Teleradiology Market Size to Reach USD 10,621 Million by 2025 - Valuates Reports

Teleradiology Market Size to Reach USD 10,621 Million by 2025 - Valuates Reports

PR Newswire

BANGALORE, India, July 15, 2020

BANGALORE, India, July 15, 2020 /PRNewswire/ -- Teleradiology is a branch of telemedicine that involves transmitting radiological images and related data for diagnostic and consulting purposes from one location to another. It's an emerging technology that has arisen due to the disparity between medical services demand and availability.

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The global teleradiology market size was USD 2,709 Million in 2017 and is expected to reach USD 10,621 Million by 2025, with a CAGR of 18.4% from 2018 to 2025.

There is a rapid increase in demand for teleradiology services due to the coronavirus outbreak. Healthcare providers rely on teleradiology tools to read diagnostic information and treat patients. While the fight against COVID-19 continues, there is a growing need to make teleradiology solutions more common.

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This market's growth is mainly due to the growing geriatric population, rise in disease prevalence, increasing adoption of cloud-based solutions, and the benefits provided by teleradiology and shortage of professional radiologists.

Teleradiology allows for the transfer of diagnostic medical images from one site to another, where radiologists and physicians can view them. Teleradiology solutions are more efficient and cost-effective, as they reduce travel needs and enable radiologists to operate from anywhere. This factor is, in turn, expected to increase the teleradiology market size during the forecast period.

Growing technological advancements are expected to increase the teleradiology market size during the forecast period. For example, the incorporation of AI in teleradiology allows image segmentation and analysis to detect and classify radiographic findings. 

As several radiologists migrate into the Telehealth and Teleradiology cluster, the teleradiology industry faces personnel, monetary, and logistics challenges. In addition, there are Internet connectivity concerns, especially in rural hospital settings, and people living in rural areas are hesitant to embrace evidence of teleradiology due to data breach problems.

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X-ray holds the largest market share for teleradiology due to its broad scope of use. Growing demand for bedside imaging and core diagnostics and the launch of new technologies will further fuel the segment growth.

CT scan is expected to experience the fastest growth over the projected period. Extensive use, fast testing, high-resolution imaging capability and the emergence of new generation systems like 4D are some of the factors responsible for growth in the segment

Based on the region, North America is projected to hold the largest teleradiology market share during the forecast period. Rising chronic disease prevalence and the presence of major market players are the key factors contributing to the market growth in this region.

In 2019, Europe held a significant share of market revenue. The market is expected to be driven by an increasing number of teleradiology awareness programs and their implementation in Europe.

The Asia Pacific is expected to witness the fastest growth rate during the forecast period. This growth is attributed to unmet health needs, coupled with a rapidly expanding healthcare infrastructure. In developing economies such as India and China, a large proportion of the population resides in rural areas where access to healthcare is limited. This is expected to increase demand for cost-effective diagnostic interventions, such as teleradiology services.

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'Picture archiving and communications systems' (PACS) is a term used for medical or clinical imaging technologies that enable storage and exchange of images across multiple sources. 

The need to incorporate patient photos with electronic medical records and exchange channels for health-related information is expected to increase the Picture Archiving and Communication Systems (PACS) Market size during the forecast period. 

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The Radiology Information Systems Market size is expected to increase due to the growing population, investments in R & D activities, the numbers of radiology practitioners and practices, and web-based solutions choice.

The RIS's major functions can include patient scheduling, resource management, examination performance tracking, examination interpretation, results in distribution, and procedure billing.

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This report studies the Teleradiology Services market size by players, regions, product types and end industries, history data 2014-2018, and forecast data 2019-2025. 

The Teleradiology Services Market report also studies the global market competition landscape, market drivers and trends, opportunities and challenges, risks and entry barriers, sales channels, distributors, and Porter's Five Forces Analysis.

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The primary factor fuelling the growth of teleradiology market size is increasing domestic, livestock, and companion animal industry, rising animal disease, and accident cases, and the growing number of veterinary practitioners.

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