Teleradiology Market Outlook 2031
- The global teleradiology market was valued at US$ 8.2 Bn in 2021
- The global market is projected to advance at a CAGR of 12.1% from 2022 to 2031
- The global teleradiology market is anticipated to reach more than US$ 26.5 Bn by the end of 2031
Teleradiology Market Introduction
Teleradiology is a branch of telemedicine that relies on various telecommunication systems to transmit radiological images from one location to another. Interpretation of all noninvasive imaging studies, such as digitized Z-rays, CT, MRI, ultrasound, and nuclear medicine teleradiology studies, can be carried out using teleradiology. Outbreak of the COVID-19 disease led to rapid adoption of digital healthcare services such as electronic medical records and nuclear medicine teleradiology, thereby driving the global teleradiology market. Teleradiology has been immensely useful during the COVID-19 pandemic, as it enables radiologists to support patients irrespective of their location.
Advancements in Digital Technology to Augment Global Teleradiology Market
The backbone of the teleradiology market is the healthcare informatics systems that enable effective and quick image transfer and interpretation. The present radiology information system (RIS) and PACS systems are not enough to conduct teleradiology operations. There is a need for integration of RIS-PACS along with a strong and effective teleradiology workflow. Rapid developments in digital image processing technologies ensure effective image distribution across the regional, local, and global level. These technologies assist in enhancing the acceptance of teleradiology practices globally. Emergence and increased acceptance of mobile technology (mHealth) platforms to visualize and interpret radiologic images are propelling the global teleradiology market. These technologies help physicians and clinicians, especially in an emergency setting. For instance, increase in usage of iPad, iPhone, and other smart phone mobile applications ensures effective interpretation of medical images, thereby reducing treatment time and increasing the patient outcome. This is boosting the mHealth market across the globe.
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Increase in Introduction of mHealth Services to Fuel Global Teleradiology Market
Growth of applications in the mHealth services market is increasing the scope for teleradiology technologies and services. Mobile applications help physicians to visualize and interpret medical images even while commuting, thereby eliminating the need for a physical workstation. Introduction of several mobile applications, high resolution screens, and medical connectivity facilitates quick interpretation of images, thereby enhancing patient care without hampering the quality of the image. The healthcare industry has been witnessing increased involvement of mobile manufacturers toward offering mHealth applications over this platform. For instance, in December 2020, Google launched an mHealth app for healthcare studies, allowing researchers and providers to collect data from participants using Android phones. This paradigm shift is projected to augment the growth and acceptance of teleradiology practices across the globe.
Cost-effective Radiograph Interpretation Bolstering General Reporting Segment
In terms of type of service, the global teleradiology market has been classified into general reporting, consultation, auditing, and others. The general reporting segment dominated the global teleradiology market in 2021. The trend is projected to continue during the forecast period. The segment’s dominance can be ascribed to the rise in demand for time-saving and cost-effective radiograph interpretation by health care providers across the globe.
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Usage in Detection of Tumors, Infections, and Other Disorders Driving Magnetic Resonance Imaging (MRI) Segment
Based on modality, the MRI segment dominated the global market in 2021. This can be ascribed to the need for skilled radiologists to read complicated images. MRI imaging has several advantages over CT, X-ray, and ultrasound imaging platforms. This imaging platform is employed to detect tumors, infections, and disorders related to blood vessels. Contrast materials are used to enhance the clarity of the images. MRI facilitates the visualization of spine, blood vessels, abdomen, pelvis, bone, and joints. Therefore, the MRI imaging technology is preferred over other imaging technologies.
Early Adoption of Advanced Technologies Fueling Diagnostic Imaging Centers Segment
In terms of end-user, the global teleradiology market has been divided into hospitals, diagnostic imaging centers, ambulatory surgical centers, clinics, and others. The diagnostic imaging centers segment dominated the global teleradiology market in 2021. The trend is anticipated to continue during the forecast period. Diagnostic imaging centers focus on the adoption of advanced technologies, hybrid imaging, and new imaging modalities. However, these are likely to outsource imaging reports in order to increase revenue, as hiring radiologists could cost more than outsourcing.
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Regional Outlook of Teleradiology Market
North America accounted for the largest share of more than 40% of the global market in 2021. The market in the region is projected to advance at a CAGR of 11.6% from 2022 to 2031. This can be ascribed to the highly structured healthcare industry and rise in awareness among the population about the benefits of teleradiology, especially during COVID-19. Presence of a large number of players is also driving the market in North America.
Europe held the second largest share of the global teleradiology market in 2021. Developed healthcare infrastructure and rise in adoption of teleradiology services are driving the market in the region. Asia Pacific was the fastest growing market in 2021. The market in the region is expected to advance at a CAGR of 13.8% during the forecast period. The market in Asia Pacific is relatively untapped compared to that in developed regions. Thus, the region offers significant opportunities to market players. High prevalence of chronic diseases requiring imaging services, rise in geriatric population, and surge in patient population are fueling the teleradiology market in the region.
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Analysis of Key Players in Global Teleradiology Market
The global teleradiology market is consolidated, with the presence of a small number of key players. Most of the companies are investing significantly in research & development activities. Expansion of product portfolios and mergers & acquisitions are key strategies adopted by players. Key players operating in the market include 4ways Healthcare Limited, Africa Telerad Limited, CARPL.AI, Inc., Everlight Radiology, Medica Group plc, Mednax Services, Inc., ONRAD, Inc., Qure.ai, Real Radiology, LLC, Specialty Teleradiology, Inc., StatRad (NucleusHealth), TeleConsult Europe (TCE), Telemedicine Clinic (UNILABS), Teleradiology Solutions, and USARAD Holdings, Inc.
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