Teleradiology Market Analysis North America, Europe, Asia, Rest of World (ROW) - US, Canada, UK, Germany, China - Size and Forecast 2024-2028

Teleradiology Market Forecast 2023-2027

The Teleradiology Market size is estimated to grow by USD 2.80 billion between 2022 and 2027, accelerating at a CAGR of 15.52% during the forecast period. The market's expansion hinges on several crucial factors, including the rising incidence of diseases alongside a growing geriatric demographic. Additionally, continuous technological advancements and upgrades in teleradiology modalities play a pivotal role. These innovations enhance diagnostic accuracy and efficiency, driving demand within the market. Furthermore, government initiatives aimed at encouraging IT adoption in healthcare significantly contribute to market growth. Such initiatives streamline healthcare processes, improve patient outcomes, and foster a more integrated healthcare ecosystem. Overall, the convergence of these factors creates a conducive environment for the sustained growth of the market, benefiting both healthcare providers and patients alike.

Market Forecast and Analysis

Request Free Sample Report

Market Segmentation

This market research report extensively covers market segmentation by component  (hardware, software, and telecom and networking), modality (CT, X-ray, ultrasound, MRI and nuclear imaging), and geography (North America, Europe, Asia, and Rest of World (ROW)). It also includes an in-depth analysis of drivers, trends, and challenges.

Market Dynamics

The market is driven by the increasing demand for second opinions and remote consultations in emergencies, especially for target diseases like Cancer and Osteoarthritis. Healthcare professionals benefit from the sub-specialist segment, which includes pediatric radiology, neurology radiology, and musculoskeletal radiology, enhancing patient care and outcomes. Technological trends such as Nuclear medicine teleradiology and mHealth solutions like iPad integration are shaping the market. However, challenges like data security in telemedicine and interoperability with Electronic Medical Records remain pertinent. Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market.

Key Market Driver

The increasing prevalence of diseases coupled with the growing geriatric population is the key factor driving the global market growth. MRI scans are most frequently used to examine the central nervous system (CNS) and orthopedic and cardiovascular health conditions. They are also used to detect breast cancer. The global prevalence of cardiovascular, neurological, and orthopedic health conditions is increasing significantly. The prevalence and incidence of cardiovascular diseases (CVDs) have increased globally. CVDs directly or indirectly increase the risk of heart attacks or cardiac arrest.

Moreover, CVDs need to be diagnosed as early as possible for further medical interventions to avoid medical complications and reduce mortality rates. MRIs help in identifying detailed information on the type and severity of a wide range of CVDs. The rise in the incidence and prevalence of CVDs is, therefore, increasing the demand for teleradiology, thereby boosting the growth of the global market. Thus, the above factors are driving the demand for teleradiology, which is expected to spur market growth during the forecast period.

Significant Market Trends

The increasing healthcare expenditure will fuel the global market size. With the increasing prevalence of chronic diseases, the rising number of accidents, and growing disposable income across the world, healthcare expenditure is rising. The scanning or imaging of highly affected organs or body parts requires the use of radiology technology, with teleradiology becoming popular after the outbreak of the COVID-19 pandemic.

Moreover, the growing awareness of the need for early diagnosis and digital imaging, as well as the risks arising from negligence in seeking timely medical help, are making people increasingly increase their healthcare expenditure. Healthcare expenditure in most developed countries is higher than that across the rest of the world. Thus, the increase in healthcare expenditure is expected to have a positive impact on the global market during the forecast period.

Major Market Challenge

The lack of early diagnosis is a major challenge to the global market growth. Early diagnosis of any disease focuses on detecting symptoms in patients as early as possible so they have the best chance for successful treatment. For example, when cancer care is delayed or inaccessible, there is a lower chance of the patient surviving, or it could lead to more problems associated with treatment and higher costs of care. The lack of awareness about symptoms is an important barrier to the early diagnosis of several chronic diseases, including cancer.

Moreover, early diagnosis improves the outcomes by providing care at the earliest possible stage and, therefore, becomes an important public health strategy. However, the lack of early diagnosis of chronic diseases further restricts the growth of the market because, by the time the patient becomes aware of the disease, there is no longer any need for radiology. These factors will negatively impact the growth of the global market during the forecast period.

What is the Fastest-Growing Segment in the Market?

The market is segmented based on various factors crucial to modern healthcare delivery. Target diseases such as Cancer and Osteoarthritis are primary areas where teleradiology plays a pivotal role, enabling healthcare professionals to provide accurate diagnoses and treatment plans remotely. Within teleradiology, there's a sub-specialist segment that includes pediatric radiology, neurology radiology, and musculoskeletal radiology, catering to specific patient needs and conditions. This segment is especially critical in emergencies, where second opinions and rapid consultations can significantly impact patient outcomes. Teleradiology services are offered across various healthcare facilities, including hospitals and diagnostic centers, integrating seamlessly with telemedicine platforms. Advanced imaging techniques such as Computed Tomography (CT) and Nuclear imaging are leveraged in teleradiology, supported by robust telecommunication systems and digital healthcare services.

The market share growth by the hardware segment will be significant during the forecast period. The hardware segment is the largest segment in terms of revenue in the market. It includes videoconferencing units and store-and-forward units. Videoconferencing units enable live conversation with multiple parties based at different locations. New technologies in videoconferencing allow the sharing of documents and other information between all the participants. Four main types of videoconferencing systems, namely desktops, roll-about, room-based, and set-top, are used in transmission in teleradiology. Desktop-based videoconferencing is increasingly preferred because of its portability and economic advantages that support IP-based technologies and ad-hoc-conferences.

Get a glance at the market contribution of various segments View PDF Sample

The hardware segment showed a gradual increase in the market share of USD 685.42 million in 2017 and continued to grow by 2021. Teleradiology uses tele imaging equipment as store-and-forward systems. Tele imaging includes the electronic transmission of digital medical images and plays a vital role in the field of telemedicine. It enables specialists to share diagnostic images using filmless technology. Tele imaging technology is used in the Agfa Healthcare IMPAX diagnostic imaging PACS project to share images and reports among hospitals in the US. The IMPAX system allows hospitals to store these images centrally and enables them to report relevant patient data regardless of the site. Existing PACS (Picture Archiving and Communication System) providers are offering teleradiology services along with other solutions for telemedicine, with the tele imaging market accounting for around 10% of the PACS and remote installation services (RIS) market. Furthermore, our report provides a brief analysis of the historical and forecast market share and their segments, along with the reasons for growth from 2017 to 2027. The growth of this segment is primarily attributed to the increasing adoption of teleradiology solutions, which is driven by an increase in the global demand for the Market.

Which are the Key Regions for the Market?

For more insights on the market share of various regions View PDF Sample now!

North America is projected to contribute 34% by 2027. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. 

The market in North America is expected to grow at a moderate rate during the forecast period. Factors such as the rising prevalence of chronic diseases, technological advances, product launches, the growing number of awareness programs regarding the early diagnosis of diseases, and the high healthcare spending by people are the major factors that drive the growth of the market in North America. The increasing prevalence of chronic diseases and the growing adoption of imaging procedures are influencing companies to employ various market strategies, such as new product launches and partnerships with distributors, to strengthen their market presence. The growing number of regulatory approvals, coupled with technological advances in imaging modalities, is likely to drive the growth of the market in North America during the forecast period.

Market Customer Landscape

Our analysis of the Life Cycle of the market indicates a movement from the innovator’s stage to the laggard’s stage. The report illustrates the lifecycle of the market, focusing on the adoption rates of the major countries including the US, UK, France, China, and India. Technavio has included key purchase criteria, adoption rates, adoption lifecycles, and drivers of price sensitivity to help companies evaluate and develop growth strategies from 2022 to 2027.

 Market Customer Landscape

Who are the Major Market Players?                                     

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. 

Agfa Gevaert Group- The company offers teleradiology services, such as the Enterprise Imaging platform for radiology. They focus on the development and manufacturing of imaging systems and IT solutions for the printing industry and the healthcare industry, as well as for specific industrial applications.

We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including :

• 4ways Healthcare Ltd.
• Everlight Radiology
• Fujifilm Corp.
• General Electric Co.
• Koninklijke Philips NV
• McKesson Corp.
• Medica Group PLC
• MedWeb
• Mirada Medical Ltd.
• Nano X Imaging Ltd.
• NovaRad Enterprise Healthcare Solutions
• NucleusHealth
• Oracle Corp.
• Radiology Partners
• RamSoft Inc.
• Siemens AG
• TeleDiagnostic Solutions Pvt. Ltd.
• Telerad Tech
• WebRad

Qualitative and quantitative market research and growth analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. In market growth analysis, data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak. 

Segment Overview

Our market report forecasts revenue growth at global, regional & country levels and provides a market growth and forecasting analysis of the latest market trends and analysis and growth opportunities from 2017 to 2027. 

• Component Outlook
  • Hardware
  • Software
  • Telecom and networking

• Modality Outlook 
  • CT
  • X-ray
  • Ultrasound
  • MRI
  • Nuclear imaging

• Region Outlook 
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • Asia
    • China
    • India
  • ROW
    • Argentina
    • Australia
    • Brazil
    • Rest of World

Market Analyst Overview

The market is experiencing significant growth due to a confluence of factors. Healthcare professionals are increasingly adopting Artificial Intelligence (AI) to enhance diagnostic accuracy and efficiency. This trend is particularly notable in the ultrasound market segment, where AI helps in generating preliminary reports swiftly, leading to faster delivery of final reports to patients. Specialized professionals like neuroradiologists benefit from collaborative platforms such as the Yorkshire Imaging Collaborative and the XERO Exchange Network, enabling them to target diseases like cardiovascular conditions and osteoarthritis (OA) more effectively, especially in the elderly population.

Moreover, medical imaging plays a crucial role in treatment planning for various musculoskeletal ailments, supported by organizations like the Osteoarthritis Action Alliance focusing on demographic-specific health conditions. The teleradiology industry is witnessing advancements in image interpretation thanks to AI, leading to improved diagnostic processes and timely interventions. However, challenges such as connectivity issues, data security, and recession-induced healthcare cost-cutting persist. Investments in cost-effective teleradiology platforms that streamline workflows and enhance diagnostic capabilities are vital to overcoming these challenges. Cutting-edge imaging technologies like 3D imaging, higher-resolution imaging, and various techniques such as X-rays, CT scans, ultrasounds, MRI scans, fluoroscopy, and mammography are driving the growth of the teleradiology service and teleradiology hardware & solutions sector.

Market Scope
Report Coverage	Details
Page number	162
Base year	2022
Historical year	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 15.52%
Market growth 2023-2027	USD 2.80 billion
Market structure	Fragmented
YoY growth (%)	14.5
Regional analysis	North America, Europe, Asia, and the Rest of the World (ROW)
Performing market contribution	North America at 34%
Key consumer countries	US, UK, France, China, and India
Competitive landscape	Leading companies, Competitive Strategies, Consumer engagement scope
Key companies profiled	4ways Healthcare Ltd., Agfa Gevaert Group, Everlight Radiology, Fujifilm Corp., General Electric Co., Koninklijke Philips NV, McKesson Corp., Medica Group PLC, MedWeb, Mirada Medical Ltd., Nano X Imaging Ltd., NovaRad Enterprise Healthcare Solutions, NucleusHealth, Oracle Corp., Radiology Partners, RamSoft Inc., Siemens AG, TeleDiagnostic Solutions Pvt. Ltd., Telerad Tech, and WebRad
Market dynamics	Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

View PDF sample

What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period 2023-2027
• Detailed information on factors that will drive the growth of the market between 2023 and 2027
• Precise estimation of the size of the market and its contribution to the parent market.
• Accurate predictions about  upcoming market growth and trends and changes in consumer behavior
• Growth of the market industry across North America, Europe, Asia, and the Rest of the World (ROW)
• A thorough market analysis and report analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive details of factors that will challenge the growth of market companies

 

We can help! Our analysts can customize this report to meet your requirements. Get in touch