According to the new market research report “Teleradiology Market by Product & Service (Services, Hardware, Software (PACS, RIS)), Imaging Technique (MRI, CT, X-ray, Ultrasound, Mammography, Nuclear Imaging), End User (Hospitals, Diagnostic Centers & Laboratories), COVID-19 Impact – Forecast to 2026″, published by MarketsandMarkets™, the global market is expected to reach USD 14.8 billion by 2026 from USD 7.3 billion in 2021, at a CAGR of 15.3% during the forecast period of 2021 to 2026.
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Due to the outbreak of coronavirus globally, there is a sudden rise in the demand for teleradiology services. In 2021, teleradiology market reached to USD 7.3 billion. 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 number of advanced imaging procedures and a shortage of skilled radiologists; advancements in teleradiology the increasing adoption of cloud-based solutions. However, declining reimbursements and the increasing regulatory burden in the US are factors expected to restrain the market growth. Moreover, the increasing adoption of artificial intelligence and blockchain technology in teleradiology is expected to provide lucrative opportunities for the growth of the teleradiology market in the coming years.
Rise in the shortage of skilled radiologists to drive the demand for teleradiology.
Based on product and service, the market is segmented into teleradiology services, software, and hardware. The teleradiology services segment accounted for the largest share of 67.7% of the global teleradiology market in 2020. The large share of this segment can be attributed to the growing demand for faster and accurate diagnosis, shortage of skilled radiologists, and the growing number of COVID-19 cases worldwide.
The hospitals and clinics segment accounted for the largest market share in 2020
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 in 2020. 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. Diagnostic imaging centers and laboratories are expected to witness the highest growth during the forecast period, mainly due Factors such as the growing number of private imaging centers due to the rising demand for early diagnosis and a lack of imaging modalities in small and medium-scale hospitals.
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North America was the largest regional market for teleradiology market in 2020
The teleradiology market is segmented into five major regions, namely, North America, Europe, Asia Pacific, Latina America, and the Middle East and Africa. In 2020, North America accounted for the largest share. The large share of North America in the global market is attributed to the rising geriatric population, high incidence of chronic diseases, a large number of diagnostic imaging procedures, increasing awareness about the benefits of early diagnosis of diseases, and the rapid adoption of technologically advanced imaging systems in this region. Due to its growing geriatric population segment and environmental conditions have favored the spread of COVID-19 which has severely affected the region and ensured enormous growth in the demand for telehealth and teleradiology. Players in this and adjacent, or even non-related, markets have focused on or collaborated for expanding the services of teleradiology.
Some of the prominent players in this market are Cerner Corporation (US), Phillips Healthcare (Netherlands), Siemens Healthineers (Germany), McKesson Corporation (US), FUJIFILM Holdings Corporation (Japan), Agfa HealthCare (Belgium), Medica Group Plc. (UK), ONRAD, Inc. (US), RamSoft Inc. (Canada), NovaRad Corporation (US), TeleDiagnostic Solutions Pvt. Ltd. (India), 4ways Healthcare (UK), Teleradiology Solutions (India), TeleRad Tech (India), StatRad LLC (US), MedWeb LLC (US), WebRad TeleRadiology (India), Nautilus Medical (US), GE Healthcare (US), USARAD Holdings, Inc. (US), Everlight Radiology (Australia), and Mirada Medical (US).
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