Teleradiology Market Analysis Report By Product (Ultrasound, MRI, CT, X-ray, Nuclear Imaging), By End Use (Hospital, Ambulatory Imaging Center, Radiology Clinics), By Region, And Segment Forecasts, 2020 - 2027

Report Overview

The global teleradiology market size was valued at USD 3.6 billion in 2019 and is anticipated to register a CAGR of 13.9% over the forecast period. Rising demand for teleradiology in cases of second opinion and emergencies is one of the high impact rendering drivers of the market. Moreover, a shortage of healthcare professionals, especially in sub-specialist segments such as pediatric, neurology, and musculoskeletal radiology, is leading to the adoption of teleradiology services. Teleradiology helps healthcare professionals access patient information irrespective of the distance, thereby improving diagnostic coverage. Therefore, the growing adoption of teleradiology for timely diagnosis is expected to drive the market during the forecast period.

Integration of Artificial Intelligence (AI) into teleradiology, implementation of Picture Archiving and Communication System (PACS), and growing R&D activities pertaining to eHealth are several other factors expected to boost the demand for teleradiology services over the forecast period. For instance, HDM World, a teleradiology service provider in Latin America, chose RamSoft's PowerServer PACS, a cloud-based data communication system, for its business model. This is expected to increase the speed and safety of patient data transfer, thereby enabling quicker diagnosis.

Teleradiology applications comprise teleconsultation, telemonitoring, and telediagnosis, which enable radiologists to effectively perform their daily work. Teleradiology provides effective on-site solutions via cloud network globally and real-time interpretation. Increasing incidence of chronic diseases such as breast cancer, cellulitis, and osteomyelitis, and a growing number of emergency cases in less developed regions, are further expected to drive the market.

The introduction of favorable government initiatives such as the Health Insurance Portability and Accountability Act of 1996 in the U.S. ensures that all patient information has end-to-end protection from cybercrimes. Therefore, every teleradiology service in the U.S. must be in compliance with this act. Such initiatives improve patient and physician confidence in teleradiology services, increasing their adoption rate during the forecast period. Similarly, the availability of healthcare coverage pertaining to teleradiology services in countries such as the U.S. and Australia is expected to support market growth.

Teleradiology Market Trends

Aging is considered as the greatest risk factor for developing degenerative disorders of joints, such as osteoporosis. Thus, growing geriatric population globally is expected to be a high-impact rendering driver of the market. Osteoarthritis and osteoporosis are some of the most common disorders in population aged over 70. Growing prevalence of these disorders is leading to an increase in the economic burden on many countries, thereby increasing the demand of teleradiology. 

Rising prevalence of respiratory, oral, orthopedic, and Cardiovascular Diseases (CVDs) is anticipated to fuel the market growth. According to WHO, in 2015, around 17.7 million people died globally due to CVDs. CT scans, nuclear imaging, and MRI systems are used in diagnosing CVDs. In addition, according to WHO, nearly 10.4 million people suffered from Tuberculosis (TB), and over 1.8 million died due to this disease in 2015.

Government and nonprofit organizations in various regions are promoting teleradiology and telemedicine services, which is expected to propel market growth. Key players operating in medical devices industry are introducing innovative & technologically advanced devices for teleradiology services.

Governments worldwide have made legislative amendments for diagnostic imaging services, which is anticipated to significantly propel the market growth. For instance, since March 2008, Australia’s Health Insurance Act 1973 amendments have enabled Medicare funding of diagnostic imaging services. This has increased accessibility of better diagnostic imaging services for patients with various conditions.

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 data security of radiology images.

Product Insights

Based on the product, the market for teleradiology is segmented into nuclear radiology, X-ray, MRI, CT, and ultrasound. X-ray was the dominant segment in 2019 and was valued at USD 1.1 billion that year. 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. X-rays find wide application across numerous healthcare domains, such as orthopedics, cardiovascular diagnostics, chest imaging, cancer screening, and dental imaging.

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

The ultrasound 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 exposure to radiation makes it a vital technology in limited-resource settings. Moreover, teleradiology-based ultrasound devices are being extensively used to deliver training and education programs to healthcare workers in remote areas. For instance, Philips, in collaboration with PURE, a non-profit organization, delivers training regarding the usage of tele-ultrasound technology to healthcare workers in Rwanda, Africa.

End-use Insights

Hospitals held the largest share in the teleradiology market in 2019 and the segment is expected to grow at a significant rate during the forecast period. Hospitals use teleradiology services for urgent care, primary diagnosis, and second opinion. However, these 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 delivering treatment promptly. Therefore, the rising number of emergency visits in hospitals is expected to drive the segment over the forecast period.

Ambulatory Imaging Centers (AIC) are expected to grow at the fastest pace during the forecast period, fueled by rising demand for imaging procedures, cost-effectiveness, and shortage of radiologists. The most crucial problem during an imaging procedure is the time taken for its diagnosis. For instance, as per a report by the National Health Service (NHS), the average waiting time for an MRI test in England was reported to be 21 days in 2018. AICs, therefore, help in reducing this diagnosis time and this is leading to the growing adoption of teleradiology for various imaging procedures.

The radiology clinics segment is also expected to grow at a healthy pace during the forecast period. The high pay scale of radiologists, coupled with rising imaging costs, is expected to drive the revenue contribution of this segment over the forecast period.

Regional Insights

North America held the largest market share of 39.5% in 2019 and is projected to maintain its dominance over the forecast years. Growing target population base, increasing prevalence of chronic diseases, and the presence of major market players are the major factors contributing to the region’s leading position. In addition, developed infrastructure, supportive government initiatives, and increasing demand for efficient teleradiology solutions are likely to drive the regional market.

Europe accounted for a significant portion of the market revenue in 2019. The increasing number of awareness programs about teleradiology and its application being held in Europe is expected to drive the market. For instance, the 8th International Conference on Medical Informatics and Telemedicine will be held in Switzerland in 2020, after being held in Italy the previous year. Such conferences are expected to increase awareness and simultaneously support innovations in teleradiology, thereby aiding the market growth. 

The UK dominated the Europe teleradiology market in 2019. Rapid technological advancements and rising demand for rapid, accurate, and on-site diagnosis coupled with growing prevalence of target diseases that require interpretation by radiologists for further treatment in the region are among factors fueling the market growth. Increasing government initiatives to increase the quality of diagnosis and awareness about teleradiology coupled with introduction of technologically advanced teleradiology service providers, such as Global Diagnostics and Telemedicine Clinic, are some of the major drivers of the market.

Asia Pacific is expected to witness the fastest growth over the forecast period. This can be attributed to high unmet healthcare needs, coupled with 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 advanced care facilities are established in urban areas. Therefore, hospitals and organizations are looking to tap this unexplored market considering the benefits 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.

Japan is considered as a developed market for medical diagnostics and comprises lesser growth opportunities than other emerging Asian regions. However, as a developed country, increasing healthcare spending and highly engineered technological advancements are expected to serve as high impact rendering drivers for this market. ICHIGO LLC is one of the key market players in Japan providing teleradiology network infrastructure.

Teleradiology Market Share Insights

Key players in this market include 4ways Healthcare Ltd.; HealthWatch TeleDiagnostics Pvt. Ltd.; RamSoft, Inc.; Everlight Radiology; Virtual Radiologic; Agfa-Gevaert N.V.; ONRAD; Teleradiology Solutions; and Global Diagnostics. These companies have adopted strategies such as new product development, collaborations and partnerships, and M&As to enhance their capabilities and provide quality services. For instance, in May 2018, Qure.ai entered into a partnership with Teleradiology Solutions and Telerad Tech (T2) to reduce cost and enable faster, smarter diagnosis of CT scan and X-ray data. Telerad Tech (T2) is a global health IT company and provider of AI-enabled RIS-PACS, while Teleradiology Solutions is a global pioneer in remote radiology interpretation and telehealth.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Grand View Research has segmented the global teleradiology market report on the basis of product, end-use, and region:

• Product Outlook (Volume, ‘000 Units; Revenue, USD Million, 2016 - 2027)

  • X-ray

  • Ultrasound

  • Magnetic Resonance Imaging (MRI)

  • Computed Tomography (CT)

  • Nuclear Imaging

• End-use Outlook (Revenue, USD Million, 2016 - 2027)

  • Hospitals

  • Ambulatory Imaging Centers

  • Radiology Clinics

• Regional Outlook (Revenue, USD Million, 2016 - 2027)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

    • Russia

    • Switzerland

    • Netherlands

    • 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