The global teleradiology market size was estimated at USD 11.84 billion in 2018 and is projected to reach USD 65.21 billion by 2026, growing at a CAGR of 23.8% during the forecast period .
Teleradiology, a branch of telemedicine, refers to the medical practice of transmitting radiographic images from one location to another using a telecommunications system. The radiologist reading the radiographic images is not physically present where the patient’s images are taken. The field of teleradiology is particularly beneficial to facilities where having a radiologist on site is costly. This is also true for facilities that produce only a few radiographic images for review by radiologists. The market is expected to witness strong growth during the forecast period due to the increase in the number of imaging operations performed worldwide and the increasing need to control the cost of reading radiological images. One of the major market trends prevalent in the global market is the increasing adoption of teleradiology in rural areas where trained radiologists are often in short supply in all medical facilities. Many medical professionals face imaging-related problems in rural areas in several countries of the world. In a 2018 study conducted by the American College of Radiology (ACR), medical professionals noted that poor county and rural hospitals often lack radiologists. In particular, subspecialties such as musculoskeletal radiologists and neuroradiologists are not accessible. This technology allows rural patients to receive the same specialized care as urban patients. This is likely to further drive the teleradiology market growth during the forecast period.
One of the defining market drivers of the global market is the significant increase in medical imaging methods for diagnosis, treatment, and treatment of chronic and acute diseases. A September 2019 study published in the Journal of the American Medical Association found that, despite widespread campaigns to reduce medical imaging by medical professionals, the number of medical imaging procedures in some parts of the United States and Canada has increased. found to increase significantly. Driving factors such as increasing medical imaging modalities are expected to drive the teleradiology market growth significantly. In addition, there is increasing acceptance of treatment regimens that focus on preventing serious disease, often utilizing a variety of imaging modalities to diagnose and treat disease. Deployment of this technology often uses a pay-per-procedure model that is cost-effective compared to having a radiologist on site. These drivers are therefore expected to propel the growth of the global market during the forecast period.
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Market Segmentation
The teleradiology market can be segmented in various ways, depending on different criteria. Here are some possible market segmentation approaches: By Imaging Technique: Teleradiology services can be categorized by the type of imaging technique being used, such as X-ray, computed tomography (CT), magnetic resonance imaging (MRI), ultrasound, and others.
By Service Type: Teleradiology services can be categorized by the type of service being provided, such as diagnostic services, interpretation services, reporting services, and others.
By End User: Teleradiology services can be categorized by the end user, such as hospitals, clinics, imaging centers, and others.
By Geography: Teleradiology services can also be segmented by geography, such as North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
By Deployment Type: Teleradiology services can be categorized by the deployment type, such as cloud-based teleradiology services, web-based teleradiology services, and on-premise teleradiology services.
By Business Model: Teleradiology services can be segmented by business model, such as pay-per-use, subscription-based, and project-based.
By Application: Teleradiology services can also be segmented by application, such as oncology, cardiology, neurology, pediatrics, and others.
These are some of the possible market segmentation approaches for teleradiology services. The choice of segmentation criteria will depend on the specific needs of the stakeholders, such as investors, providers, and regulators.
Competitive Landscape
The competitive landscape for teleradiology services is becoming increasingly crowded as more providers enter the market. Here is a brief overview of some of the major players in the industry:
Radiology Partners: Radiology Partners is one of the largest teleradiology providers in the United States, with over 1,600 radiologists providing services across 26 states.
Virtual Radiologic: Virtual Radiologic is another major player in the teleradiology market, with a network of over 500 radiologists providing services across the United States.
vRad: vRad is a subsidiary of MEDNAX, Inc. and is one of the largest teleradiology providers in the world, with a network of over 500 radiologists providing services across the United States.
NightHawk Radiology: NightHawk Radiology is a subsidiary of Siemens Healthineers and provides teleradiology services to hospitals and imaging centers across the United States.
Agfa-Gevaert Group: Agfa-Gevaert Group is a global provider of imaging and IT solutions, including teleradiology services.
Global Diagnostics: Global Diagnostics is a major teleradiology provider in Europe, with operations in the United Kingdom, Ireland, and Australia.
Teleradiology Solutions: Teleradiology Solutions is a leading provider of teleradiology services in India, with a network of over 100 radiologists providing services across the country.
Other notable players in the teleradiology market include Aris Radiology, Medica Reporting, and Everlight Radiology. Overall, the teleradiology market is highly competitive, with a large number of providers offering services across the world. The market is expected to continue to grow in the coming years, driven by factors such as increasing demand for diagnostic imaging services, shortages of radiologists in some areas, and the growing adoption of telemedicine more broadly.
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Regional Analysis
The adoption and utilization of teleradiology services can vary significantly by region. Here is a brief overview of how teleradiology is being used in different regions of the world:
North America: Teleradiology is well-established in North America, with many providers offering remote diagnostic and interpretive services. The United States has been a leader in the adoption of teleradiology, with a significant number of radiologists using this technology to provide services to patients in remote or underserved areas.
Europe: Teleradiology is also well-established in Europe, with a number of providers offering services across the continent. The European Union has been actively promoting the use of telemedicine, including teleradiology, as a way to improve healthcare access and reduce costs.
Asia-Pacific: The adoption of teleradiology in Asia-Pacific is growing rapidly, driven by factors such as increasing demand for diagnostic imaging services and shortages of radiologists in some areas. Countries such as India, China, and Japan have been investing in telemedicine infrastructure to support the growth of teleradiology services.
Latin America: Teleradiology is still in the early stages of adoption in Latin America, but there is growing interest in the technology as a way to improve healthcare access and reduce costs. Countries such as Brazil and Mexico have been investing in telemedicine infrastructure to support the growth of teleradiology services.
Middle East and Africa: Teleradiology is also in the early stages of adoption in the Middle East and Africa, but there is growing interest in the technology as a way to improve healthcare access in remote and underserved areas. Countries such as South Africa and the United Arab Emirates have been investing in telemedicine infrastructure to support the growth of teleradiology services.
Global Teleradiology Market: Market Size Estimation
Both the top-down and bottom-up approaches were used to estimate and validate the size of the market and to estimate the size of various other dependent sub-markets of various marketspaces. The key players in the markets are identified through secondary research, and their market contributions in different applications across regions and globally were determined through primary and secondary research. This entire process included the study of the annual and financial reports of the top market players and extensive interviews for key insights with industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources. All the possible parameters that affect the market covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analysed to arrive at the final quantitative and qualitative data. This data has been consolidated, and detailed inputs and analysis from Analytics Market Research added before being presented in this report.
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