Teleradiology Services Market Size, Share, and Trends|2030

Teleradiology Services Market Size and Forecast (2020 - 2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Deployment Type (Cloud-based and Web-based), Modality (MRI, CT-Scan, X-Ray, Ultrasound, and Others), Application (Musculoskeletal System, Gastroenterology, Cardiology, Oncology, Neurology, and Others), End User (Hospitals and Clinics, Diagnostic and Imaging Centers, and Others),  and Geography

Publication Month : Jan 2024

  • Report Code : TIPHE100001380
  • Category : Medical Device
  • Status : Published
  • No. of Pages : 168
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[Research Report] The teleradiology services market is expected to grow from US$ 2,392.28 million in 2022 to US$ 8,313.27 million by 2030; it is anticipated to record a CAGR of 16.8% from 2022 to 2030.

Market Insights and Analyst View:

The expansion of the teleradiology services market size is attributed to the rising cases of chronic diseases and an increasing number of surgical procedures due to the prevalence of chronic diseases. Teleradiology refers to the practice of a radiologist interpreting medical images while not physically present in the location where the images are generated. Hospitals, mobile imaging companies, urgent care facilities, and even some private practices utilize teleradiology. The increasing use of teleradiology services after the pandemic and the increasing use of telehealth for instant and proper online consultation are fueling the market's growth.

Growth Drivers and Challenges:

There has been a substantial shortage in healthcare professionals such as radiologists, physicians, and doctors worldwide. According to the article ‘Minding the Gap: Strategies to Address the Growing Radiology Shortage,’ published in July 2023, about 80% of the health systems report shortages in their radiology department. In addition, as per the Association of American Medical Colleges analysis, the shortage of radiologists and other specialists could exceed 35,000 by 2034. As per the article ‘Workforce Crisis in Radiology in the UK and the Strategies to Deal With It: Is Artificial Intelligence the Saviour?’ published in the National Library of Medicine, there was a shortfall of 33% in the radiology workforce in the UK in 2020, which is expected to rise to 44% by 2024. As per the same article, about 71% of clinical directors of UK radiology departments feel that they do not have sufficient radiologists to deliver safe and effective patient care. According to a survey carried out by the American Society of Radiologic Technologists (ASRT) Radiologic Sciences Staffing and Workplace in 2023, below are the vacancy rate of radiologists:

 

Similarly, the US is facing a serious shortage of physicians and radiologist staff due to the aging population and impending retirements of older physicians. According to the data published by the Association of American Medical Colleges (AAMC), the US is expected to face a shortage of up to 120,000 physicians by 2030, impacting patient care nationwide.

Additionally, the world faces a huge shortage of radiologists and nursing staff owing to a large influx of patients into the health system and increasing health issues among baby boomers. The burden of resource shortage impacts radiologists working in the profession due to the piling up of work. Teleradiology outsourcing involves the transfer of radiological images for remote diagnosis and reporting by experts through the Internet. Due to the growing staff shortage in the radiology department, healthcare facilities are shifting toward teleradiologists as they can be easily connected online. Thus, the shortage of radiologists is fueling the growth of the teleradiology services market.

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Teleradiology Services Market: Strategic Insights

teleradiology-services-market
Market Size Value inUS$ 2,392.28 million in 2022
Market Size Value byUS$ 8,313.27 million by 2030
Growth rateCAGR of 16.8% from 2022 to 2030
Forecast Period2022-2030
Base Year2022
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Report Segmentation and Scope:

The teleradiology services market is divided based on deployment type, modality, application, end user, and geography. The teleradiology services market is segmented based on deployment type into cloud-based and web-based. The teleradiology services market is segmented by modality into MRI, CT-scan, X-ray, ultrasound, and others. In terms of application, the teleradiology services market is segmented into musculoskeletal, gastroenterology, cardiology, oncology, neurology, and others. Based on end user, the teleradiology services market is segmented into hospitals and clinics, diagnostic and imaging centers, and others. Geographically, the teleradiology services market is segmented into North America (the US, Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, Russia, and the Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia, Southeast Asia, and the Rest of Asia Pacific), the Middle East & Africa (the UAE, Saudi Arabia, South Africa, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).

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Segmental Analysis:

Based on application, the teleradiology services market is segmented into musculoskeletal, gastroenterology, cardiology, oncology, neurology, and others. In 2022, the musculoskeletal segment held the largest share of the market and is expected to grow at the fastest CAGR from 2022 to 2030. Musculoskeletal disorders include low back pain, neck pain, fractures, osteoarthritis, amputation and rheumatoid arthritis. According to the World Health Organization (WHO) report published in 2022, about 1.71 billion people live with musculoskeletal disorders worldwide. Low back pain is the main contributor to the overall burden of musculoskeletal conditions (570 million prevalent cases worldwide). Other contributors to the overall burden of musculoskeletal conditions include fractures (440 million people), osteoarthritis (528 million people), neck pain (222 million people), amputations (180 million people), rheumatoid arthritis (18 million people), gout (54 million people), and other musculoskeletal conditions (453 million people). CVDs are among the prime causes of death globally. The cardiopulmonary oxygenator is used to support the treatment of cardiac disorders such as acute myocardial infarction, myocarditis, post-transplant complication, decompensated cardiomyopathy, and cardiogenic shock. According to the World Health Organization (WHO), CVDs are among the leading causes of death worldwide, and 30 million people experience a stroke each year. According to the American Heart Association, almost half of the adult population in the US has a type of CVD. Heartburn, inflammatory bowel diseases (IBD), inflammatory bowel syndrome (IBS), constipation, and diarrhea are among the common digestive problems. GI diseases account for substantial healthcare utilization and spending. Problems associated with stomach acid backing up into the esophagus, known as gastroesophageal reflux disease (GERD), also increase the risk of developing gastric cancer. As per the American College of Gastroenterology, GERD is one of the most common gastrointestinal diseases, and around 20% of the US population suffers from GERD. As per the Crohn’s & Colitis Foundation of America, IBD affects ~1.6 million Americans. Around 70,000 new cases of IBD are diagnosed each year in the US. Further, chronic inflammation and reduced immunosurveillance caused by IBD can contribute to the development of gastric cancer.

Teleradiology Services Market, by Deployment Type – 2022 and 2030

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The teleradiology services market is segmented based on end-users into hospitals and clinics, diagnostic and imaging centers, and others. In 2022, the hospitals and clinics segment held the largest share of the market and is expected to grow at the fastest CAGR during 2022–2030. With developments in healthcare technology, there has been an increase in medical costs over the last few decades. Development in hospital and clinic technologies, reforms in health insurance policies, economic growth of various regions, improved sanitation and vaccination programs, and various products and services provided are some of the major reasons fueling the segment's growth. The growing prevalence of various diseases and disorders that can be treated in hospitals or clinics, the increase in the number of patients due to awareness about hospital services, and the establishment of new hospitals in developing countries and rural areas are also driving the growth of the hospital segment. Admission for emergency cases such as stroke and accidents requiring teleradiology consultation at any time of the day is fueling the segment's growth. High growth opportunities in emerging countries and rising awareness about the need for diagnostic imaging to determine various disorders and diseases are boosting the teleradiology services market. The rapidly growing geriatric population, subsequent rise in the prevalence of various associated diseases, and growing technological advances in imaging services fuel the segment's growth. Economies such as China, India, Brazil, Turkey, South Korea, South Africa, and Russia offer high growth opportunities for major players in the teleradiology services market. Although the cost factor is a concern in these developing countries, their huge population base—specifically in India and China—offers a sustainable market for teleradiology services.

Regional Analysis:

Based on geography, the teleradiology services market is divided into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. North America is the largest contributor to the growth of the global teleradiology services market. Asia Pacific is expected to register the highest CAGR in the teleradiology services market between 2022 and 2030. Teleradiology has emerged as a potential solution, with small stroke experts guiding local emergency physicians through a thorough neurological exam, imaging review, and management decisions. According to IntechOpen, stroke is the fifth leading cause of death in the US, with one stroke occurring approximately every 40 seconds and stroke-related death occurring roughly every 4 minutes. Teleradiology networks use digital technology for two-way, high-definition video teleconferencing to bridge these differences by providing safe, efficient, and affordable care to underserved communities across the US. Teleradiology networks, such as traditional practices, must comply with the Health Insurance Portability and Accountability Act (HIPAA), which regulates the protection of health information in the country. The increased use of teleradiology nationwide provides more extensive access to acute care expertise without delay and helps fill gaps in regional access to stroke care. Investments in improving care systems have been successful, and improved access to expertise and healthcare for patients remote from centers of expertise can be seen. With the increasing adoption of teleradiology, it is estimated that 96% of the US population has received optimal care, which is remarkable given the country's geographic spread. As telemedicine acceptance increases, the importance of building cohesion among physicians in telemedicine teams also flourishes. Additional government regulations regarding privacy, confidentiality, and patient rights apply in the country, and these may go beyond the existing requirements for general medical interactions. Thus, the factors as mentioned earlier are estimated to propel the teleradiology services market growth in the US during the forecast period.

Industry Developments and Future Opportunities: 

A few prominent initiatives by key players operating in the Teleradiology Services Market are listed below:

  1. In May 2022, Synapse Enterprise Information System from Fujifilm was chosen by RAYUS Radiology as the workflow management system for its extensive network of more than 150 imaging centers nationwide.

Competitive Landscape and Key Companies:

A few of the prominent players operating in the teleradiology services market are Aster Medical Imaging LLC, RAYUS Radiology Services, ONRAD Inc., medavis GmbH, Real Radiology LLC, Teleradiology Solutions Inc, Vital Radiology Services, Envision Healthcare Corp, Telediagnosys LLC, and Agilus Diagnostics Ltd. These companies focus on new product launches and geographic expansions to meet the growing consumer demand worldwide and increase their product range in specialty portfolios. Their global presence allows them to serve a large base of customers, subsequently facilitating market expansion.

Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Deployment Type, Modality, Application, End User, and Geography

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

This text is related
to country scope.

Frequently Asked Questions


What are teleradiology services?

Teleradiology refers to the practice of a radiologist interpreting medical images while not physically present in the location where the images are generated. Hospitals, mobile imaging companies, urgent care facilities, and even some private practices utilize teleradiology. The increasing use of teleradiology services after the pandemic and the increasing use of telehealth for instant and proper online consultation fuel the market's growth.

What are the driving and restraining factors for the teleradiology services market?

The factors driving the market include the shortage of radiologists and doctors and the growing adoption of teleradiology services. However, security and privacy concerns hinder market growth.

Who are the major players in market the teleradiology services market?

The teleradiology services market majorly consists of players such Aster Medical Imaging LLC, RAYUS Radiology Services, ONRAD Inc., medavis GmbH, Real Radiology LLC, Teleradiology Solutions Inc, Vital Radiology Services, Envision Healthcare Corp, Telediagnosys LLC, and Agilus Diagnostics Ltd..

Which segment is dominating the teleradiology services market?

The teleradiology services market is divided on the basis of deployment type, modality, application, end user, and geography. The teleradiology services market is segmented based on deployment type into cloud-based and web-based. In 2022, the cloud-based segment held the largest share of the market and is expected to grow at the fastest CAGR from 2022 to 2030.

The teleradiology services market is segmented by modality into MRI, CT scan, X-ray, and ultrasound. In 2022, the CT-scan segment held the largest market share, and the MRI segment is expected to grow at the fastest CAGR from 2022 to 2030.

In terms of application, the teleradiology services market is segmented into musculoskeletal, gastroenterology, cardiology, oncology, neurology, and others. In 2022, the musculoskeletal segment held the largest share of the market and is expected to grow at the fastest CAGR from 2022 to 2030.

The teleradiology services market is segmented based on end users into hospitals and clinics, diagnostic and imaging centers, and others. In 2022, the hospitals and clinics segment held the largest share of the market and is expected to grow at the fastest CAGR from 2022 to 2030.

Based on geography, the teleradiology services market is segmented into North America (the US, Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, and the Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia, and the Rest of Asia Pacific), the Middle East & Africa (the UAE, Saudi Arabia, South Africa, and Rest of the Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America). North America is the largest contributor to the growth of the global teleradiology services market. Asia Pacific is expected to register the highest CAGR in the teleradiology services market between 2022 and 2030.

The List of Companies - Teleradiology Services Market

  1. Aster Medical Imaging LLC
  2. RAYUS Radiology Services
  3. ONRAD Inc.
  4. medavis GmbH
  5. Real Radiology LLC
  6. Teleradiology Solutions Inc
  7. Vital Radiology Services
  8. Envision Healthcare Corp
  9. Telediagnosys LLC
  10. Agilus Diagnostics Ltd

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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