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Press Release: Teleradiology Services Market to Reach US$ 16,143.1 Million by 2027
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
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.
Statistics:
The global teleradiology services market is estimated to account for US$ 16,143.1 Mn in terms of value by the end of 2027.
Global Teleradiology Services Market: Drivers
Shift towards value-based healthcare model is expected to propel growth of the global teleradiology services market. Government and regulatory bodies across countries are adopting various cost-containment measures to reduce healthcare burden, especially in developed economies. This shift from volume to value-based system is driven by various initiatives taken by governments, teleradiology service providers, and life sciences companies, which include outcome-based pricing, profit & risk sharing, price control, and competitive tendering.
Moreover, government initiatives to promote healthcare digitalization is also expected to aid in growth of the market. For instance, in March 2020, the Russia’s Federation Council and Parliament drafted a bill to digitalize healthcare to boost medical care, especially during the coronavirus outbreak.
Statistics:
North America held dominant position in the global teleradiology services market in 2019, accounting for 45.5% share in terms of value, followed by Europe and Asia Pacific, respectively
Figure 1: Global Teleradiology Services Market Share (%) in Terms of Value, By Region, 2019
Global Teleradiology Services Market: Restraints
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 is also expected to limit the market growth. 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.
Global Teleradiology Services Market: Opportunities
Second opinion in cancer/tumor diagnostics is critical during remote-patient diagnosis. Thus, players in the market can focus on providing collaborative healthcare platforms in order to ease transfer of diagnosis-related data such as documents and images.
The teleradiology industry is facing challenges in terms of integrating teleradiology technology with cloud storage technologies. Moreover, the capital-intense nature of the market and unclear regulations pertaining to the application of technology are hampering growth of the global teleradiology market. However, increasing collaborative approach and partnerships between diagnostic centers and cloud service providers is expected to offer lucrative growth opportunities for players in the market.
Statistics:
The global teleradiology services market was valued at US$ 3,490.0 Mn in 2019 and is forecast to reach a value of US$ 16,143.1 Mn by 2027 at a CAGR of 21.0% between 2020 and 2027.
Figure 2: Global Teleradiology Services Market Value (US$ Mn), 2016 - 2027
Market Trends/Key Takeaways
The global teleradiology services market is marginally regulated through commercial guidelines, owing to lack of clarity about the technology, which is significantly affecting adoption of the teleradiology. For example, in Europe, teleradiology service providers should obtain EU Health and Safety legislation. This limits adoption of teleradiology across various verticals of the healthcare sector.
In North America, increasing geriatric population is expected to boost growth of the market. For instance, according to the U.S. Census Bureau, the U.S. geriatric population is expected to reach 77 million by 2034.
Regulations
U.S.
Licensing and Certification Laws
The acquisition, ownership, expansion, operation and construction of diagnostic imaging facilities are subjected to several federal and state laws, approvals and regulations related to licensing of facilities. Additionally, free standing imaging facilities need to meet Medicare requirements in order to be certified as an independent diagnostic center
Medicare and Medicaid Fraud and Abuse- Stark Law
The Stark Law prohibits a physician from referring Medicare patients to an entity providing designated health services, as defined under the Stark Law, including, without limitation, radiology services, in which the physician has an ownership or investment interest or with which the physician has entered into a compensation arrangement. The Stark Law also prohibits the entity from billing for any such prohibited referral. The penalties for violating the Stark Law include a prohibition on payment by these governmental programs and civil penalties of as much as $15,000 for each violation referral and $100,000 for participation in a circumvention scheme.
Global Teleradiology Services Market: Competitive Landscape
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.
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.
Similarly, in February 2020, NANO-X IMAGING LTD partnered with Siemens Healthineers-backed USARAD, under which USARAD will utilize existing radiologists and recruit additional professionals to become service providers using the Nanox.ARC and the Nanox.CLOUD for imaging diagnostics.
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. Increasing prevalence of cancer is expected to offer lucrative growth opportunities for players in the market Furthermore, launch of new and advance teleradiology products along with increasing, government initiatives to promote healthcare digitalization is also expected to aid in growth of the market during the forecasted period.
Key features of the study:
Detailed Segmentation:
Table of Contents
*Browse 28 market data tables and 18 figures on “Teleradiology Services Market - Global forecast to 2027”.
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