According to the deep-dive market assessment study by Growth+ Reports, the global teleradiology market was valued at ~US$ 5.3 billion in 2021. The market is expected to witness a CAGR of ~14.2% from 2022 to 2030.
Teleradiology is a sub-segment of telemedicine/e-health that helps to transmit radiological images to different locations using telecommunication services. It helps to overcome the distance and time barrier with the use of advanced technology for communication purposes. Radiological diagnostic images, reports, data, and information can be easily availed from anywhere in the world using teleradiology, thus increasing the popularity of this facility among radiologists and medical professionals.
The rising prevalence of chronic illness or road traffic accidents is attributed to the growth of the teleradiology market. The growing cases of breast cancer, tumors, osteoporosis, and dental imaging, positively affect the market development. The increasing geriatric population and a sedentary lifestyle can be considered significant causes of these illnesses. Furthermore, urbanization has led to poor diet and lifestyle, thereby contributing to the growth of chronic disease prevalence.
The major aim of teleradiology is to introduce an efficient workload to enhance the imaging quality and process productivity of growing workloads. Teleradiology provides cutting-edge and effective workflow management tools such as PACS (Picture Archive and Communication System) and RIS (Radiology Information System). These tools enable seamless communication among hospitals/diagnostic centers, clinicians, and radiologists. The resultant data can be obtained or accessed using advanced technologies such as AI, cloud technology, and telecommunication.
The advent of the cloud environment and cloud-based collaboration tools has been a significant innovative development outlining the future of teleradiology services. Considerable advantages have resulted from integrating online uploading, storage, accessibility, and providing radiological diagnostic images, reports, and other data with such virtual platforms. The trending feature in the teleradiology industry is cloud-architecture. Cloud architecture provides a few essential benefits, such as reduced infrastructure pricing and simple access and interfaces for authorized radiologists from anywhere across the globe.
However, there are some challenges in this market, such as cyber security, adoption of teleradiology in underdeveloped countries, lack of awareness, dearth of skilled professionals, etc. Lack of security and data loss problems can be considered a significant market pitfall that can negatively impact market development. The security of the patient’s data is a crucial factor in this market as inappropriate use of this personal information of the patient/customer can cause a severe problem, thereby can prove to be a significant drawback for the market growth. The confidentiality of the patient information is a primary need, as this may contain their medical history and bank details. Therefore, any casualty in such a crucial aspect can restrain the teleradiology market growth.
North America leads the global teleradiology market with the largest revenue share. The growth of the teleradiology market in this region can be attributed to the enhanced healthcare infrastructure, high chronic disease prevalence, and an enormous base of the aged population. Furthermore, rapid product launches and continuous technological advancements also help in market expansion. In addition, the supportive government initiatives and high awareness of teleradiology in North America further boost the market development. Additionally, the growth of the teleradiology market in Europe is attributed to advanced healthcare infrastructure and supportive technological innovations.
Moreover, Asia Pacific is the fastest-growing region for the teleradiology market globally. The rising market development in this region can be due to the development of the healthcare infrastructure, a large base for the rural population, and a growing rate of chronic diseases (breast cancer, osteoporosis, dental disorders/illness, etc.). Furthermore, growing urbanization in this region also fuels market development. Moreover, the increasing geriatric population in Asian countries (such as Japan, South Korea, etc.) and the rising awareness of teleradiology further augment the growth of the market globally.
Some prominent players operating in the global teleradiology market are Virtual Radiologic Corporation, HealthWatch TeleDiagnostics Pvt. Ltd., USARAD Holdings, Inc., Agfa-Gevaert Corporation, Everlight Radiology, Mednax Services Inc., 4ways Healthcare Ltd., Onrad Inc., Cybernet Medical Corporation, and RamSoft, Inc. among others.