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Market Research Report

Teleradiology - World - 2020

Published by Signify Research Product code 940399
Published Content info 133 Pages
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Teleradiology - World - 2020
Published: May 1, 2020 Content info: 133 Pages
Description

A highly detailed, 130+ page, data-centric analysis of the world market for Teleradiology reading services and IT.

  • Dedicated analysis for 20 major countries/regions, with analysis of teleradiology penetration into overall diagnostic imaging examinations by modality (e.g. Ultrasound, X-Ray, MRI, CT)
  • The teleradiology market is segmented by product type (software and services) at a country level, and function (e.g. Out of Hours reporting), vertical (e.g. Hospitals), architecture (On-premise v Cloud) and Artificial Intelligence impact at a regional level.
  • Data presented in terms of read volumes, revenues per read, revenue from reading services, and revenue from IT sold to teleradiology reading service providers, for the period 2018-2024
  • Vendor market shares for both reading service providers and IT vendors. 35 detailed company profiles provided for both groups.
  • Expert insights on country, function, and vertical trends. Explanation of the assumptions behind the forecasts along with "Our Take" on key issues, including the potential impact of COVID-19 on the teleradiology market
  • PDF report format and interactive Excel database that enables you to build your own views of the market data by selecting specific product, application and regional categories. Includes all static tables and figures.
  • A service, not just a report. You will have direct access to the report author to answer any questions, for our latest insights on the market, etc.

KEY TRENDS

2019 was a record year for the global teleradiology reading services market, with revenues rising by 9% to $1.2bn. The market is on course for solid growth over the next five years, tipping the market past $2.0bn in 2024.

Signify Research defines teleradiology as the electronic transmission of radiological patient images from a scanning organisation to a different reading organisation, for the purposes of diagnostic interpretation and reporting.

By 2024, it is estimated that 5.5bn diagnostic imaging examinations will be performed globally (including in house, using radiology groups and using teleradiology reading service providers), of which teleradiology reading will account for 2% of these reads.

Several drivers will contribute to the substantial growth of the teleradiology market (in terms of penetration, revenue and read volumes) over the next five years: These include:

1 - Shortage of Radiologists in Certain Countries/Regions

The diagnostic imaging market has suffered from growing pressures on healthcare resources across many countries globally. These shortages are fundamentally due to healthcare services (e.g. the UK's NHS) lacking the in-house capacity to read the rising quantity of diagnostic images. Within Europe, the UK and Eire has an exceptionally high shortage of radiologists; in 2019 there were an estimated seven radiologists per 100,000 people in the UK and Eire, which is particularly low compared to the European average (13 radiologists per 100,000 people) and the US (11 per 100,000). There were also a relatively low number of radiologists per population in Asia, Africa and Latin America.

Additionally, there is a shortage of radiologists capable of interpreting more specialist and complicated scans, with financial constraints placed on public healthcare service providers limiting their ability to invest in trainee radiologists. The ability to retain and recruit radiologists is proving a significant challenge for the industry.

With the demand for diagnostic imaging growing at a faster rate than the supply of radiologists, radiology groups, imaging centres and hospitals are increasingly becoming reliant on outsourcing their diagnostic reporting workload.

COVID-19 Impact

In addition, hospitals globally are facing an unprecedented constraint on resources due to the impact of COVID-19, which is contributing to a surge in patients requiring diagnostic examinations, such as a chest X-ray or CT. Whilst remote reading of diagnostic images within the hospital network is beyond the scope of Signify's market report, the knock-on effect of resourcing constraints will result in hospitals increasingly outsourcing their diagnostic reporting workload, outside of the hospital network, to teleradiology reading service providers.

2 - Increased Demand for More Specialised Modalities (e.g. CT/MRI)

X-ray was the most popular modality in 2019 and accounted for almost two-thirds of worldwide diagnostic imaging volumes. X-ray demand is forecast to continue to rise steadily through to 2024 although other modalities, including ultrasound, CT and MRI, are on course for significantly higher rates of growth. This is due to the advantages of using specialist modalities, including greater detection and visibility of soft tissues, cancers and tumours. As demand for specialised modalities increases, so does the requirement for specialist radiologists capable of interpreting complicated imaging examinations. Where access to sub-speciality expertise can be limited in-house (e.g. in smaller hospitals), teleradiologist expertise provides a potential solution.

3 - Longer Read Times for More Specialised Modalities (e.g. CT v X-ray)

There is a clear relationship between the complexity of a diagnostic examination and the length of read time; the average read time for an X-ray is two minutes, whereas the average read time for CT and MRI is significantly longer (15 minutes and 20 minutes respectively). Whilst X-rays accounted for most of the diagnostic imaging examinations performed in 2019, it is estimated that they accounted for less than 20% of total radiologist reading time, due to faster reading times per scan. The net effect of the changing complexion of scan types forecast over the next five years is, not only are diagnostic procedures increasing, but procedures that take a disproportionately longer time to report are growing fastest, increasing the demand for radiologist resource. With radiology demand (reading hours) rising at a faster pace than the supply of radiologists, the shortfall between supply and demand is set to accelerate.

4 - Demand for Out-of-Hours Reporting

The primary driver for out-of-hours reporting is for time-critical applications (e.g. neurology), or if there is suspicion of serious injury; these patients will require fast and accurate diagnosis. Emergency diagnostic examinations will be conducted on-site, however due to the lack of on-site radiologists working out-of-hours, the diagnostic image will be transmitted externally to a teleradiologist for reporting within a short turnaround time (e.g. <1 hour), depending on the urgency. Additional demand for out-of-hours reporting is being driven by the insufficient capacity of radiologists in house (in radiology groups, imaging centres and hospitals) during normal working hours. Out of hours reporting is estimated to have accounted for approximately 45% of the global teleradiology reading service market in 2019. It has been a major historic driver of growth for many reading services companies. For example, UK reading service provider Medica Group has seen out of hours reading services revenues increase from £11M ($16M) in 2015 to more than £22M ($28M) in 2019. Whilst still contributing heavily to overall market growth over the next five years, the share of the market taken by out of hours reporting is projected to fall fractionally as revenues from routine and specialist reporting gain share.

5 - Increased Use of Cloud-based Technology

Increased use of cloud-based technology is making implementing IT for teleradiology less complex. The benefit for hospitals and imaging centres in using cloud-based technology is that it bypasses the investment required for static IT architecture. It also removes geographical barriers, providing access to teleradiologists globally who simply require an internet connection and access credentials in order to provide a read/report.

In terms of cloud versus on-premise technology, there is a significant level of variation by vendor and region in terms of the architecture of the products that address teleradiology. However, the remote nature of the market means that more solutions are provisioned via cloud-based technology, compared to the broader imaging IT market.

Technology Advances (e.g. Artificial Intelligence)

As highlighted in Signify Research's recent market insight - Impact of AI on Teleradiology -, there has been plenty of activity in relation to teleradiology and AI, particularly for improving the three key ingredients of a successful teleradiology service (speed, accuracy and workflow/decision support). Whilst it will be beyond the five-year forecast period of our report before we see AI having a major impact on the teleradiology market, particularly in relation to reading speed and accuracy improvements, teleradiologists will increasingly benefit from solutions for workflow optimisation in the short-medium term.

Table of Contents

Table of Contents

Executive Summary

Chapter 1 - Introduction, Scope & Methodology

Chapter 2 - Global Trends & Analysis

  • 2.1. Introduction
  • 2.2. Summary of Teleradiology Market Drivers & Barriers
  • 2.3. Teleradiology Market Drivers & Barriers
    • 2.3.1. Overall Increases in Diagnostics Imaging Procedures
    • 2.3.2. Increased Demand for More Specialised Modalities
    • 2.3.3. Longer Read Times for Specialised Modalities
    • 2.3.4. Shortage of Radiologists
    • 2.4.1. Demand for Out of Hours Reporting
    • 2.4.2. Second Opinions
    • 2.4.3. Increased Teleradiology Penetration
    • 2.4.4. Removing the Distance/Logistical Barrier for Radiologists & Patients
    • 2.5.1. Technology Advances (e.g. artificial intelligence).
    • 2.6.1. Increased used of Cloud-based Technology
    • 2.6.2. Changes in Legislation
    • 2.6.3. Increasing Number of Vendors Offering Teleradiology Specific IT
    • 2.7.1. Reading Revenue Price Pressure
    • 2.8.1. Cultural Preferences
    • 2.8.2. Privacy Concerns
  • 2.9. Mechanics of Growth
  • 2.10. Diagnostic Imaging Procedures Performed
  • 2.11. Teleradiology Penetration
  • 2.12. Teleradiology Reading Volumes
  • 2.13. Average Revenue Per Read
  • 2.14. Teleradiology Reading Service Revenues
  • 2.15. Teleradiology IT Market Developments
  • 2.16. Teleradiology IT Market by Technology & Architecture
  • 2.17. Teleradiology IT and Reading Service Market
  • 2.18. Teleradiology Market by Function & Vertical

Chapter 3 - The EMEA Market

  • 3.1. Chapter Structure & Mechanics of Growth
  • 3.2. Diagnostic Imaging Procedures Performed
  • 3.3. Teleradiology Penetration & Reading Volumes
  • 3.4. Teleradiology Reading Service Revenues
  • 3.5. Teleradiology IT Market Developments
  • 3.6. Teleradiology IT and Reading Service Market
  • 3.7. Teleradiology Reading Service Providers
  • 3.8. The Benelux Region
    • 3.8.1. Diagnostic Imaging Market Developments
    • 3.8.2. Teleradiology Market Developments
    • 3.8.3. Leading Teleradiology Service Providers
  • 3.9. The DACH Region
    • 3.9.1. Diagnostic Imaging Market Developments
    • 3.9.2. Teleradiology Market Developments
    • 3.9.3. Leading Teleradiology Service Providers
  • 3.10. France
    • 3.10.1. Diagnostic Imaging Market Developments
    • 3.10.2. Teleradiology Market Developments
    • 3.10.3. Leading Teleradiology Service Providers
  • 3.11. Italy
    • 3.11.1. Diagnostic Imaging Market Developments
    • 3.11.2. Teleradiology Market Developments
    • 3.11.3. Leading Teleradiology Service Providers
  • 3.12. The Nordics
    • 3.12.1. Diagnostic Imaging Market Developments
    • 3.12.2. Teleradiology Market Developments
    • 3.12.3. Leading Teleradiology Service Providers
  • 3.13. Spain & Portugal
    • 3.13.1. Diagnostic Imaging Market Developments
    • 3.13.2. Teleradiology Market Developments
    • 3.13.3. Leading Teleradiology Service Providers
    • 3.14-3.15 UK/Eire
    • 3.14.1. Diagnostic Imaging Market Developments
    • 3.15.1. Teleradiology Market Developments
    • 3.15.2. Leading Teleradiology Service Providers
  • 3.16. Rest of Western Europe
    • 3.16.1. Diagnostic Imaging Market Developments
    • 3.16.2. Teleradiology Market Developments
    • 3.16.3. Leading Teleradiology Service Providers
  • 3.17. Eastern Europe
    • 3.17.1. Diagnostic Imaging Market Developments
    • 3.17.2. Teleradiology Market Developments
    • 3.17.3. Leading Teleradiology Service Providers
  • 3.18. The Middle East
    • 3.18.1. Diagnostic Imaging Market Developments
    • 3.18.2. Teleradiology Market Developments
    • 3.18.3. Leading Teleradiology Service Providers
  • 3.19. Africa
    • 3.19.1. Diagnostic Imaging Market Developments
    • 3.19.2. Teleradiology Market Developments
    • 3.19.3. Leading Teleradiology Service Providers

Chapter 4 - The Asian Market

  • 4.1. Chapter Structure & Mechanics of Growth
  • 4.2. Diagnostic Imaging Procedures Performed
  • 4.3. Teleradiology Penetration & Reading Volumes
  • 4.4. Teleradiology Reading Service Revenues
  • 4.5. Teleradiology IT Market Developments
  • 4.6. Teleradiology IT and Reading Service Market
  • 4.7. Teleradiology Reading Service Providers
  • 4.8. China
    • 4.8.1. Diagnostic Imaging Market Developments
    • 4.8.2. Teleradiology Market Developments
    • 4.9-4.10 India
    • 4.9.1. Diagnostic Imaging Market Developments
    • 4.9.2. Leading Teleradiology Service Providers
  • 4.10. Teleradiology Market Developments
  • 4.11. Japan
    • 4.11.1. Diagnostic Imaging Market Developments
    • 4.11.2. Teleradiology Market Developments
    • 4.11.3. Leading Teleradiology Service Providers
  • 4.12. Oceania
    • 4.12.1. Diagnostic Imaging Market Developments
    • 4.12.2. Teleradiology Market Developments
    • 4.12.3. Leading Teleradiology Service Providers
  • 4.13. Rest of Asia
    • 4.13.1. Diagnostic Imaging Market Developments
    • 4.13.2. Teleradiology Market Developments
    • 4.13.3. Leading Teleradiology Service Providers

Chapter 5 - The Americas Market

  • 5.1. Chapter Structure & Mechanics of Growth
  • 5.2. Diagnostic Imaging Procedures Performed
  • 5.3. Teleradiology Penetration & Reading Volumes
  • 5.4. Teleradiology Reading Service Revenues
  • 5.5. Teleradiology IT Market Developments
  • 5.6. Teleradiology IT and Reading Service Market
  • 5.7. Teleradiology Reading Service Providers
  • 5.8. Brazil
    • 5.8.1. Diagnostic Imaging Market Developments
    • 5.8.2. Teleradiology Market Developments
    • 5.8.3. Leading Teleradiology Service Providers
  • 5.9. Canada
    • 5.9.1. Diagnostic Imaging Market Developments
    • 5.9.2. Teleradiology Market Developments
    • 5.9.3. Leading Teleradiology Service Providers
  • 5.10. Rest of Americas
    • 5.10.1. Diagnostic Imaging Market Developments
    • 5.10.2. Teleradiology Market Developments
    • 5.10.3. Leading Teleradiology Service Providers
    • 5.11-5.12 US
    • 5.11.1. Diagnostic Imaging Market Developments
    • 5.11.2. Leading Teleradiology Service Providers
    • 5.12.1. Teleradiology Market Developments

Chapter 6 - The Competitive Environment

  • 6.1. Introduction
  • 6.2. Teleradiology Reading Service Volumes by Vendor
  • 6.3. Global & Regional Trends
  • 6.4. Teleradiology IT Market Shares by Vendor
    • 6.5-6.6 AI Developments by Vendor

Chapter 7 - Vendor Profiles

  • 7.0. Chapter Structure
  • 7.1. 4Ways Healthcare
  • 7.2. Atrys Health (Teleradiología de Colombia, Telrads)
  • 7.3. Befund24 (Siemens Healthineers)
  • 7.4. Columbia Asia Radiology Group
  • 7.5. Doctor-NET
  • 7.6. Everlight Radiology
  • 7.7. Experity Health (formerly Teleradiology Specialists)
  • 7.8. Foundation Radiology Group
  • 7.9. Future Teleradiology Solutions
  • 7.10. Global Diagnostics (Centric Health)
  • 7.11. I-MED Radiology Network
  • 7.12. INFINITT Healthcare
  • 7.13. Integral Diagnostics
  • 7.14. Intelerad Medical Systems
  • 7.15. Lifetrack Medical Systems
  • 7.16. Mayfair Diagnostics
  • 7.17. Medica Group
  • 7.18. Meddiff Technologies
  • 7.19. Medsynaptic
  • 7.20. Nucleus Health (StatRad)
  • 7.21. ONRAD
  • 7.22. O3 Enterprise (Medishare)
  • 7.23. Philips (Direct Radiology)
  • 7.24. RadNet (eRAD, Imaging on Call)
  • 7.25. RAD365
  • 7.26. RamSoft
  • 7.27. Real Time Medical
  • 7.28. Salinee Healthcare
  • 7.29. SimonMed Imaging
  • 7.30. Telediagnosys Services
  • 7.31. Telelaudo
  • 7.32. Telemedicine Clinic (Unilabs)
  • 7.33. Teleradiology Solutions (Telerad Tech)
  • 7.34. USARAD Holdings (USARAD / SecondOpinions)
  • 7.35. vRad (Virtual Radiologic)

Appendix 1 - Introduction, Scope & Method

  • AP1.1. Introduction
    • AP1.2-1.3 Geographic Scope & Definitions
  • AP1.4. Product Definitions
  • AP1.5. Exchange Rates
  • AP1.6. Research Method
    • AP1.6.1. Information Sources
    • AP1.6.2. Market Sizing and Forecast Method

Tables & Figures

  • Table SC.1 - Teleradiology - COVID-19 Impact Scenario
  • Table SC.2 - Teleradiology Summary - World - Best-case COVID-19 Impact
  • Table SC.3 - Teleradiology Summary - World - Worst-case COVID-19 Impact
  • Table ES.1 - Teleradiology Summary - World
  • Table ES.2 - Teleradiology Reading Service Volume by Vendor - World
  • Table 2.1 - Teleradiology Summary - World
  • Table 2.2 - Diagnostic Imaging Volumes by Region - World
  • Table 2.3 - Diagnostic Imaging Volumes by Modality - World
  • Table 2.4 - Teleradiology Penetration by Region - World
  • Table 2.5 - Reading Volumes by Region - World
  • Table 2.6 - Revenue per Read by Region - World
  • Table 2.7 - Reading Service Revenues by Region - World
  • Table 2.12 - IT and Reading Revenues - World
  • Table 2.13 - Teleradiology Revenues by Function - World
  • Table 2.14 - Teleradiology Volumes by Function - World
  • Table 2.15 - Teleradiology Revenues by Vertical - World
  • Table 2.16 - Teleradiology Volumes by Vertical - World
  • Table 3.1 - Teleradiology Summary - EMEA
  • Table 3.2 - Diagnostic Imaging Volumes by Modality - EMEA
  • Table 3.3 - Diagnostic Imaging Volumes by Country - EMEA
  • Table 3.4 - Teleradiology Penetration by Country - EMEA
  • Table 3.5 - Reading Volumes by Country - EMEA
  • Table 3.6 - Revenue per Read by Country - EMEA
  • Table 3.7 - Reading Service Revenues by Country - EMEA
  • Table 3.12 - IT and Reading Revenues by Country - EMEA
  • Table 3.13 - Teleradiology Revenues by Function - EMEA
  • Table 3.14 - Teleradiology Volumes by Function - EMEA
  • Table 3.15 - Teleradiology Revenues by Vertical - EMEA
  • Table 3.16 - Teleradiology Volumes by Vertical - EMEA
  • Table 4.1 - Teleradiology Summary - Asia
  • Table 4.2 - Diagnostic Imaging Volumes by Modality - Asia
  • Table 4.3 - Diagnostic Imaging Volumes by Country - Asia
  • Table 4.4 - Teleradiology Penetration by Country - Asia
  • Table 4.5 - Reading Volumes by Country - Asia
  • Table 4.6 - Revenue per Read by Country - Asia
  • Table 4.7 - Reading Service Revenues by Country - Asia
  • Table 4.12 - IT and Reading Revenues by Country - Asia
  • Table 4.13 - Teleradiology Revenues by Function - Asia
  • Table 4.14 - Teleradiology Volumes by Function - Asia
  • Table 4.15 - Teleradiology Revenues by Vertical - Asia
  • Table 4.16 - Teleradiology Volumes by Vertical - Asia
  • Table 5.1 - Teleradiology Summary - Americas
  • Table 5.2 - Diagnostic Imaging Volumes by Modality - Americas
  • Table 5.3 - Diagnostic Imaging Volumes by Country - Americas
  • Table 5.4 - Teleradiology Penetration by Country - Americas
  • Table 5.5 - Reading Volumes by Country - Americas
  • Table 5.6 - Revenue per Read by Country - Americas
  • Table 5.7 - Reading Service Revenues by Country - Americas
  • Table 5.12 - IT and Reading Revenues by Country - Americas
  • Table 5.13 - Teleradiology Revenues by Function - Americas
  • Table 5.14 - Teleradiology Volumes by Function - Americas
  • Table 5.15 - Teleradiology Revenues by Vertical - Americas
  • Table 5.16 - Teleradiology Volumes by Vertical - Americas
  • Figure SC.1 - Teleradiology -- COVID-19 Impact Scenario
  • Figure SC.2 - IT and Reading Revenues - Annual Growth Rates
  • Figure SC.3 - IT and Reading Revenues - Annual Growth Rates
  • Figure 2.2 - Diagnostic Imaging Volumes by Modality - World
  • Figure 2.5 - Reading Volumes & Penetration - World
  • Figure 2.5b - Reading Volumes by Region - World
  • Figure 2.7 - Reading Services Revenues & Revenue per Read - World
  • Figure 2.12 - IT and Reading Revenues - World
  • Figure 3.1 - Teleradiology Market - EMEA
  • Figure 3.2 - Diagnostic Imaging Volumes by Modality - EMEA
  • Figure 3.5 - Reading Volumes & Penetration - EMEA
  • Figure 3.5b - Reading Volumes by Country - EMEA
  • Figure 3.7 - Teleradiology Reading Services Revenues & Revenue per Read - EMEA
  • Figure 3.12 - Teleradiology Market Revenues - EMEA
  • Figure 4.1 - Teleradiology Market - Asia
  • Figure 4.2 - Diagnostic Imaging Volumes by Modality - Asia
  • Figure 4.5 - Reading Volumes & Penetration - Asia
  • Figure 4.5b - Reading Volumes by Country - Asia
  • Figure 4.7 - Teleradiology Reading Services Revenues & Revenue per Read - Asia
  • Figure 4.12 - Teleradiology Market Revenues - Asia
  • Figure 5.1 - Teleradiology Market - Americas
  • Figure 5.2 - Diagnostic Imaging Volumes by Modality - Americas
  • Figure 5.5 - Reading Volumes & Penetration - Americas
  • Figure 5.5b - Reading Volumes by Country - Americas
  • Figure 5.7 - Teleradiology Reading Services Revenues & Revenue per Read - Americas
  • Figure 5.12 - Teleradiology Market Revenues - Americas
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