Teleradiology is the electronic transmission of diagnostic imaging studies from one location to another for the purposes of interpretation and/or consultation. Teleradiology is the transmission of radiological patient images, such as CTs, X-rays, Ultrasound, and MRIs, from one location to another. Hospitals, radiology clinics, ambulatory imaging centers, urgent care facilities, and even some private practices use teleradiology. Teleradiology allows hospitals/radiology clinics to have timely access to a radiologist, who functions like being on-site. It short, it is the practice of having medical images interpreted by a radiologist who is not present at the site the images were generated. Therefore, the adoption of teleradiology is increasing worldwide.
Market Statistics:
The global Teleradiology Market is estimated to account for US$ 6,299.3 Mn in terms of value by the end of 2023.
Drivers:
Growing adoption/use of teleradiology is expected to propel growth of the global teleradiology market during the forecast period. For instance, teleradiology is the electronic transmission of diagnostic images, such as CTs, X-rays, Ultrasound, and MRIs, from one location to another for the purposes of interpretation and/or consultation. In August 2021, GE Healthcare launched a cloud-based Edison True PACS (Picture Archive and Communication System) that provides innovative and AI-enabled decision-making tools to help enhance reading speed, reduce errors, improve diagnostic precision, and enable confident diagnoses.
Opportunities:
Increasing prevalence of target diseases to offer significant growth opportunities for players in the global teleradiology market. For instance, worldwide, the popularity of teleradiology is on the rise due to its tremendous potential to revolutionize cancer diagnosis. Thus, 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.
According to the American Cancer Society (ACS), in 2023, around 1,958,310 new cancer cases and 609,820 cancer deaths are expected to occur in the United States.
Restraints:
Data breach and cybersecurity risks or issues regarding data security are expected to hinder the growth of the global teleradiology market. For instance, teleradiology enables the sharing of medical images to facilitate the delivery of care. Data breach and cybersecurity measures are often not implemented to protect the patient information. Healthcare providers or professionals capture and store data or radiology images and data security is important to avoid misuse of the patient’s vital information. Several complaints have also been filed regarding data security or data breach. Such incidents are expected to hamper the adoption of teleradiology, which in turn is expected to restrain growth of the market.
COVID-19 Impact Analysis:
The outbreak of COVID-19 (pandemic) had a positive impact on the teleradiology market. For instance, the COVID-19 pandemic created an opportunity to try and adopt digital technologies to mitigate some of the negative effects. Many digital technologies help address health system challenges and offer the potential to enhance the coverage and quality of health practices and services. In order to combat the pandemic, many Low- or Middle-Income Countries (LMICs) also adopted telehealth practices. For instance, India launched COVID-19 test bus to facilitate low-cost and rapid testing of people without compromising on the testing capacity.
Key Takeaways:
The global teleradiology market was valued at US$ 6,089.8 Mn in 2022 and is forecast to reach a value of US$ 8,040.5 Mn by 2030 at a CAGR of 3.5% between 2023 and 2030.
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https://www.coherentmarketinsights.com/market-insight/teleradiology-market-549
X-ray segment held dominant position in the global teleradiology market in 2022, accounting for 30.2% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Market Trends:
Increasing adoption of Artificial Intelligence (AI) or technological advancements is one of the key trends expected to propel growth of the global teleradiology market. AI is one of the most promising breakthroughs in the field of teleradiology. AI can also help radiologists by rapidly analyze images and data registries, achieve better understanding of patient's condition, increase their clinical role, and become a part of core management team. In August 2022, 5C Network announced the launch of its AI-powered platform called Prodigi. This state-of-the-art platform enables teleradiology at a massive scale, and makes it possible for diagnostic centers/hospitals to submit scans and access reports directly on the cloud-based platform.
Competitive Landscape:
Major players operating in the global teleradiology market include Agfa-Gevaert Group, Onrad, Inc., Everlight Radiology, 4Ways Healthcare Limited, Virtual Radiologic, Usarad.com, Global Diagnostics, RamSoft, Inc., Koninklijke Philips N.V., and Cybernet Systems Corp.
Recent Developments:
In October 2022, Teleradiology Solutions (TRS) inaugurated its new centre in India at Andhra Med Tech Zone (AMTZ). AMTZ and TRS will reach out to pan-India government hospitals, state-wide rural health centers and public sector undertakings with hospitals where TRS will provide remote radiology services.
In August 2022, 5C Network announced the launch of its artificial intelligence (AI)-powered platform called Prodigi. This state-of-the-art platform enables teleradiology at a massive scale, and makes it possible for diagnostic centers and hospitals to submit scans and access reports directly on the cloud-based platform.
