Teleradiology market growth at a CAGR of ~ 27.4% from 2021 to 2027

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The global Teleradiology market gathered revenue around USD 8.0 Billion in 2020 and market is set to grow USD 25.2 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 27.4% during the prediction period 2021 to 2027.

Overview of Teleradiology Market Study

Teleradiology market study conducted by Nova One Advisor is intended at helping stakeholders get a comprehensive overview of potential challenges and undiscovered opportunities. The report offers exclusive insights to help companies and their customers to make informed decision to sustain growth through the assessment period.

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Growth Factors:

Due to the outbreak of corona virus globally, there is a sudden rise in the demand for teleradiology services. The growth of this market is mainly attributed to the rising geriatric population and the subsequent increase in the prevalence of associated diseases, the increasing adoption of cloud-based solutions, and the benefits offered by teleradiology and a dearth of skilled radiologists. However, declining reimbursements and increasing regulatory burden in the US and data breaching of imaging report hampered market growth to an extent.

Teleradiology Market Dynamics
Drivers: Benefits offered by teleradiology and a dearth of skilled radiologists
Teleradiology enables the transmission of diagnostic medical images from one location to another, where it can be accessed by radiologists and physicians. It enables radiologists to provide their expertise without necessarily being at the same location as the patient. This is essential because radiologist subspecialties are few in number and typically located in metropolitan cities. The adoption of teleradiology solutions has significantly helped bridge the rural-urban disparity in many emerging countries, including India and Brazil, as well as developed economies like the US, the UK, and Germany. These solutions are more convenient and cost-effective as they eliminate the need for travel and allow radiologists to work from anywhere. A dearth of qualified radiologists has further increased the demand for teleradiology services.

Restrains: Declining reimbursements and increasing regulatory burden in the US
The US dominates the teleradiology market and accounts for more than 60% share of this market. However, from 2016 to 2018, there has been a steady decline in reimbursements and an increase in regulatory changes within the country. This has led to consolidation in the healthcare industry. The regulatory processes associated with the industry are impeding the growth of the market. For instance, in the US, the Protecting Access to Medicare Act of 2014 or PAMA sets appropriate use criteria (AUC) for advanced diagnostic imaging services provided to the beneficiaries of Medicare. According to PAMA, every healthcare professional who orders an advanced diagnostic imaging test should consult the AUC through a clinical decision support mechanism (CDSM). These developments can significantly restrain the growth of the diagnostic imaging market in the US, which, in turn, will affect the growth of the teleradiology market.

Opportunities: Adoption of artificial intelligence in teleradiology
Artificial intelligence is one of the most promising breakthroughs in the field of teleradiology. In the past 10 years, it is estimated that the number of publications on AI in radiology increased from an average of 100–150 research publications per year to 700–800 per year. Of all the major imaging modalities, the adoption of AI is higher in CT and MRI systems; likewise, based on applications, AI is majorly used in neuroradiology. Several players in this market have increased their offerings in the field of AI. For instance, in the Radiology Society of North America (RSNA) annual conference of 2018, about 104 companies exhibited AI-based technologies in the medical imaging space, of which 25 companies were first-time exhibitors. AI can help create an inbuilt system that prioritizes cases based on a protocol requirement. For example, cases of trauma and stroke can be prioritized and assigned to the radiologist’s work lists, thereby saving many lives.

Challenges: Data breach of imaging reports
Teleradiology enables the sharing of medical images to facilitate the delivery of care. However, cybersecurity measures to protect patient health information are often not implemented. There are ethical and legal obligations for healthcare providers to preserve the privacy and confidentiality of patient information, which can contain some of the most intimate information about an individual. Most clinical picture archive and communication systems (PACS) use digital imaging and communications in medicine (DICOM) standard image format for medical images. PACS could result in significant data loss, could serve as an avenue to cause disruption through a hospital’s system, or should the information be altered or misdirected, could impede timely diagnosis and treatment, thereby challenging the growth of this market.

The software segment is estimated to grow at the highest CAGR in the teleradiology, by products and services market, in 2019
Based on product and service, the teleradiology market is segmented into teleradiology services, software, and hardware. The teleradiology services segment accounted for the largest share in 2019. The software segment is estimated to grow at the highest CAGR during the forecast period. The increasing demand for healthcare software has driven software companies to improve interoperability, enhance technical capabilities, and increase data transparency. Moreover, the COVID-19 outbreak has led to an increased need for better management of large amounts of patient data. Owing to this, many hospitals are deploying teleradiology solutions to improve the efficiency of healthcare providers and improve patient outcomes. Moreover the software segment is further classified as RIS and PACS

The CT segment will dominate the teleradiology, by imaging technique market during the forecast period
Based on imaging technique, the teleradiology market is segmented into X-ray, computed tomography (CT), ultrasound, magnetic resonance imaging (MRI), nuclear imaging, fluoroscopy, and mammography. In 2019, the computed tomography segment accounted for the largest market share. Computed tomography (CT) is used in a wide range of applications, such as cardiology, oncology, neurology, and abdomen and pelvic, and spine and musculoskeletal imaging. Factors such as the growing need for effective and early diagnosis, technological advancements, and digitalization in this field are driving the growth of the teleradiology market for this segment. According to the WHO, more than 100 million CT scans are performed every year across the globe. The need to prevent exploratory surgeries and improvements in cancer diagnosis and treatment have increased the demand for CT scans over other imaging techniques.

Hospitals and clinics are the largest end users of teleradiology
Based on end users, the teleradiology market is segmented into hospitals and clinics; diagnostic imaging centers and laboratories; long-term care centers, nursing homes, and assisted living facilities; and other end users. The hospitals and clinics segment accounted for the largest share of in 2019. The large share of this segment can be attributed to the rising number of diagnostic imaging procedures performed in hospitals, the growing inclination of hospitals towards the automation and digitization of patient records, and the growing need to improve the quality of patient care. Moreover, a shortage of radiologists due to the COVID-19 pandemic and the rising adoption of advanced imaging modalities to improve workflow efficiency in hospitals are further expected to support the growth of this end-user segment.

Asia Pacific market to witness the highest growth during the forecast period
The teleradiology is divided into five regions—North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. These regions are further analyzed at the country levels. North America held the largest share of the teleradiology market in 2019, followed by Europe and the Asia Pacific. The Asia Pacific market is projected to grow at the highest CAGR during the forecast period. Market growth in the APAC region is mainly driven by the growing awareness about the benefits of early disease diagnosis, improvements in healthcare systems, growing medical tourism market in APAC countries, increasing healthcare expenditure, and increasing government initiatives for modernizing the healthcare infrastructure.

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COVID-19 Impact on Teleradiology Sales

Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Teleradiology market.

Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.

Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.

Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Teleradiology market 2021 onwards. This trend will however continue through the course of the report’s assessment period

Key Players:

This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the Teleradiology market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.

Some of the prominent players in the Teleradiology market include:

Philips Healthcare (Netherlands), Cerner Corporation (US),Siemens Healthineers (Germany), McKesson Corporation (US), FUJIFILM Holdings Corporation (Japan), Agfa Healthcare (Belgium), MEDNAX Services, Inc. (US), ONRAD Inc. (US), RamSoft Inc. (Canada), Novarad Corporation (US), TeleDiagnostic Solutions Pvt. Ltd. (India), Teleradiology Solutions (India), Telerad Tech (India), StatRad LLC (US), MedWeb LLC (US), WebRad TeleRadiology (India), Nautilus Medical (US), Carestream Health Inc. (US), USARAD Holdings, Inc. (US), and Everlight Radiology (Australia).

Unravelling the Critical Segments

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:

By Products and Services

  • Teleradiology Services
  • Software
    • PACS
    • RIS

By Imaging Technique

  • CT
  • MRI
  • Ultrasound
  • X-ray
  • Mammography
  • Nuclear Imaging
  • Fluoroscopy

By End Users

  • Hospitals and Clinics
  • Diagnostic Imaging Center and Laboratories
  • Long tem care centers, nursing homes, assisted living facilities.
  • Others

Why Buy this Report?

The purpose of Nova one advisor’s Teleradiology market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.

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