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The global teleradiology market size was USD 11.84 billion in 2018 and is projected to reach USD 65.21 billion by 2026, exhibiting a CAGR of 23.8% during the forecast period.
Teleradiology, a branch of telemedicine, refers to the medical practice where telecommunication systems are used for the transmission of radiological images from one location to another location. The radiologist undertaking the interpretation of the radiological images is not physically present in the location where the images from the patient are generated. The branch of teleradiology is especially beneficial for institutions for whom, having a radiologist on-site at the facility is expensive. This is also true for facilities which only generates a small number of radiological images for interpretation by a radiologist. Due to the increasing number of imaging procedures conducted globally, and the increasing need to limit costs for the interpretation of radiological images, the market is expected to experience strong growth in the forecast period.
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Increasing Usage in Rural Areas to Augment Market Growth
One of the key market trends prevailing in the global market is the increasing adoption of teleradiology in rural areas where there is often a dearth of trained radiologists across medical institutions. Many medical professionals have faced problems with relation to imaging procedures in rural areas in several countries across the globe. In a 2018 study conducted by the American College of Radiology (ACR), medical professionals have indicated that hospitals located in counties that are poor and in rural areas, often do not have access to a radiologist. They particularly do not have access to subspecialties such as a musculoskeletal radiologist or a neuroradiologist. Due to this technology, a patient situated in a very rural area has access to the same level of specialized care that an individual situated in an urban area receives. This is projected to further propel the global market growth during the forecast period.
Increasing Number of Medical Imaging Procedures to Fuel Demand
One of the critical market drivers of the global market is the substantial increase in medical imaging procedures for the diagnosis, treatment and management of chronic and acute diseases. In a study published in September 2019, in the Journal of the American Medical Association, it was noted that despite a broad campaign by medical professionals to reduce medical imaging procedures, medical imaging underwent substantial increase in procedure rates in the United States, and some parts of Canada. Driving factors as such increases in medical imaging procedures, is expected to substantial drive the growth of the global teleradiology market. Furthermore, there is an increased adoption of treatment plans that focuses on preventive care of major illnesses, which often uses an array of imaging procedures for the diagnosis and management of disorders. Introduction of this technology, which often uses a model of payment per procedure which is cost effective as compared to having a radiologist on-site. Drivers as such is anticipated to drive the growth of the global market during the forecast period.
The increasing prevalence of cancer has led to demand for imaging procedures which function as an important diagnostic method. Several types of imaging procedures such as computed tomography (CT) scans, X-ray, and magnetic resonance imaging (MRI) are used for the diagnosis of several oncological disorders. Hence, for the effective diagnosis of the increasing number of cancer patients located in rural, and semi-rural areas, this technology is an indispensable option. For instance, chest X-rays is often used for the diagnosis, treatment, and the staging of lung cancer. According to the American cancer Society (ACS), new lung cancer cases diagnosed number in the U.S. in 2020 will be approximately 228,820. This is projected to drive the demand for this technology which is critical for the diagnosis and management of many types of cancers and drive the growth of this market size during the forecast period.
Increasing Demand Coupled with Technological Advancements to Drive the Market Growth
There is an increasing R&D activity in the development of advanced solutions for the efficient diagnosis, treatment, and management of several medical conditions. This coupled with the increasing demand for this technology due to several advantages associated with them is anticipated to drive market growth. Some of the advantages of this technology includes better efficiency, lower costs, and quick turnaround times. Due to advancements in this technology, any modality in which the medical images can be digitalized can be paired well with teleradiology. Some of the other technological advancements which includes improved workflow efficiency, and also the usage of cryptocurrency and blockchain in this marketplace. The above factors combined with the increasing need for efficient diagnostics is further projected to fuel the demand for these technologies and boost the market growth.
Insufficient Integration of Patient History with Data Security Concerns to Limit the Adoption
Despite increasing prevalence of cancers such as lung cancer, and other chronic diseases globally, and the increasing demand for medical imaging in emerging markets such as Asia, there are certain factors that are restraining the adoption. One of the major factors restraining the growth of the market is the insufficient integration of patient history data, and also the concerns associated with patient data security. Some of the challenges in data integration include the lack of a standard format for the data, and also lack of holistic approach for the handling of data. Also, several misconceptions in relation to the privacy of patients’ data and data sharing is limiting the market growth. Several healthcare organizations have incomplete understanding of laws governing data privacy and sharing, which leads to the creation of these major factors restraining the global market growth.
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X-Ray Segment Dominated the Global Market
Based on imaging technique, the global market is segmented into x-ray, computed tomography (CT), magnetic resonance imaging (MRI), ultrasound, nuclear medicine, and others. One of the key application areas of this market includes its usage in emergency medical situations such as trauma, accidents, and others. This leads to the dominance of imaging techniques used in medicals emergencies in this market landscape. The x-ray segment dominated the global market share in 2018. The high procedure volumes of x-ray imaging, and also the usage of X-ray for the diagnosis, and treatment of sudden injuries such as orthopedic have been instrumental in the dominance of this segment in the global market.
The computed tomography (CT) segment is anticipated to grow at a comparatively higher CAGR. The increasing usage of this segment as an imaging procedure especially in the diagnosis of various cancers is also anticipated to drive the global market growth during the forecast period. Increasing prevalence of neurological conditions such as strokes is expected to drive the magnetic resonance imaging (MRI) segment. Ultrasound in teleradiology such as pediatric ultrasound and nuclear medicine procedures such as SPECT and PET is expected to drive the growth in these segments in the forecast period.
Increasing Usage of Software & Services to Aid in the Dominance of the Segment
In terms of component, the market is segmented into services & software, and product. The services & software is anticipated to dominate the component segment, because the most common usage of this market includes the interpretation of medical images. Increasing need of healthcare facilities to reduce costs and the increasing demand for radiologists’ in the remote locations, is key reason for dominance of this segment in the global market.
Product is the other segment in the component segment and consists of the hardware components used in the conduction of teleradiology. Increasing adoption across the globe and the requirement of the hardware component for the efficient installation of the teleradiology software, is expected to drive the growth of the segment during the forecast period.
Availability of Imaging Facilities at Hospitals & Clinics Likely to Dominate
In terms of end user, the global market is segmented into diagnostic centers, hospitals & clinics, and others. One of the key reasons for the dominance of hospitals & clinics segment is that a number of imaging equipment is located in these facilities and the number of hospitals & clinics outweigh the other medical facilities. Often these facilities operate at all hours of the day and often receive medical emergencies who require prompt radiologists support. Factors as such have led to the dominance of this segment in the forecast period.
Growing number of diagnostic centers in the emerging markets, along with the increasing need for radiologists with sub-specialties, are some of the major factors responsible for growth of this segment in the forecast period. The other segment consists of other facilities such as ambulatory service centers (ASCs), who have seen increasing growth in some regions.
North America Teleradiology Market Size, 2018 (USD Billion)
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In terms of regions, the market size in North America accounted for USD 5.00 billion in 2018. Adoption of advanced teleradiology solutions, coupled with the increasing prevalence of chronic and medical emergencies and the increasing number of patients in remote locations are some of the major factors boosting growth in the region. These factors, along with higher awareness among patient population towards telemedicine solutions such as this market and the significant increase in medical imaging procedures, are responsible for the higher market revenue share of the region. The market in Europe is anticipated to account for the second largest share in market revenue and Asia-Pacific is projected to register a comparatively higher CAGR during the forecast period. The increasing usage of this services in the region especially in rural locations with absence of on-site radiologist, are anticipated to increase the demand in Europe during 2019-2026. Recent Developments in Asia Pacific such as Philips launch of teleradiology services in China, and the presence of a huge potential population in the region with no access to immediate radiologists’ support, together are projected to drive the market growth in Asia Pacific during forecast period. Latin America and the Middle East & Africa and is currently witnessing good growth. Driving factors such as, developing healthcare infrastructure in these regions leading to demand for more imaging procedures, presence of patient population in remote locations and growing awareness of cheaper and efficient diagnostic solutions is projected to fuel the global market growth during forecast period.
Strong International Footprint and Strong Product Portfolio of Agfa-Gevaert, to Help the Company to Retain a Leading Position
Competition landscape of this market depicts a monopolistic (too many market players) competition structure where there are a number of players which includes players of international presence such as Agfa-Gevaert Group and also players who only have domestic presence such as USARAD Holdings Inc. The international presence of Agfa-Gevaert due to its diversified and strong product portfolio will be responsible for the dominance in the market.
One of the key characteristics of the competition structure of this market is the emergence of regional players such as Everlight Radiology and Medica Reporting Ltd., in Europe, a key growth market. This is anticipated to impact the global market positively as these companies are projected to increase their market share during the forecast period through their increasing geographical presence in key locations.
The teleradiology market report provides a detailed analysis of the market and focuses on key aspects such as overview - by key regions, technological advancements in this market, key industry developments, and regulatory scenario - by key regions, overview of imaging procedures – by key countries - 2018, and reimbursement scenario - by key regions. In addition to the above-mentioned factors, the report covers several factors that have contributed to the growth of the market over the recent years.
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Value (USD billion)
By Imaging Technique
By End User
Fortune Business Insights says that the global market size was USD 11.84 billion in 2018 and is projected to reach USD 65.21 billion by 2026.
In 2018, the market value stood at USD 11.84 billion.
Growing at a CAGR of 23.8%, the market will exhibit strong growth in the forecast period (2019-2026).
X-Ray segment is expected to be the leading segment in this market during the forecast period.
Adoption of this for patients in remote locations, coupled with significant increase in medical imaging procedures, is fueling the demand for this market.
Agfa-Gevaert is the leading player in the global market.
North America dominated the market share in 2018.
Cost effectiveness and increasing usage in rural areas coupled with the increasing number of imaging procedures conducted globally is driving the adoption.
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