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  • Published On : Aug 2023
  • Code : CMI549
  • Pages :140
  • Formats :
      Excel and PDF
  • Industry : Healthcare IT

The global teleradiology market was valued at US$ 6,089.8 Mn in 2022 and is forecast to reach a value of US$ 8,040.5 Mn by 2030 at a CAGR of 3.5% between 2023 and 2030. The global teleradiology market is experiencing strong growth owing to the increasing prevalence of target diseases and growing geriatric population around the world. Furthermore, the outbreak of COVID-19 (pandemic) and increasing use/adoption of teleradiology is expected to boost the growth of the market. However, factors such as data breach and cybersecurity risks and lack of security for data imaging are expected to hamper growth of the teleradiology market.

Global Teleradiology Market: Regional Insights

Based on region, the global teleradiology market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.

Among regions, North America is expected to gain highest share in the market during the forecast period owing to the rise in burden of target diseases, such as cancer, growing geriatric population, and rise in demand for teleradiology in the region. For instance, teleradiology help improve cancer care by reducing the need to travel to distant oncology centres. According to the American Cancer Society (ACS), in 2023, over 1,958,310 new cancer cases and 609,820 cancer deaths are expected to occur in the U.S. While, in 2022, around 1.9 million new cancer cases and 609,360 cancer deaths were projected to occur in the United States.

Asia Pacific is also expected to witness robust growth in the global teleradiology market owing to the growing geriatric population, increasing prevalence of target diseases, and increasing demand of teleradiology services in this region. For instance, in India, the need for teleradiology services has increased due to the growing population of rural patients who do not have access to specialized medical care. The Government of India has launched several initiatives to promote the adoption of teleradiology and telemedicine, including the National Digital Health Mission and Telemedicine Practice Guidelines 2020. This in turn is expected to propel market growth in India.

Figure 1. Global Teleradiology Market Share (%), By Region, 2023

TELERADIOLOGY MARKET

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Global Teleradiology Market Drivers:

Increasing prevalence of cancer to drive market growth

One of the key factors expected to augment the growth of the global teleradiology market over the forecast period is the increasing prevalence of cancer around the world. For instance, worldwide, the popularity of teleradiology is on the rise due to its tremendous potential to revolutionize cancer diagnosis. Therefore, with the rise in burden of cancer, the use of teleradiology is also increasing with a rapid pace. According to the World Health Organization (WHO), February 2022, cancer is a leading cause of death around the world, accounting for more than 10 million deaths in 2020, or nearly one in six deaths. This in turn is driving the growth of the market.

Growing geriatric population to underpin market growth

Another factor which is driving the growth of the global teleradiology market is the rise in geriatric population around the world. For instance, for older adults with cancer, a geriatric assessment can be an important part of treatment planning. The geriatric assessment provides a detailed evaluation of medical, psychosocial, and functional problems in geriatrics with cancer. According to WHO, one in six people in the world will be aged 60 years and over by 2030 and the world’s population of people aged 60 years and older will double (around 2.1 billion) by 2050. This in turn is expected to propel the growth of the global teleradiology market. 

Global Teleradiology Market Opportunities:

The outbreak of COVID-19 (pandemic) is expected to provide significant growth opportunities for players in the teleradiology market. For instance, the COVID-19 pandemic created an opportunity to try and adopt digital technologies to mitigate some of the negative impacts. Digital technologies help address health system challenges and offer the potential to enhance the coverage and quality of health practices and services. To combat the pandemic, many Low- or Middle-Income Countries (LMICs) have adopted telehealth practices. India launched its COVID-19 test bus to facilitate low-cost and rapid testing of people without compromising on the testing capacity.

Increasing use/adoption of teleradiology is expected to offer significant growth opportunities for players in the global teleradiology market. For instance, teleradiology is an electronic transmission of diagnostic imaging studies from one location to another for the purposes of interpretation and/or consultation. In October 2022, Teleradiology Solutions (TRS) inaugurated its new centre in India at Andhra Med Tech Zone (AMTZ). Through this hub, AMTZ and TRS will reach out to the pan-India government hospitals, state-wide rural health centers, and/or public sector undertakings with hospitals where TRS will provide remote radiology services.

Teleradiology Market Report Coverage

Report Coverage Details
Base Year: 2022 Market Size in 2023: US$ 6,299.3 Mn
Historical Data for: 2018 to 2021 Forecast Period: 2023 to 2030
Forecast Period 2023 to 2030 CAGR: 3.5% 2030 Value Projection: US$ 8,040.5 Mn
Geographies covered:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Middle East: GCC Countries, Israel, and Rest of Middle East
  • Africa: South Africa, North Africa, and Central Africa
Segments covered:
  • By Product: CT, Ultrasound, X-Ray, MRI, Nuclear Imaging
  • By End-Use: Hospital, Radiology Clinic, Ambulatory Imaging Center
Companies covered:

Agfa-Gevaert Group, Onrad, Inc., Everlight Radiology, 4ways Healthcare Limited, RamSoft, Inc., Virtual Radiologic, Usarad.com, Global Diagnostics, Koninklijke Philips N.V., and Cybernet Systems Corporation.

Growth Drivers:
  • Increasing prevalence of target diseases
  • Growing geriatric (aging) population
Restraints & Challenges:
  • Data breach and cybersecurity risks
  • Lack of security for data imaging

Global Teleradiology Market Trends:

Adoption of AI in teleradiology is a recent trend

Artificial intelligence (AI) is one of the most promising breakthroughs in the field of teleradiology. The past few years have seen an increase in the adoption of AI in the field of teleradiology across the globe. Artificial intelligence can help radiologists by rapidly analyze images and data registries, achieve better understanding of patient's condition, increase their clinical role, and become the part of the core management team. This trend is expected to continue during the forecast period, driving the growth of the global teleradiology market.

Technological advancements is another trend

Players in the market are focusing in developing and launching novel or technologically advanced teleradiology devices/services. In August 2022, 5C Network announced the launch of its artificial intelligence-powered platform called Prodigi. This state-of-the-art platform enables teleradiology at a massive scale, and makes it possible for diagnostic centers and hospitals to submit scans and access reports directly on the cloud-based platform. This trend is also expected to continue during the forecast period, driving the growth of the market.

Global Teleradiology Market Restraints:

Data breach and cybersecurity risks to hinder market growth

One of the key factors expected to hamper growth of the global teleradiology market is the data breach and cybersecurity risks. For instance, teleradiology enables the sharing of medical images to facilitate the delivery of care. However, data breach and/or cybersecurity measures are often not implemented to protect patient health information. Healthcare providers have both ethical and legal obligations to maintain the privacy and confidentiality of patient information. While telemedicine can enhance communication between clinicians and patients, it carries a high risk of data breach or cybersecurity by enabling hackers to use or steal patient information.

Issues regarding data security to hamper market growth

Another factor hampering the growth of the global teleradiology market is the lack of security for data imaging or issues regarding data security. For instance, healthcare providers or professionals capture and store patient data or radiology images and data security is important to avoid misuse of the patient’s vital information. Several complaints have been also filed regarding data security of radiology images. Such incidents are expected to hamper the adoption of teleradiology services, which in turn is expected to restrain growth of the market.

Figure 2. Global Teleradiology Market Share (%), By Product, 2023

TELERADIOLOGY MARKET

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Global Teleradiology Market Segmentation:

The global teleradiology market report is segmented into Product, End-Use, and Region.

Based on Type, the market is segmented into CT, Ultrasound, X-Ray, MRI, and Nuclear Imaging. Out of which, CT Segment is expected to dominate the teleradiology market during the forecast period and this is attributed to the rise in burden of cancer across the globe.

Ultrasound Segment is also expected to witness significant growth in the near future and this is owing to the increasing adoption of teleradiology services.

Based on End-Use, the market is segmented into Hospital, Radiology Clinic, and Ambulatory Imaging Center. Out of which, Hospital Segment is expected to dominate the market over the forecast period and this is attributed to the increasing prevalence of target diseases.

Radiology Clinic Segment is also expected to witness significant growth in the near future and this is owing to increasing adoption of telehealth/telemedicine.

Global Teleradiology Market: Key Developments

In August 2021, GE Healthcare launched a cloud-based Edison True PACS (Picture Archive and Communication System) that provides innovative and AI-enabled decision-making tool to enhance reading speed, reduce errors, improve diagnostic precision, and enable confident diagnoses.

In January 2021, Vesta Teleradiology acquired Momentum Healthcare Staffing for bringing onsite and remote coverage of well-qualified physicians to medical facilities.

In March 2020, USARad launched a new screening program that connects radiologists to providers on the front-lines of the coronavirus outbreak, according to a Wednesday announcement.

Global Teleradiology Market: Key Companies Insights

The global teleradiology market is highly competitive. This is attributed to the increasing use and adoption of teleradiology services around the world, as a result, players in the market are focusing on launching novel products in the market.

Some of the key players in the global teleradiology market are Agfa-Gevaert Group, Onrad, Inc., Everlight Radiology, 4ways Healthcare Limited, RamSoft, Inc., Virtual Radiologic, Usarad.com, Global Diagnostics, Koninklijke Philips N.V., and Cybernet Systems Corporation.

*Definition: Teleradiology is a branch of telemedicine in which telecommunication systems are used to transmit radiological patient images from one location to another. Teleradiology allows underserviced hospitals to have timely access to a radiologist, who functions like being on-site.  

Frequently Asked Questions

The global teleradiology market size is estimated to be valued at US$ 6,299.3 Million in 2023 and is expected to exhibit a CAGR of 3.5% between 2023 and 2030.

Increasing prevalence of target diseases and growing geriatric population is fueling the growth of the market.

The X-ray segment is the leading component segment in the market.

Data breach and cybersecurity risks and lack of security for data imaging are some major factors restraining growth of the market.

Major players operating in the global teleradiology market are Agfa-Gevaert Group, Onrad, Inc., Everlight Radiology, 4ways Healthcare Limited, RamSoft, Inc., Virtual Radiologic, Usarad.com, Global Diagnostics, Koninklijke Philips N.V., and Cybernet Systems Corporation.

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