Teleradiology is the practice of medical images interpretation and analysis by a radiologist who is not present at the site where the images were generated. This service is utilized by hospitals, emergency care centers, telemedicine companies, and other clinics. Teleradiology services enable radiologists to use online services in order to improve patients care and treatment without the need to be physically present on site.
Global teleradiology services market is estimated to be valued at US$ 9,011.6 million in 2022 and is expected to exhibit a CAGR of 12.1% during the forecast period (2022-2030).
Figure 1. Global Teleradiology Services Market Share (%), by Service Type, 2022
Increasing teleradiology service launch by the key market players is anticipated to propel the growth of global teleradiology services market
Increase teleradiology service launch by the key market players is anticipated to drive the growth of global teleradiology service market, over the forecast period. For instance, on September 3, 2020, VIDI, a radiology group announced the launch of teleradiology service, TeleVidi. TeleVidi offers teleradiology solutions to medical sector across France. Different institutions such as university hospitals, local cancer centres, and private clinics can outsource their image management and interpretation, both temporarily and permanently.
Figure 2. Global Teleradiology Services Market Share (%), by Region, 2022
Key market players are involved in signing agreement to provide teleradiology services is expected to fuel growth of the global teleradiology services market.
Key market players are involved in signing agreement to provide teleradiology services is expected to fuel growth of the global teleradiology services market over the forecast period. For instance, on April 28, 2022, Teleradiology solutions (TRS), a provider of teleradiology services, announced that it has signed an agreement with Andhra Med Tech Zone, a medical technology park, to provide innovative artificial intelligence and teleradiology services for the government sector. This agreement aims to established a hub in Andhra Med Tech Zone, through which Teleradiology solutions and Andhra Med Tech Zone will reach out to pan-India government hospitals, rural health centers, etc. to provide remote radiology services.
|Base Year:||2021||Market Size in 2022:||US$ 9,011.6 Mn|
|Historical Data for:||2017 to 2020||Forecast Period:||2022 to 2030|
|Forecast Period 2022 to 2030 CAGR:||12.1%||2030 Value Projection:||US$ 22,520.8 Mn|
Teleradiology Solutions, Virtual Radiologic Corporation, Argus Radiology, OnePacs LLC, SRL Diagnostics, USARAD Holdings, Inc., Vital Radiology Services, Teleradiology Providers, Life Image, Telemedicine Clinic, TeleDiagnosys Services Pvt. Ltd., Imaging Advantage, Foundation Radiology Group, Direct Radiology, Imaging On Call, LLC, ONRAD, Inc., Rays (Envision Healthcare Company), StatRad LLC, ARIS Radiology, NightShift Radiology, Mednax, Inc. Alta Vista TeleRadiology, and Quality Nighthawk.
|Restraints & Challenges:||
Global Teleradiology Services Market– Impact of Coronavirus (COVID-19) Pandemic
Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization had declared it a public health emergency on January 30, 2020.
COVID-19 has affected the economy in three main ways: by directly affecting production and demand of drugs and vaccines, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries, such as China, India, Saudi Arabia, U.A.E., Egypt, and others, faced problems with regard to the transportation of drugs and vaccines from one place to another. However, the COVID-19 had a negative impact on the Teleradiology Services market, owing to the decrease in radiological examinations of patients. For instance, according to data published on March 7, 2022, by Springer, a publisher, during COVID-19 pandemic in the years 2020-2021, the number of radiological examinations decreased compared to the year 2018-2019.
Global Teleradiology Services Market: Key Developments
Major players in the market are focused on adopting collaboration and partnership strategies to enhance their market share. For instance, in April 2020, Life Image, a healthcare network, collaborated with Alaska Native Tribal Health Consortium and Southcentral Foundation to offer its image exchange and network access provider to enhance the Alaska Native Medical Center’s capability to provide telehealth and teleradiology services throughout Alaska.
Global Teleradiology Services Market: Restraint
High cost involved in the initial set up and installation of imaging equipment and broadband technology in remote locations is one of major factors that could hamper growth of the global teleradiology services market. Moreover, the chances of recovering the costs solely depend on the number of scans arriving per day. Hence, achieving break-even is quite uncertain and entails high risk.
Moreover, lack of imaging data security, as teleradiology practice involves transfer of imaging data across the globe, for which maintenance of data confidentiality and security is crucial. Lack of efficient means to protect data could adversely hamper growth of the teleradiology services market.
Furthermore, decrease in the quality of image is also expected to hamper the growth of global teleradiology services market. For instance, according to article published on February 9, 2020, by Collaborative Imaging, a revenue cycle management organization, teleradiology is the practise of radiologists obtaining pictures from a facility that is out of the radiologist’s geographical area, but teleradiology has negative aspects such as decrease in the quality of image interpretation.
Major players operating in the global teleradiology services market include Teleradiology Solutions, Virtual Radiologic Corporation, Argus Radiology, OnePacs LLC, SRL Diagnostics, USARAD Holdings, Inc., Vital Radiology Services, Teleradiology Providers, Life Image, Telemedicine Clinic, TeleDiagnosys Services Pvt. Ltd., Imaging Advantage, Foundation Radiology Group, Direct Radiology, Imaging On Call, LLC, ONRAD, Inc., Rays (Envision Healthcare Company), StatRad LLC, ARIS Radiology, NightShift Radiology, Mednax, Inc. Alta Vista TeleRadiology, and Quality Nighthawk.
Teleradiology services constitutes of medical images interpretation and analysis by a radiologist. Teleradiology services are online services which help to improve patients care and treatment. Different types of teleradiology services are emergency nighthawk, day time coverage, subspecialty reading, second opinion, and clinical trials. Launch of new and advance teleradiology products along with increasing government initiatives to promote healthcare digitalization is expected to drive the global teleradiology service market over the forecast period. Furthermore increasing prevalence of cancer is also expected to offer lucrative growth opportunities for players in the market.
Increasing product launch by major players in teleradiology service market is expected to drive the growth of global teleradiology services market, over the forecast period. For instance, on November 29, 2021, Philips, a conglomerate company, announced the launched of its CT imaging portfolio, CT 5100 – Incisive, at the Radiological Society of North America (RSNA) annual meeting held in the U.S. The CT 5100 Incisive have features such as a comprehensive suite of artificial intelligence supported abilities aimed to speed up CT workflows, increase diagnostic confidence, and maximize equipment up-time aiding imaging services in improving patient outcomes, increasing departmental effectiveness, etc. Moreover, increasing inorganic growth strategies such as acquisition is expected to propel the growth of global teleradiology service market. For instance, in December, 2020, Radiology Partners, a radiology practice in the U.S., announced the completion of its acquisition of MEDNAX Radiology Solutions, a division of MEDNAX, in a transaction valued at approximately $885 million. The combination of Radiology Partners and MEDNAX Radiology Solutions had totals more than 2,400 radiologists.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.