Teleradiology market COVID-19 Impact, Trends & Business Statistics By 2027

Posted by Mrudula Anil Karmarkar on February 8th, 2022

The global teleradiology market size is estimated to reach USD 10.9 billion by 2027 registering a CAGR of 13.9% over the forecast period, according to a new report by Grand View Research, Inc. Shortage of radiologists, coupled with continuously rising demand for imaging procedures, is expected to drive the market. Despite a significant increase in the installation of radiology equipment in countries such as the U.K., the U.S., and Singapore over the past few years, there is still a high unmet need for diagnostics imaging. 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.

In addition, legislative amendments made by various governments worldwide for diagnostic imaging services will enhance the growth of teleradiology during the forecast period. For instance, amendments in Australia’s Health Insurance Act 1973 for diagnostic imaging have enabled Medicare funding for these diagnostic imaging services since March 2008. This has allowed better access to diagnostic imaging for various conditions. North America is a major market for teleradiology and accounted for 39.5% of the global revenue in 2020 due to factors such as greater funding for R&D, rising patient awareness levels, and growing cancer prevalence.

The regional market is likely to expand further on account of favorable government initiatives for improving the healthcare facilities in rural areas and increased healthcare expenditure. Asia Pacific is expected to witness the fastest growth over the forecast period, exhibiting a CAGR of 14.9%. The rising demand for innovative and advanced medical platforms, coupled with rapidly growing healthcare infrastructure, supports the growth in this region. In addition, the presence of target population and the need for improved disease diagnosis are anticipated to drive the demand for teleradiology equipment in APAC.

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.

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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.

Further key findings from the report suggest:

• X-ray held the largest teleradiology market share in 2020 owing to its wide application scope, such as in the detection of dental injuries and fractures in bones. Growing demand for bedside imaging and core diagnostics and the introduction of novel technologies are expected to further boost segment growth
• CT scan is expected to witness the fastest growth over the forecast period. Extensive usage, faster testing, high-resolution imaging capacity, and the advent of new generation systems such as 4D are some of the factors responsible for segment growth
• Based on end-use, hospitals held the largest market share in 2020. Large patient base, building financial capacity, and receptivity to advanced technologies are the factors responsible for uptake of radiology products in hospitals
• North America held the largest share in the market for teleradiology in 2020 due to the wide usage of advanced technologies, presence of key companies, and established healthcare infrastructure in the region
• Asia Pacific is expected to be the fastest-growing region over the forecast period due to supportive government regulations for the expansion of teleradiology and quick adoption of new technologies
• Some of the prominent companies are 4ways Healthcare Ltd.; HealthWatch TeleDiagnostics Pvt. Ltd.; RamSoft, Inc.; Everlight Radiology; Virtual Radiologic; Agfa-Gevaert N.V.; ONRAD; Teleradiology Solutions; and Global Diagnostics. Most of these companies focus on expanding their product portfolios and entering untapped markets such as Asia Pacific.

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.

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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