Teleradiology Market Worth by Value, CAGR and Forecast by 2023!

Teleradiology is the branch of telemedicine, which involves transmission of radiological images and related data from one location to another for diagnostic and consulting purpose. It is an advanced technology that has emerged due to the imbalance between demand and availability of diagnostic services. This is evident from the fact that high demand of radiology services in countries such as U.S., Singapore, and UK, were often unfulfilled owing to dearth of skilled and specialized professionals specific to teleradiology. For instance, in U.S., number of CT scans being performed is on an increase over the years, however, there is a persisting shortage of radiologists in the country. In Singapore, there is a paucity of radiologists for night coverage. In the UK, a radiologist takes 21 days on an average to submit an MRI report. All these challenges were met by teleradiology and thereby led to the growth of tele-based technologies and surge in demand for teleradiology techniques globally. The global teleradiology market accounted for $2,143 million in 2016 and is expected to reach $7,345 million by 2023 with a CAGR of 19.0% from 2017-2023.

Increase in demand of radiological services owing to high prevalence of chronic diseases such as congestive heart failure, orthopedic injuries propel the growth of the teleradiology market. In addition, high government expenditure on healthcare information (HCIT) sector and rise in focus of key players toward bringing innovation to digital diagnostics further fuels the market. However, low availability of broadband networks, and shortage of skilled radiologists restraints the market. Continuous advancements in medical diagnostic technologies provides lucrative opportunities for the growth of the teleradiology market growth during the forecast period.

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The report segments the teleradiology market based on imaging techniques, technology, and end user. In terms of imaging techniques, the market is segmented into X-rays, computed tomography (CT), ultrasounds, magnetic resonance imaging (MRI), nuclear imaging, fluoroscopy, mammography, and others. On the basis of technology, the market is classified into hardware, software, and telecom & networking. The software market is bifurcated into picture archiving and communication system (PACS) and radiology information system (RIS). The telecom & networking market is further divided into web-based and cloud-based teleradiology solutions. Based on end user, the market is categorized into hospitals, ambulatory surgical centers, diagnostic centers, and others.
By geography, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America accounted for the highest share in the teleradiology market in 2016, and is expected to maintain its dominance throughout the forecast period, owing to the presence of well-established healthcare information technology (HCIT) infrastructure in the region. However, Asia-Pacific is expected to emerge as a lucrative area with maximum growth potential, owing to the rapidly developing healthcare infrastructure, rise in medical tourism, and high prevalence of diseases.

The key players of the teleradiology market believe in acquisition and expansion to bring innovation to web-based radiological imaging facilities. For instance, in 2015, Mednax, Inc., acquired Virtual Radiologic Corporation (vRad), a telemedicine company. This acquisition was made by Mednax for growth in teleradiology and the broader telemedicine market.

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