TELERADIOLOGY MARKET ANALYSIS

Market Challenges And Opportunities

However, factors such as data breach and cybersecurity risks and lack of security for data imaging are expected to hamper growth of the teleradiology market.

Global Teleradiology Market Drivers:

Increasing prevalence of cancer to drive market growth

One of the key factors expected to augment the growth of the global teleradiology market over the forecast period is the increasing prevalence of cancer around the world. For instance, worldwide, the popularity of teleradiology is on the rise due to its tremendous potential to revolutionize cancer diagnosis. Therefore, with the rise in burden of cancer, the use of teleradiology is also increasing with a rapid pace. According to the World Health Organization (WHO), February 2022, cancer is a leading cause of death around the world, accounting for more than 10 million deaths in 2020, or nearly one in six deaths. This in turn is driving the growth of the market.

Growing geriatric population to underpin market growth

Another factor which is driving the growth of the global teleradiology market is the rise in geriatric population around the world. For instance, for older adults with cancer, a geriatric assessment can be an important part of treatment planning. The geriatric assessment provides a detailed evaluation of medical, psychosocial, and functional problems in geriatrics with cancer. According to WHO, one in six people in the world will be aged 60 years and over by 2030 and the world’s population of people aged 60 years and older will double (around 2.1 billion) by 2050. This in turn is expected to propel the growth of the global teleradiology market. 

Global Teleradiology Market Opportunities:

The outbreak of COVID-19 (pandemic) is expected to provide significant growth opportunities for players in the teleradiology market. For instance, the COVID-19 pandemic created an opportunity to try and adopt digital technologies to mitigate some of the negative impacts. Digital technologies help address health system challenges and offer the potential to enhance the coverage and quality of health practices and services. To combat the pandemic, many Low- or Middle-Income Countries (LMICs) have adopted telehealth practices. India launched its COVID-19 test bus to facilitate low-cost and rapid testing of people without compromising on the testing capacity.

Increasing use/adoption of teleradiology is expected to offer significant growth opportunities for players in the global teleradiology market. For instance, teleradiology is an electronic transmission of diagnostic imaging studies from one location to another for the purposes of interpretation and/or consultation. In October 2022, Teleradiology Solutions (TRS) inaugurated its new centre in India at Andhra Med Tech Zone (AMTZ). Through this hub, AMTZ and TRS will reach out to the pan-India government hospitals, state-wide rural health centers, and/or public sector undertakings with hospitals where TRS will provide remote radiology services.