique

Based on imaging technique, the categories include Ultrasound, X-Ray, Computerized Tomography (CT), Magnetic Resonance Imaging (MRI), Mammography, Positron Emission Tomography/Single-Photon Emission Computed Tomography (PET/SPECT), and Others.

The ultrasound section is projected to advance at a CAGR of 23% and hold the largest market share. Tele-ultrasound is frequently employed to deliver more accurate medical diagnostic outcomes. The dearth of qualified clinicians also affects high-income nations. As a result, wealthy countries have a higher rate of tele-ultrasound usage. In contrast, low-income nations struggle with a lack of subspecialists and a lack of resources for physicians with a procedurally trained background. In low-income countries, the demand for tele-ultrasound is rising due to these causes.

The X-ray section will hold the second-largest market share. X-rays are becoming more and more in demand all around the world. The number of X-rays conducted is rising over time, yet many nations lack the X-ray equipment, radiologists, and infrastructure necessary to keep up with the demand. Teleradiology facilitates sharing x-ray results and images with medical professionals in distant places. This significantly affects the market since it uses teleradiology to address the shortage of radiologists in low-income countries.

By Application

Based on application, the categories include Cardiology, Orthopedic, Oncology, Neurology, Gastroenterology, Dental, Obstetrics, Gynecology, and Others.

The cardiology section is projected to advance at a CAGR of 23.75% and hold the largest market share. Two significant markets call for imaging modalities for cardiac issues: cardiac CT scan and cardiac MRI. Medical imaging frequently diagnoses newly discovered coronary artery disorders and chest discomfort. AI applications have enhanced cardiac treatment as well. Patients can now remotely study and interpret reports more quickly thanks to teleradiology.

The orthopedic section will hold the second-largest market share. The diagnosis of orthopedic conditions necessitates numerous imaging methods. An increase directly influences medical imaging demand in procedures. However, not all nations have access to radiologists who can quickly interpret emergency findings. Numerous occurrences of accidents are recorded in one hospital since there aren't enough radiologists available to give a reading right away. Teleradiology connects radiologists in these situations to obtain accurate analysis.

By End-User

Based on end-user, the categories include Hospitals & Clinics, Diagnostic Imaging Centers & Labs, and Others.

The hospitals & clinics section is projected to advance at a CAGR of 23.62% and hold the largest market share. Teleradiology can assist make disease management and post-acute care management programs more successful and efficient. This enables medical professionals to treat patients more effectively and accurately. For the diagnosis, intervention, and treatment of a wide range of disorders, numerous hospitals provide telehealth/teleradiology services. Vast hospitals offer specialized telehealth services with their large and qualified workforce, which aid in diagnosing and monitoring medical disorders.

The diagnostic imaging centers & labs section will hold the second-largest share. Over time, more diagnostic facilities have started using teleradiology services. The delivery of outpatient and inpatient services in hospitals has been incredibly inefficient. The rising demand for diagnostic imaging, spurred by the rise in chronic illnesses and diseases, has made a move from hospital-based imaging services to outpatient or diagnostic centers-based imaging services inevitable. Diagnostic facilities have also found this technique simple, thanks to teleradiology.

Regional Analysis

The region-wise segmentation of the global teleradiology market includes North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa.

North America and Europe will dominate the regional market. 

North America will command the market with the largest share while expanding at a CAGR of 25.7%. The existence of advanced healthcare infrastructure, the availability of payment coverage for telehealth, and supportive government efforts and reforms for digital health are just a few of the reasons contributing to the growth of the teleradiology industry. Improvements also influence the development of the teleradiology market in mobile health technology, rising public awareness of the advantages of telehealth, and a growing emphasis on value-based healthcare and population health management. As the number of elderly people in the region rises, more surgeries are being conducted, which raises the demand for imaging treatments. The number of surgical procedures performed each year is growing. The need for surgical wound closure devices is rising as the number of surgeries performed increases. Additionally, medical imaging is required for all surgical procedures. Consequently, the market for teleradiology in North America will grow.

Europe will expand at a CAGR of 25% and hold USD 10 billion. Since most nations have not established distinct and precise regulatory criteria, the European radiology market lags behind the Americans. Furthermore, few teleradiology businesses have successfully formed partnerships with top payer organizations throughout numerous nations. Northern European nations have more excellent teleradiology systems than southern European countries. The diffusion of PACS (picture archiving and communication system) systems, one of the foundations of teleradiology, is closely related to the adoption of teleradiology operations throughout Europe. However, there is still a variance in the deployment of PACS across Europe, which affects how teleradiology is used in various European nations. Some reasons boosting the market in the region are the shifting socioeconomic conditions and the expanding favorable policies and initiatives for telehealth and teleradiology. Additionally, the European market is expanding because more people there are digitally savvy than in other regions.

Recent Developments

• In 2022, GE Healthcare launched the newest version of their ultrasound, the Volusonä Expert 22. This gadget uses graphic-based beam forming technology, which generates images of a higher quality and provides more flexibility for imaging tasks.

Teleradiology Market Segmentation

By Product 

• Services 
• Software & Hardware

By Imaging Technique

• Ultrasound
• X-Ray
• Computerized Tomography (CT)
• Magnetic Resonance Imaging (MRI)
• Mammography
• Positron Emission Tomography/Single-Photon Emission Computed Tomography (PET/SPECT)
• Others

By Application 

• Cardiology
• Orthopedic
• Oncology
• Neurology
• Gastroenterology
• Dental
• Obstetrics
• Gynecology
• Others

By End-user 

• Hospitals & Clinics
• Diagnostic Imaging Centers & Labs
• Others

By Region

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