Teleradiology Market

Market Synopsis:

Global Teleradiology market is valued at USD 8.05 Billion in 2022 and is projected to attain a value of USD 24.63 Billion by 2030 at a CAGR of 15.00% during the forecast period, 2022–2028. The global outbreak of Coronavirus has resulted in a surge in demand for Teleradiology services. The rising geriatric population and the resulting increase in the prevalence of associated diseases; the increasing number of advanced imaging procedures and a shortage of skilled radiologists; advancements in Teleradiology; and the increasing adoption of cloud-based solutions are all contributing to the market's growth. However, in the United States, decreased reimbursements and growing regulatory burdens are projected to limit industry expansion. Furthermore, the growing use of artificial intelligence and block-chain technology in Teleradiology is likely to create profitable prospects for the Teleradiology market to expand in the future years.

As a number of radiologists move into the telehealth and Teleradiology cluster, this industry is suffering staffing, financial, and logistical issues. Due to the cancellation or postponement of elective treatments, radiology volumes have declined dramatically. Furthermore, internet connectivity challenges exist, particularly in remote hospital settings, and individuals in rural areas are unwilling to accept Teleradiology results due to data security concerns.

Adoption of Artificial Intelligence in Teleradiology

In the realm of Teleradiology, artificial intelligence is one of the most promising achievements. It is anticipated that the number of papers on AI in radiology has increased from an average of 100–150 per year to 700–800 per year in the last ten years. AI usage is stronger in CT and MRI systems than in other key imaging modalities; similarly, AI is mostly used in neuroradiology based on applications. Several market competitors have enhanced their AI solutions. AI can assist in the development of a built-in system that prioritizes cases according to protocol requirements. Trauma and stroke cases, for example, can be prioritized and sent to radiologist work lists, potentially saving many lives.

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Data Breach & Cybersecurity Risks

Teleradiology allows for the transmission of medical images to help in care delivery. Cyber-security precautions to protect patient health information, on the other hand, are frequently ignored. Healthcare providers have ethical and legal responsibility to protect the privacy and confidentiality of patient information, which can contain some of the most personal information about a person. For medical images, the majority of clinical picture archiving and communication systems (PACS) employ the digital imaging and communications in medicine (DICOM) standard image format. PACS could result in major data loss, could be used to disrupt a hospital's system, or could obstruct timely diagnosis and treatment if the information is altered or diverted, posing a threat to the market's growth.

Market Segmentation:

The Global Teleradiology Market can be segmented by Imaging Technique into X-ray, Ultrasound, Computed Tomography (CT), Magnetic Resonance Imaging (MRI), Nuclear Imaging and Others. By End User, Hospitals, Ambulatory Imaging Centers and Radiology Clinics. By Component, into Hardware & Software. Based on Region, the Teleradiology Market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

North America to Continue Dominating the Teleradiology Market

The region's leadership position is due to a growing target population base, increasing prevalence of chronic diseases, and the existence of key market participants. Furthermore, the regional market is expected to be driven by established infrastructure, supportive government efforts, and rising need for effective teleradiology solutions.

Key Players:

Key players in this market include 4ways Healthcare Ltd. (UK), HealthWatch TeleDiagnostics Pvt. Ltd. (India), RamSoft Inc. (Canada), Everlight Radiology (UK), Virtual Radiologic (US), Agfa-Gevaert N.V. (Belgium), ONRAD (US), Teleradiology Solutions (India), and Global Diagnostics (Australia).

Teleradiology market is segmented as follows: