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Global Teleradiology Market to Grow at a CAGR of 22% During 2022-2027, Aided by the Growing Digitalisation and the Prevalence of Chronic Diseases Worldwide

According to a new report by EMR titled, ‘Global Teleradiology Market Report and Forecast 2022-2027’, the market witnessed a healthy growth in the historical period of 2017-2021. The market for teleradiology is expected to further grow at a CAGR of 22% in the forecast period of 2022-2027.

The global teleradiology industry is being driven by the heightened prevalence of chronic diseases that are boosting the demand for medical imaging to facilitate accurate and efficient diagnosis. In 2020, amid the COVID-19 outbreak worldwide, the demand for teleradiology services skyrocketed with the imposition of lockdown restrictions to provide remote diagnostic facilities. Looking forward, the growing public expenditure in the expansion and development of healthcare infrastructure is anticipated to provide growth opportunities to the teleradiology industry. This is likely to be supported by the rising geriatric population and their heightened susceptibility to various life-threatening and infectious diseases. Further, teleradiology solutions help enhance accessibility to healthcare facilities, especially in the case of rural sector, which is expected to bolster their deployment in the forecast period.

The growing investments by the leading players in the development of advanced teleradiology services to expand their product portfolio are expected to spearhead the market growth in the forecast years. For instance, in November 2021, IBM Corporation (NYSE: IBM) announced that IBM Watson Health will introduce IBM Imaging AI Orchestrator at the Radiological Society of North America (RSNA) 2021 Annual Meeting. This AI-based imaging solution will help modernise the reading experience of radiologists, while decreasing the demands on IT and imaging system administrators. Meanwhile, in March 2019, Koninklijke Philips N.V. (OTCMKTS: RYLPF) announced its plans to expand its radiology solutions portfolio with the development of advanced teleradiology services. The cloud-based telehealth services provided by Phillips would also offer advanced teleradiology viewing and on-call radiologists facilities.

Market Breakup by Component, Imaging Technique, End Use, and Region:

  • The market is divided, based on component, into services, software, and hardware.
  • On the basis of imaging technique, the market can be distributed into computed tomography, magnetic resonance imaging, ultrasound, X-ray, mammography, nuclear imaging, and fluoroscopy, among others.
  • Based on end use, the industry is segregated into hospitals and clinics, and diagnostic imaging centres and laboratories, among others.
  • Region-wise, the global market for teleradiology can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for teleradiology is being driven by the prevalence of chronic diseases and ailments worldwide. 
  • The growing government investments in the development of the healthcare infrastructure have significantly contributed to the market expansion. 
  • Increased digitalisation along with the rapid spread of the internet is also aiding the industry growth. 
  • The growing innovations in the development of advanced teleradiology solutions are further propelling the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for teleradiology for the periods (2017-2021) and (2022-2027). 
  • The report also offers historical (2017-2021) and forecast (2022-2027) market information for the components, imaging techniques, end uses, and regions of teleradiology.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global teleradiology market are Koninklijke Philips N.V., Mednax Services, Inc., USARAD Holdings, Inc., Teleradiology Solutions, Onrad, Inc., and TeleDiagnosys Services Pvt Ltd, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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