Teleradiology Market Size, Share & Trends Analysis Report By Product (Ultrasound, MRI, CT, X-ray), By Report Type (Preliminary, Final), By End-use (Hospital, Ambulatory Imaging Center, Radiology Clinics), By Region, And Segment Forecasts, 2022 - 2030

Report Overview

The global teleradiology market size was valued at USD 2.17 billion in 2021 and is anticipated to expand at a CAGR of 12.5% from 2022 to 2030. Growth is majorly driven by the increasing prevalence of target diseases and the rising demand for teleradiology for second opinions and emergencies. Moreover, COVID-19 has emphasized the importance of teleradiology. The shortage of healthcare professionals, especially in the sub-specialist segment such as pediatric, neurology, and musculoskeletal radiology, is leading to the adoption of teleradiology services. This is because teleradiology helps these healthcare professionals in accessing patient information irrespective of the distance, thereby improving diagnostic coverage. Therefore, the growing adoption of teleradiology for early diagnosis is expected to drive market growth during the forecast period.

Teleradiology applications comprise teleconsultation, telemonitoring, and telediagnosis which enable radiologists to effectively perform their daily work. Teleradiology provides effective on-site solutions via cloud networks globally and real-time interpretation. Increasing incidences of chronic diseases including breast cancer, cellulitis, & osteomyelitis and a growing number of emergency cases in less developed areas are expected to drive the market further. For instance, according to the International Agency for Research on Cancer, breast cancer ranked 1 among all other cancers with about 2,261,419 new cases in 2020.

Integration of Artificial Intelligence into teleradiology, implementation of Picture Archiving and Communication System (PACS), and growing R&D activities pertaining to eHealth are a few additional factors expected to boost demand for teleradiology services during the forecast period. For instance, 5C Network, an Indian teleradiology provider, launched an artificial intelligence-powered platform called Prodigi that uses advanced technology to ensure that no radiology image is left unreported for more than 2-3 hours 

However, data security is a major concern for this market. Healthcare settings capture and store data regarding patients and their radiology images. Security of Picture Archiving and Communication System (PACS) is important to avoid the misuse of a patient’s information. Several complaints have been filed regarding the data security of radiology images.

The introduction of favorable government initiatives such as the Health Insurance Portability and Accountability Act of 1996 of the U.S. ensures that all the information related to patient health and personal information is end-to-end protected from cybercrimes. Therefore, every teleradiology service in the U.S. must comply with this Act. Such initiatives improve patient and physician’s confidence in teleradiology services which is increasing its adoption rate during the forecast period. Similarly, the presence of healthcare coverage over the usage of teleradiology services in countries such as the U.S. and Australia is also expected to support market development.

Product Insights

Based on product, the market is segmented into nuclear radiology, X-ray, MRI, CT, and ultrasound. The X-ray segment dominated the market in 2021 and is expected to expand at the fastest CAGR during the forecast period. Economical pricing, high usage in primary diagnosis, and the introduction of innovative systems, such as filmless x-ray systems, are some of the factors responsible for the segment’s dominance. Moreover, this technique finds wide applications in various healthcare domains, such as orthopedics, cardiovascular diagnostics, chest imaging, cancer screening, and dental imaging.

Computed Tomography (CT) segment is also expected to witness significant growth during the forecast period. CT provides faster and clearer images of complex body organs, such as the brain, cardiac cavities, and lungs, which contribute to its growth. Increasing technological advancements and digitalization in this field are also expected to support the growth of this segment. For instance, in March 2019, Siemens Healthineers, and GE Healthcare, launched a Go platform cardiac CT scanner.

The ultrasound market segment is also expected to grow at a healthy rate during the forecast period. The ability of ultrasound in accessing critical health parameters quickly, without radiation exposure, makes it an important technology in a limited resource setting. Moreover, teleradiology-based ultrasound devices are being extensively used to deliver training and education programs to health workers in remote areas. For instance, Philips in collaboration with PURE (non-profit organization) delivers training on the usage of tele-ultrasound technology to healthcare workers in Rwanda, Africa.

Report Type Insights

Based on report type, the market is segmented into preliminary reports and final reports. The preliminary report segment held the largest market share of 65.1% in 2021 and is expected to continue its dominance throughout the forecast period. Preliminary reports are a general practice in emergency care, as it is generated at a much faster rate than final reports and economical. Providers get improved insurance coverage at hospitals and imaging centers during non-business hours. Thus, it is anticipated to grow at a faster rate.

However, many providers are now inclined towards final reads, due to accurate and in-depth results with reduced errors. Medicare policies are shifting from more reimbursement to final read and preliminary reads with extensive radiologist’s reports than traditional preliminary reads.

Growing competition in teleradiology services has led to technological advancements that make it simpler for off-site radiologists to communicate with the facilities for which they read, thus encouraging teleradiology providers to deliver more final reads. This contributes to the high CAGR of the final report segment, during the forecast period. The time consumed by these reports is more and the cost associated with it eventually raises, accounting for its smaller market size.

End-Use Insights

Hospitals held the largest market share in the teleradiology market in 2021 and are expected to grow at a significant rate during the forecast period. Hospitals use teleradiology services for urgent care, primary diagnosis, and secondary opinion. However, teleradiology services are generally preferred in emergency care. For instance, if a patient visits a hospital with severe head trauma during the absence of a neuroradiologist, then teleradiology services help in quicker diagnosis and promptly delivering treatment.

Therefore, the rising number of emergency visits in hospitals is expected to drive market growth during the forecast period. In addition, hospitals save the cost of hiring radiologists by adopting teleradiology services. For instance, the Yorkshire Imaging Collaborative, an initiative of the hospital trust, collaborated with Agfa Healthcare to launch a diagnostic image-sharing platform named, XERO Exchange Network, in 2020. These enabled radiologists to make quick diagnoses of around 3.0 million patients

The radiology Clinics segment is expected to grow at the fastest rate during the forecast period. Fatty pays for radiologists coupled with rising imaging costs is the factor expected to drive the segment growth during the forecast period. According to the NCBI report, the average monthly pay of an Indian radiologist (5-year experience) is approximately USD 5000, and around 10-15% of the salary is added to the total bill of each scan. Therefore, the rising demand to reduce healthcare costs is expected to aid the market growth in the long run.  

Ambulatory Imaging Center (AIC) market is also expected to grow at a healthy rate during the forecast period. The rising demand for imaging procedures, cost-effectiveness, and shortage of radiologists are the major factors contributing to the growth of the Segment. The major problem faced during an imaging procedure is the time taken for its diagnosis. For instance, as per the NCBI report, in the UK the average time taken by a radiologist in a normal setting to report MRI is 21 days. AICs help in reducing this diagnosis time and hence leading to its adoption for various imaging procedures.

Regional Insights

North America held the largest market share of 39.09% in 2021 and is likely to maintain its dominance throughout the forecast period. The growing target population base, increasing prevalence of chronic disorders, and presence of major market players in the region are the major factors, contributing to the market growth. In addition, developed infrastructure, supportive government initiatives, and increasing demand for efficient radiology solutions are likely to further drive the regional market.

Asia Pacific is expected to witness the fastest CAGR of 13.7% during the forecast period. This can be attributed to the large unmet healthcare needs coupled with the rapidly expanding healthcare infrastructure in the region. In developing economies such as India and China a major proportion of the population resides in rural areas where they have limited access to healthcare, as most of the advanced care facilities are established in urban areas.

Therefore, hospitals and organizations are looking to tap this unexploited market considering the benefit at the bottom of the pyramid. This is expected to increase the demand for cost-effective diagnostic interventions such as teleradiology services, especially in countries with inefficient coverage policies.

Key Companies & Market Share Insights

Key players in this market are focused on adopting new technologies, taking advantage of important cooperation activities, and exploring acquisitions, partnerships, and collaborations to offer better services to their customers and strengthen their presence in the market. For instance, in November 2021, Agfa Healthcare introduced a true remote diagnostic imaging workflow. With this, radiologists may not only access images but also create, interpret, collaborate on, and make quality decisions around them, regardless of where they are. Some of the prominent players in the global teleradiology market include:

• Virtual Radiologic (vRad)

• Agfa-Gevaert Group

• ONRAD, Inc.

• Ever light Radiology

• 4ways Healthcare Ltd.

• Ram Soft, Inc.

• USARAD Holdings, Inc.

• Koninklijke Philips N.V.

• Matrix (Teleradiology Division of Radiology Partners)

• Medica Group PLC

Teleradiology Market Report Scope

Global Teleradiology Market Segmentation

This report forecasts revenue growth at global, regional & country levels and provides an analysis on the latest industry trends and opportunities in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global teleradiology market based on the product, report type, end-use, and region:

• Product Outlook (Revenue in USD Million, 2018 - 2030)

  • X-ray

  • Ultrasound

  • Magnetic Resonance Imaging (MRI)

  • Computed Tomography (CT)

  • Nuclear Imaging

• Report Type Outlook (Revenue in USD Million, 2018 - 2030)

  • Preliminary Reports

  • Final Reports

• End-Use Outlook (Revenue in USD Million, 2018 - 2030)

  • Hospitals

  • Ambulatory Imaging Center

  • Radiology Clinics

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

    • Russia

    • Switzerland

    • Netherland

    • Sweden

    • Spain

    • Belgium

  • Asia Pacific

    • China

    • Japan

    • India

    • Thailand

    • South Korea

    • Singapore

    • Australia

    • Taiwan

    • Indonesia

    • Malaysia

  • Latin America

    • Brazil

    • Mexico

    • Argentina

    • Colombia

    • Chile

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE

    • Kuwait

    • Israel