Teleradiology Market Size is projected to reach USD 35.8 Billion by 2030, growing at a CAGR of 24.5%: Straits Research

New York, United States, Aug. 18, 2022 (GLOBE NEWSWIRE) -- The transmission of radiographic images from medical professionals or technicians to radiologists for consultation and improved report comprehension is known as teleradiology. Teleradiology systems are developing integrated artificial intelligence (AI) technology to aid radiologists in forecasting results more accurately and enhance service quality. Teleradiology is one of the first methods of patient consultation in which radiologists use teleradiology to get beyond geographical limitations. Since they lack the resources to maintain a radiology department 24/7, many small hospitals rely on teleradiology to provide high-quality readings. Through teleradiology technology, radiologists can work wherever it is most convenient and cost-effective, eliminating the need for travel. Hospitals of all sizes can benefit from strategically using teleradiology technologies. When imaging findings are promptly available, radiology costs are decreased, and access is improved, a hospital becomes more competitive and is better able to meet the needs of its patients.

The teleradiology market is growing due to several factors, including the aging population and the consequent rise in the prevalence of related diseases, the use of more sophisticated imaging techniques, the shortage of qualified radiologists, and the development of teleradiology, and the growing acceptance of cloud-based solutions. But it's expected that challenges, including declining reimbursements and the US's growing regulatory burden, will limit business growth. Additionally, it is projected that the teleradiology market will expand profitably due to the expanding use of blockchain and artificial intelligence.

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Lack in the Number of Radiologists and Transformation Towards Digitalization to Drive the Global Teleradiology Market
A critical shortage of radiologists affects both developed and developing countries. The majority of radiologists feel discouraged as AI replaces more and more jobs. Few people are enrolling in radiology programs as a result. Most practicing radiologists will retire in the next five years. For instance, in the US radiography industry, as of 2018, 28% of radiologists were above the age of 56. As a result, radiologists will be in high demand in the future. Fewer students are enrolling in radiology courses than there should be, which raises the possibility that there could soon be a shortage. Teleradiology is one of the leading solutions to this problem, which also aids in the growth of the radiology workforce. Consequently, the market for teleradiology will grow during the predicted timeframe.

Additionally, one sector that is embracing digitization is the medical imaging sector. More people are using digital imaging techniques like X-rays, MRI, CT, and ultrasound. The switch to digital platforms was accompanied by the deployment of PACS, which provide radiology departments with electronic image storage, retrieval, transmission, and display. Radiologists have found it easier to use teleradiology because they have already adopted digital platforms. Because PACS and digital teleradiology will allow radiologists to completely give up paper, they have embraced teleradiology.

Nations have used digitalization to address various issues, such as access to diagnostic tools and a shortage of radiologists. Numerous studies are being carried out to use teleradiology with mobile devices. This entails getting real-time comments from radiologists while simultaneously transmitting images utilizing mobile devices. Mobile phone usage is widespread in developing and emerging nations. Teleradiology will grow more quickly due to the switch to digital platforms.

The Growing Employment of AI to Create Global Teleradiology Market Opportunities
Radiology is one of the critical medical specialties that have embraced digital technology more quickly than others. Medical imaging is one of the areas that has received significant research. AI is commonly employed in teleradiology due to numerous significant advantages. Because of AI, radiologists are delivering more accurate results. This is quite significant when a lot of medical imaging is done. AI has substantially contributed to a 60% reduction in turnaround time for several essential situations. With the help of this technology, the distance has shrunk, and teleradiology is now more capable of overcoming obstacles.

Because of AI, businesses have reduced turnaround time from days to a few hours. AI-based software that is also reasonably priced is enhancing the efficiency of teleradiology service providers. As a result, teleradiology solutions based on AI are becoming more and more necessary. Numerous additional companies are developing novel AI-based teleradiology technologies. This is redefining teleradiology, helping countries deal with the shortage of radiologists, and providing expert solutions for medical imaging. Resulting in the development of good potential for the teleradiology business.

Report Scope

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Regional Insights
North America will command the market with the largest share while expanding at a CAGR of 25.7%. A few factors promoting the expansion of the teleradiology sector include the presence of cutting-edge healthcare infrastructure, the availability of payment coverage for telehealth, and supportive government initiatives and reforms for digital health. Improvements in mobile health technology, more excellent public knowledge of the benefits of telehealth, and a growing focus on value-based healthcare and population health management are all factors that impact how the local teleradiology industry develops. As the population of the elderly in the region grows, more surgeries are performed, which increases the need for imaging procedures. The number of treatments carried out yearly is expanding. As more surgeries are conducted, there is a growing market demand for surgical wound closure tools. Additionally, all surgical operations demand the use of medical imaging. As a result, the teleradiology market in North America will expand.

Europe will expand at a CAGR of 25% and hold USD 10 billion. The European radiology market lags behind the American market because most countries have not created precise regulatory standards. Furthermore, only a few teleradiology companies have partnered with leading payer organizations across many countries. Northern European countries have more advanced teleradiology systems than southern European countries. The acceptance of teleradiology operations across Europe is closely tied to the spread of PACS (picture archiving and communication system) systems, one of the cornerstones of teleradiology. But there are still differences in how PACS are set up across the continent, which impacts how teleradiology is used in European countries. Some of the elements propelling the market are the shifting socioeconomic conditions in the region, the expansion of supportive legislation and efforts for telehealth and teleradiology, and others. Europe's market is also growing since its population is more technologically sophisticated than other continents.

Key Highlights

• The global teleradiology market had a revenue share of USD 6.2 billion in 2021, presumed to reach USD 35.8 billion, expanding at a CAGR of 24.5% during the forecast period. 
• Based on the product, the services section is projected to advance at a CAGR of 25.2% and hold the largest market share.
• Based on imaging technique, the ultrasound section is projected to advance at a CAGR of 23% and hold the largest market share.
• Based on application, the cardiology section is projected to advance at a CAGR of 23.75% and hold the largest market share.
• Based on the end-user, the hospitals & clinics section is projected to advance at a CAGR of 23.62% and hold the largest market share.
• Based on regional analysis, North America will command the market with the largest share while expanding at a CAGR of 25.7%.

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Competitive Players in the Market

• Philips Healthcare
• GE Healthcare
• Medica Group Plc.
• Cerner Corporation (US)
• Koninklijke Philips 
• Radiology Partners
• Teleradiology Solutions

Global Teleradiology Market: Segmentation
By Product 

• Services 
• Software & Hardware

By Imaging Technique

• Ultrasound
• X-Ray
• Computerized Tomography (CT)
• Magnetic Resonance Imaging (MRI)
• Mammography
• Positron Emission Tomography/Single-Photon Emission Computed Tomography (PET/SPECT)
• Others

By Application

• Cardiology
• Orthopedic
• Oncology
• Neurology
• Gastroenterology
• Dental
• Obstetrics
• Gynecology
• Others

By End-User 

• Hospitals & Clinics
• Diagnostic Imaging Centers & Labs
• Others

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East & Africa

TABLE OF CONTENT

1. Introduction
   1. Teleradiology Market Definition
   2. Teleradiology Market Scope
2. Research Methodology
   1. Primary Research
   2. Research Methodology
   3. Assumptions & Exclusions
   4. Secondary Data Sources
3. Market Overview
   1. Report Segmentation & Scope
   2. Value Chain Analysis: Teleradiology Market
   3. Key Market Trends
      1. Drivers
      2. Restraints
      3. Opportunities
   4. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of Substitution
      4. Threat of New Entrants
      5. Competitive Rivalry
   5. Market Share Analysis
4. Product Overview
   1. Introduction
      1. Market Size & Forecast
   2. Services
      1. Market Size & Forecast
   3. Software & Hardware
      1. Market Size & Forecast
5. Imaging Technique Overview
   1. Introduction
      1. Market Size & Forecast
   2. Ultrasound
      1. Market Size & Forecast
   3. X-Ray
      1. Market Size & Forecast
6. Regional Overview
   1. Introduction
      1. Market Size & Forecast
   2. America
      1. North America
      2. U.S.
         1. By Product
         2. By Imaging Technique
      3. Canada
         1. By Product
         2. By Imaging Technique
      4. Mexico
         1. By Product
         2. By Imaging Technique
      5. Latin America
         1. By Product
         2. By Imaging Technique
   3. Europe
      1. Market Size & Forecast
      2. Germany
         1. By Product
         2. By Imaging Technique
      3. France
         1. By Product
         2. By Imaging Technique
      4. U.K.
         1. By Product
         2. By Imaging Technique
      5. Italy
         1. By Product
         2. By Imaging Technique
      6. Spain
         1. By Product
         2. By Imaging Technique
      7. Rest of Europe
         1. By Product
         2. By Imaging Technique
   4. Asia Pacific
      1. Market Size & Forecast
      2. Japan
         1. By Product
         2. By Imaging Technique
      3. China
         1. By Product
         2. By Imaging Technique
      4. Australia
         1. By Product
         2. By Imaging Technique
      5. India
         1. By Product
         2. By Imaging Technique
      6. South Korea
         1. By Product
         2. By Imaging Technique
      7. Rest of Asia-Pacific
         1. By Product
         2. By Imaging Technique
   5. Middle East & Africa
      1. Market Size & Forecast
      2. Saudi Arabia
         1. By Product
         2. By Imaging Technique
      3. South Africa
         1. By Product
         2. By Imaging Technique
      4. Kuwait
         1. By Product
         2. By Imaging Technique
      5. Rest of Middle East & Africa
         1. By Product
         2. By Imaging Technique
7. Company Profile
   1. Philips Healthcare
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
   2. GE Healthcare
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
   3. Medica Group Plc
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
8. Conclusion & Recommendation
9. Acronyms & Abbreviations

Table of Content and Figure @ https://straitsresearch.com/report/teleradiology-market/toc

Market News

• In 2022, GE Healthcare launched the newest version of their ultrasound, the Volusonä Expert 22. This gadget uses graphic-based beam forming technology, which generates images of a higher quality and provides more flexibility for imaging tasks.

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