Teleradiology Market is expected to reach USD 14.8 billion by 2026 with CAGR of 15.3%

 The Teleradiology Market is expected to reach USD 14.8 billion by 2026 from USD 7.3 billion in 2021, at a CAGR of 15.3% during the forecast period of 2021 to 2026. Due to the outbreak of coronavirus globally, there is a sudden rise in the demand for teleradiology services. The growth of this market is mainly attributed to the rising geriatric population and the subsequent increase in the prevalence of associated diseases; the increasing number of advanced imaging procedures and a shortage of skilled radiologists; advancements in teleradiology the increasing adoption of cloud-based solutions. However, declining reimbursements and the increasing regulatory burden in the US are factors expected to restrain the market growth. Moreover, the increasing adoption of artificial intelligence and blockchain technology in teleradiology is expected to provide lucrative opportunities for the growth of the teleradiology market in the coming years.

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Key Market Players:

Philips Healthcare (Netherlands), Cerner Corporation (US), Siemens Healthineers (Germany), McKesson Corporation (US), FUJIFILM Holdings Corporation (Japan), Medica Group Plc. (UK), Agfa Healthcare (Belgium), Mirada Medical (US), ONRAD Inc. (US), RamSoft Inc. (Canada), NovaRad Corporation (US), TeleDiagnostic Solutions Pvt. Ltd. (India), Teleradiology Solutions (India), Telerad Tech (India), StatRad LLC (US), MedWeb LLC (US), WebRad TeleRadiology (India), Nautilus Medical (US), 4ways Healthcare (UK), USARAD Holdings, Inc. (US), and GE Healthcare (US)

COVID-19 Impact on the Teleradiology Market

Coronavirus has spread across 215 countries and territories and affected more than 4.4 million people, with close to 300 thousand deaths. Due to the outbreak of COVID-19 globally, medical practices of all sizes are under immense pressure, and healthcare providers need to rely on teleradiology solutions to read diagnostic reports and treat patients. Teleradiology solutions also help to improve the efficiency of diagnostic imaging by optimizing and simplifying radiology with correct reads and reduced manual errors. As the battle against COVID-19 continues, there is a growing need to make teleradiology solutions more common.

However, this industry is facing staffing, monetary, and logistics challenges as a number of radiologists are moving into the cluster of telehealth and teleradiology. In radiology, the volumes have dropped drastically due to the cancellation or postponement of elective procedures. Additionally, there are internet bandwidth issues, especially in rural hospital settings, and people living in rural areas are hesitant to accept teleradiology reports due to data breaching issues.

Teleradiology Market Dynamics

 

Growing number of advanced imaging procedures and a shortage of skilled radiologists

The rise in imaging procedures is expected to drive the demand for advanced teleradiology solutions for reliability and efficiency. According to an article published in July 2020 by the University College London, in the NHS, about 5 million CT scans are performed every year; in the US, the number of CT scans performed more than 80 million annually. CT scanning accounts for a quarter of Americans' total exposure to radiation. A high degree of technical skill and expertise is required to handle advanced and sophisticated diagnostic imaging systems, thus fueling the growing complexity of cases with a shortage of adequate resources. The adoption of teleradiology solutions has significantly helped bridge the rural-urban disparity in many emerging countries, including India and Brazil, as well as developed economies like the US, the UK, and Germany. These solutions are more convenient and cost-effective as they eliminate the need for travel and allow radiologists to work from anywhere. A dearth of qualified radiologists has further increased the demand for teleradiology services.

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Asia Pacific market to witness the highest growth during the forecast period

The teleradiology is divided into five regions-North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. These regions are further analyzed at the country levels. North America held the largest share of the teleradiology market in 2020, followed by Europe and the Asia Pacific. The Asia Pacific market is projected to grow at the highest CAGR during the forecast period. Market growth in the APAC region is mainly driven by the growing awareness about the benefits of early disease diagnosis, improvements in healthcare systems, growing medical tourism market in APAC countries, increasing healthcare expenditure, and increasing government initiatives for modernizing the healthcare infrastructure.

Recent Developments

·         In August 2021, GE Healthcare (US) launched a cloud-based Edison True PACS provides innovative & AI-enabled decision-making tools which help enhance reading speed, reduce errors, improve diagnostic precision, and enable confident diagnoses.

·         In January 2021, Medica Group (UK) partnered with Sectra AB (Sweden) to provide a new Picture Archive and Communication System (PACS) for elective and emergency NightHawk reporting. This development is expected to help hospitals with a wide range of emergency imaging reports reading in an average of 23 minutes.

·         In December 2021, McKesson Corporation (US) launched Stratus Imaging PACS, a cloud-native, zero-footprint picture archiving and communication system.

·         In March 2020, USARAD Holdings Inc. (US) partnered with Medical Diagnostic Web (MDW), a blockchain-powered marketplace that provides access to hundreds of radiologists ready to provide diagnostic assistance. The new program allows providers to upload images through USARAD’s online service, 24-hours-a-day. Radiologists will be available to help either diagnose or rule out COVID-19.

·         In March 2020, USARAD Holdings Inc. (US) collaborated with Nanox Imaging (Israel) to facilitate bringing Nanox’s mobile imaging system to high-risk areas, supporting preventive COVID-19 screening efforts in these locations.

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