Teleradiology Market: Current Analysis and Forecast (2021-2027)

Teleradiology is the device that provides the transmission of radiological images from one location to other, enabling them to be physicians diagnose. These devices can be complex electronically powered machines or basic machines and have wide applications in the healthcare industry. The teleradiology market is expected to witness a robust CAGR of around 15% during the forecast period of 2021 to 2027F.

With the rapid advancement in technology and rising awareness among the target population to become health conscious about diseases, many industry players are focusing on expanding their product portfolio by launching new products in the market due to which the teleradiology market is witnessing an uptick all over the globe. For instance, According to the GLOBOCAN, 2020, about 19.3 million new cases of cancer were reported worldwide, and this number is expected to reach 30.2 million new cases in the year 2040. Globally, about one out six deaths are due to cancer, as per the World Health Organization factsheet. Further, about 70% of deaths from cancer occur in low- and middle-income countries.

Furthermore, the demand for teleradiology is increasing on account of the growing number of people having orthopedic injuries, and congestive heart failure. Additionally, according to the WHO, annually, more than 3,600 million diagnostic radiological examinations are performed worldwide. This will be one of the most important factors for the industry expansion in the approaching years. This global estimate for teleradiology is on the rise due to population aging and the rapid spread of chronic diseases, as well as improvements in the methodologies used to diagnose injuries. For instance, at the Radiology Society of North America (RSNA) annual conference of 2018, about 104 companies exhibited AI-based technologies in the medical imaging space, of which 25 companies were first-time exhibitors.

Based on product and services, the teleradiology market is segmented into services, software, and hardware. The software segment accounted for a significant market share in 2020 and it is estimated that it will exhibit the highest CAGR during the forecast period. The growth of this segment can be attributed to the drive to enhance technical capabilities, and increase data transparency.

Based on imaging technique analysis, the teleradiology market is segmented into computed tomography (CT), magnetic resonance imaging (MRI), ultrasound, x-ray, mammography, nuclear imaging, and fluoroscopy. The computed tomography segment accounted for a significant market share in 2020 and it is estimated that it will exhibit the highest CAGR during the forecast period. The growth of this segment can be attributed to the drive to enhance technical capabilities, and increase data transparency.

Based on end-users, the teleradiology market is divided into hospitals & clinics, ambulatory surgical centers, home care settings, and others. The hospitals & clinics segment is anticipated to grow at a rapid rate in the upcoming years owing to the increasing preference of consumers to get treatment in hospitals mainly due to the well-established healthcare infrastructure, and presence of highly skilled healthcare professionals.

For a better understanding of the market adoption of the teleradiology, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America constitutes a major share of the teleradiology industry. The major factors such as favorable government initiatives, increased investments in research and development for technologically advanced teleradiology devices and the rapid increase in the geriatric population are propelling the growth of this market in the region. Furthermore, this technology is predicted to play a significant role in improving service to rural areas and can ease the current scarcity of radiologists.

Some of the major players operating in the market are Agfa-Gevaert Group, Teleradiology Solutions, Koninklijke Philips N.V., Everlight Radiology, GE Healthcare, MEDNAX Inc., ONRAD, Inc. RamSoft, Inc., Virtual Radiologic, Medica Reporting Ltd, among others. Several M&As along with partnerships have been undertaken by these players to develop new and advanced teleradiology.