Global teleradiology market is projected to witness a CAGR of 14.68% during the forecast period 2024-2031, growing from USD 9.26 billion in 2023 to USD 27.69 billion in 2031. One of the major factors influencing the global teleradiology market growth is the diverse technological advancements, which have enabled remote evaluation of medical images, thereby accelerating the diagnosis process. The growing requirement for second views in emergency scenarios through teleradiology is also responsible for the global teleradiology market’s rise. Growing public awareness and a growing need to invest more in healthcare to receive better facilities are driving the emergence of multiple consultation scenarios from different doctors and locations. Besides this, the prominent trend of digitized healthcare records, supported by the increasing prevalence of chronic diseases, is favoring market growth.
Furthermore, the emergence of multiple teleradiology platforms and the active involvement of major players in their launch are driving the market expansion. For example, in August 2022, 5C Network introduced Prodigi, an artificial intelligence-powered platform that allows radiological pictures to be interpreted straight from the cloud. This cutting-edge software allows hospitals and diagnostic centers to submit scans and get findings, enabling teleradiology on a vast scale. Thus, it is anticipated that throughout the forecast period, developments of this nature produced by major players will spur market expansion.
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Increasing Incidence of Imaging Procedures
Rising incidence of imaging procedures due to the growing number of chronic and acute diseases is primarily driving the market demand. Preventive care for various illnesses often involves the use of an array of radiology images for the diagnosis or early detection of any possible indication. For example, cancer is a chronic condition that requires repetitive diagnosis through imaging procedures. In an article published in January 2022 by the American Cancer Society Journal, the number of cancer cases reported has gone up to approximately 1.9 million in the United States in the same year. People also go for multiple consultations from various doctors to make sure they get the best possible treatment options that are more practical. This is due to rising awareness among the population, which leads them to spend more on healthcare for a better quality of life.
Cost-Effectiveness of Teleradiology
The cost of healthcare treatment and procedures is rising every day. However, when seen from an economic point of view, telemedicine is cost effective as well as time saving. Teleradiology is used across hospitals, imaging centers, emergency centers, ambulatory surgical centers, and even private clinics. The increasing adoption of teleradiology can be attributed to its cost effectiveness, which eliminates the need for an on-site radiologist. This also benefits those facility centers that have a low volume of radiology patients or those who need full-time assistance. Apart from this, it enables the accessibility of sub-specialist radiologists whenever they are required, barring geographical barriers. This, in turn, has also resulted in a reduced workforce of doctors, and more space availability in intensive care units. With the use of teleradiology, travel costs and travel time reduce significantly and hospital stays become shorter, saving a lot of money for patients. According to a study that was published by the University of Massachusetts, telemedicine has reduced ICU stays by 30%, which again accounts for a lot of cost savings.
Dominance of Teleradiology Software
Dominance of the software segment in the teleradiology market stems from its groundbreaking impact. Software segment includes various features that are most compatible and upgraded in accordance with the technological advancements happening nowadays. They are mainly used to transmit and analyze a series of images. The amalgamation of artificial intelligence (AI) and machine learning (ML) with teleradiology brings out the full potential of this segment. The advancements that are being made associated with this segment are giving great results in terms of enhanced accuracy and speed of diagnosis. In April 2023, Lancet Journal published an article that stated that the shortage of radiologists and lack of screening and emergency care can be addressed if teleradiology software is combined with AI and mobile digital imaging units. Such studies not only highlight the importance of teleradiology software but also promote them and their integration with AI. Images generated from mobile imaging systems can be shared with doctors even in rural areas. Teleradiology software is growing at a rapid rate because healthcare and medical device companies are investing significant amounts of funds, and the market is also being driven by an increasing number of mergers, acquisitions, and partnerships.
For instance, OpenRad, which is a radiology tech firm, launched an enterprise remote reporting platform at the Radiological Society of North America (RSNA) in November 2022. This platform will provide cloud-based reporting and collaborative workflows across advanced mobile fleet management and companies in one offering.
Increasing Accessibility in Rural Areas
People in rural areas have been benefiting greatly from teleradiology because it provides patients with a quick solution to their problems. In rural areas where access to high quality and error free diagnosis is still a challenge, teleradiology is proving to be an effective alternative. Senior citizens or patients, who are in a very critical condition and cannot travel to a local hospital, have benefited from teleradiology. Teleradiology provides access to the best radiologists or doctors who may not be present physically but can be made available remotely. This has increased the connectivity of patients even in rural areas with the best doctors and consultants, giving them the freedom of choice. Mid- and small-size hospitals situated in rural areas that are generally short of skilled professionals and advanced medical devices can benefit from teleradiology.
North America Dominates the Global Teleradiology Market
The dominance of North America in the global teleradiology market can be attributed to several factors. The high prevalence of chronic diseases has led to increasing demand for diagnosis and monitoring of diseases using advanced medical imaging devices, which drives the demand for X-ray, CT, MRI, nuclear medicine, and ultrasound. As per December 2022 CDC data, a significant portion of the US population (60%) suffers from chronic illnesses, with 40% having multiple chronic conditions. North America boasts a well-developed healthcare system, providing the necessary infrastructure and support for the adoption and integration of teleradiology services. Additionally, increasing government funding for healthcare projects is also driving innovation and technological advancements in the region. Data from the National Institutes of Health Data depicted a rise in US healthcare expenditure for biomedical imaging from USD 2.774 billion in 2022 to USD 3.101 billion in 2023.
Future Market Scenario (2024 – 2031F)
Teleradiology is one of the biggest advancements in the field of healthcare as it integrates healthcare IT and medical devices to develop a solution that enables patients to consult radiologist from their homes. The increasing demand to diagnose diseases using imaging procedures is being met due to the availability of telemedicine. This market’s expansion is crucial for the betterment of the healthcare industry on a holistic level. Its availability in rural areas is a great opportunity waiting to be fully explored. Furthermore, the growth of the industry is being favorably impacted by the rising cost of healthcare. For example, the National Health Expenditure Projections 2023–2024 predicts that the patient care patterns will return to pre-pandemic levels with growth rates in US health expenditures at 5% this year and 5.1% in 2024. Solutions for teleradiology have been proven to reduce expenses and improve health outcomes. Telemedicine has reduced healthcare costs while raising efficiency by managing chronic illnesses more effectively, cutting down on travel, and requiring fewer and shorter hospital visits.
Report Scope
“Teleradiology Market Assessment, Opportunities, and Forecast, 2017-2031F”, is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of the global teleradiology market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2024 and 2031. Additionally, the report profiles the leading players in the industry mentioning their respective market share, business model, competitive intelligence, etc.