The concept of teleradiology arose due to dearth of radiologists, as the specialized group of people is generally located in metropolitan areas. Teleradiology services enable trained specialists to provide their interpretation and guidance 24/7 across the globe. Types of services offered by teleradiology service providers include, emergency nighthawk, day time coverage, subspecialty reading, second opinion, and clinical trials.
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
Launch of new products and services in teleradiology is expected to propel growth of the global teleradiology services market over the forecast period. For instance, in September 2019, Life Image launched Real World Imaging offering to respond to researcher needs for maturing insights and accelerating drug development decisions
Global Teleradiology Services Market: Opportunities
Increasing prevalence of cancer is expected to offer lucrative growth opportunities for players in the market. For instance, according to the World Health Organization, cervical cancer is the fourth most frequent cancer in women with an estimated 570,000 new cases in 2018 representing 6.6% of all female cancers.
Global Teleradiology Services Market: Restraints
The fundamental requirement of teleradiology service providers is skilled radiologists. Globally, the demand for radiology services is increasing. However, due to limited number of skilled radiologists, the growth of the market is expected to be stagnant.
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. Increasing product launches with advance technology during the forecasted period is expected to propel the growth of the market.
CT scan segment held dominant position in the global teleradiology services market in 2019, accounting for 21.5% share in terms of value, followed by X-ray Scans and Ultrasound Scans, respectively. Increasing incidence and prevalence of chronic diseases such as cancer in developed and developing economies is anticipated to drive the growth of the segment during the forecast period.
Emergence of pandemic and lockdown scenarios are expected to aid in growth of the global teleradiology services market. For instance, according to the World Health Organization, the number of cases of COVID-19 reached 2,402,250 as of April 22, 2020.
Increasing expenditure on orthopedic diseases is also expected to aid n growth of the market. For instance, according to the study, “Mortality, disability, and healthcare expenditure of patients with seropositive rheumatoid arthritis in Korea: A nationwide population-based study”, published in the journal PLOS One in January 2019, the annual health expenditures were significantly larger for patients with rheumatoid arthritis than for controls.
Medicare and Medicaid Fraud and Abuse – General
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
April 2020: OnePacs LLC, a provider of medical imaging software, picture archiving, communication systems, and automated reporting for medical professionals worldwide, announced to offer its Teleradiology PACS/RIS/Voice Platform, to the California State Department of Health's COVID-19 specialty hospital
July 2019: MEDNAX Radiology Solutions and Virtual Radiologic Corporation, a MEDNAX company, presented its product portfolio at AHRA: The Association for Medical Imaging Management’s 2019 Annual Meeting held in the U.S.
Scope of the report