Teleradiology Services Market To Reach $28.7 Billion By 2030

Teleradiology Services Market Growth & Trends

The global teleradiology services market size is expected to reach USD 28.7 billion by 2030, registering a CAGR of 2.1% during the forecast period, according to a new report by Grand View Research, Inc. Shortage of radiologists in several countries has increased the adoption of teleradiology services in recent years. According to the 2017 workforce report by the Royal College of Radiologists (RCR), U.K., the National Health Service (NHS) spent USD 150 Million for outsourcing patient radiology scans due to shortage of radiologists. Moreover, several factors, such as need for after working hour coverage, lower reporting cost, and short Turn-Around-Time (TAT) have led to an increase in outsourcing of teleradiology services.

Growing government reforms for teleradiology are promoting adoption of teleradiology services by the hospitals and radiology centers especially in rural areas. For instance, according to an article published by the Indian Express in September 2019, the government of Maharashtra, India plans to partner with private teleradiology providers to curb the shortage of radiologists in rural areas in the state. Moreover, in recent years, the penetration of Picture Archiving & Communication Systems (PACS) and Radiology Information System (RIS) is increasing significantly in developed countries such as Italy, Germany, and U.K. The availability of PACS has facilitated the adoption of onshore as well as inhouse teleradiology services.

Recently, teleradiology service providers have increased their focus on geographical expansion to increase their market presence. For instance, in 2014, USARAD Holdings, Inc. and its consumer division SecondOpinions.com entered into a partnership with General Hospital of Ningxia Medical University. Through this partnership, SecondOpinions.com aimed to provide teleradiology and telemedicine services to the hospital. Likewise, in June 2014, SecondOpinions.com launched its telemedicine and teleradiology platform in Russia, with an aim to provide teleradiology and telemedicine services to Russian hospitals and imaging centers.

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Teleradiology Services Market Report Highlights

• In 2022, onshore segment held the largest market share of 48.6%. Factors such as uneven distribution of radiologists within the country, growing penetration of PACS and RIS, and increasing uptake of onshore teleradiology services by hospitals situated in rural and remote parts are contributing to the segment growth.

• Mammography segment emerged as the largest segment in 2022, owing the growing prevalence of breast cancer coupled with shortage of skilled on-site radiologists to interpret mammograms

• Asia Pacific held the largest revenue share in 2022, due to the presence of number of foreign trained radiologists, and high adoption of teleradiology services due to even distribution of radiologists, and presence of prominent market players

Teleradiology Services Market Segmentation

Grand View Research has segmented the global teleradiology services market report based on type, modality, and region:

Teleradiology Services Type Outlook (Revenue, USD Million, 2018 - 2030)

• Inhouse

• Onshore

• Offshore

Teleradiology Services Modality Outlook (Revenue, USD Million, 2018 - 2030)

• CT-Scans

• X-Rays

• MRI

• Ultrasound

• Mammography

• PET-CT

Teleradiology Services Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

  • Denmark

  • Sweden

  • Norway

• Asia Pacific

  • Japan

  • China

  • India

  • Australia

  • Thailand

  • South Korea

• Latin America

  • Brazil

  • Mexico

  • Argentina

• Middle East and Africa

  • South Africa

  • Saudi Arabia

  • UAE

  • Kuwait

List of Key Players in the Teleradiology Services Market 

• Teleradiology Solutions

• Virtual Radiologic

• Medica Trading LLC

• Everlight Radiology

• Telemedicine Clinic

• USARAD

• TeleDiagnosys Services Pvt Ltd.

• ONRAD, Inc.

• StatRad.

• Aris Radiology

• NightShift Radiology