PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1419043
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1419043
Teleradiology Services Market size was valued at USD 6,450.4 Million in 2022, expanding at a CAGR of 12.9% from 2023 to 2030.
Teleradiology services involve the remote interpretation and transmission of medical images, such as X-rays, CT scans, MRIs, and other diagnostic imaging studies, by radiologists located in one location to healthcare providers or facilities in another location using telecommunication technology. This allows for rapid transmission of imaging studies, enabling timely and expert analysis of medical images, facilitating consultations, and providing diagnostic insights to aid in patient care and treatment decisions, particularly in areas where access to on-site radiologists is limited or during off-hours.
The surge in teleradiology services adoption has been driven by a shortage of radiologists in various countries like the U.S., the UK, and others, facilitating remote consultations for patient treatment without physical presence. Europe, with 13 radiologists per 100,000 population, and the UK, with a rate of 8.5 per 100,000, fall significantly below the required numbers, as highlighted by the Radiological Society of North America. Globally, an aging population and rising chronic diseases are expected to further propel market growth. Factors such as the escalating need for post-working-hour radiologist coverage, economical reporting costs, and swift Turn-Around-Time (TAT) have resulted in increased outsourcing of teleradiology services. Moreover, disparities in radiologist distribution in countries like India and Canada have boosted the adoption of onshore teleradiology services, especially in rural healthcare settings. Enhanced consumer awareness and improved accessibility have emerged as key drivers stimulating global market demand. Ongoing favorable government initiatives for teleradiology, exemplified by initiatives like the Andhra Med Tech Zone (AMTZ) and Teleradiology Solutions (TRS) establishing a dedicated zone for remote radiology image reads, signify continued market growth. Saudi Arabia's collaborations with state governments to implement teleradiology services across various regions and the Ministry of Health's 10-year concession to Altakassusi Alliance Medical for a diagnostic imaging public-private partnership project further underscore this trend.
The Global Teleradiology Services Market is segmented on the basis of Product, Modality, and Region.
The market is divided into three categories based on product: inhouse, onshore, and offshore categories, the onshore segment captured the largest revenue share in 2022. This was influenced by the uneven distribution of radiologists, particularly affecting rural areas where radiologist shortages and inadequate imaging equipment in medical centers prevail. Consequently, rural residents often travel long distances to access such facilities, driving market growth toward the onshore segment in urban areas. For example, Vietnam exhibited low adoption of PACS-RIS services in 2019, with less than 10% of total hospitals
The market is divided into six categories based on Modality: CT scans, X-rays, MRI, ultrasound, mammography, and PET-CT. Notably, the mammography segment dominated in 2022, attributed to rising breast cancer prevalence, increased diagnosis rates among women, and the shortage of skilled onsite radiologists for mammogram interpretation. This trend is evident in various emerging economies with inadequate onsite radiologists, leading to the adoption of onshore or offshore services for mammography interpretation due to staff shortages.
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Teleradiology service companies deploy strategies such as geographical expansion through partnerships, investing in advanced imaging tech, and forming strategic alliances within the healthcare sector. They prioritize compliance, innovate with AI/ML, and offer tailored services to address radiologist shortages, ensuring remote interpretations and after-hours coverage. These approaches aim to enhance service reach, technological capabilities, and regulatory adherence, ultimately improving patient care and meeting evolving healthcare needs.
In June 2023, Grovecourt Capital Partners, a private equity firm, disclosed its purchase of Premier Radiology, which construes approximately 2 million images annually.
The scope of this report covers the market by its major segments, which include as follows: