Teleradiology is a subcategory of telemedicine that involves sending radiographic images and associated information from one place to another for diagnostic and consulting reasons. It is a cutting-edge technology that emerged as a consequence of a gap between diagnostic service demand and availability.
Rapid advances in digital image processing technology guarantee successful image distribution on a local, regional, and worldwide scale. The substantially expanded capacity and speed of the Internet have allowed for far broader usage of teleradiology, with centers all around the world offering day-time reporting for out-of-hours imaging services in other nations with various time zones.
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The development and adoption of mobile technology (mHealth) to display and interpret images promote the expansion of the teleradiology market in industrialized countries such as Germany, the United States, Japan, Australia, and the United Kingdom. The extensive usage of smart connectivity devices and associated solutions demonstrates good medical image interpretation, lowering treatment duration. As a result, advances in digital technology will improve remote patient monitoring approaches and access to radiologist interpretation and consultation.
Moreover, as per macroeconomic considerations, outsourcing radiology services to proficient radiologists who can work for a significantly smaller proportion of the cost is advantageous for healthcare providers. As a result, centers are growing in price-sensitive Asian countries to manage the majority of radiology reporting obligations. Radiologists in affluent and industrialized nations are concentrating more on strengthening their function as imaging consultants, which is thought to provide benefit to patient care in some circumstances. Such factors are projected to fuel the growth of the global teleradiology market.
The global teleradiology market is likely to reach US$ 10.5 Bn by 2027, expanding at a CAGR of 16.9% from 2019 to 2027 (forecast period).
Teleradiology Market to Remain Unaffected Amid COVID-19 Pandemic
The COVID-19 outbreak is still transforming the development of numerous markets. Although some industries saw a reduction in demand, many other markets are unaffected and exhibit development opportunities. Teleradiology systems are commonly used in the COVID-19 pandemic scenario to exchange study findings and detailed information obtained during COVID-19 patient treatment. This has reduced the need for printed copies of imaging results and eliminated in-person meetings. Furthermore, various worldwide teleradiology collaborations of radiologists are projected to accelerate clinical studies and trials on preventive strategies. As a result, the global teleradiology market is anticipated to expand during the forecast period.
North America to Remain Leader in Teleradiology Market
North America led the global teleradiology market and is projected to continue during the forecast period. The region’s leadership position is attributed to a rising target population base, an increase in the incidence of chronic diseases, and the existence of key market participants. The United States is expected to be the largest revenue generator in teleradiology market in North America. Furthermore, the regional market is projected to be driven by expanded infrastructure, favorable government efforts, and a rising need for effective teleradiology solutions.
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Europe is projected to witness significant growth in the global teleradiology market during the forecast period. The growing number of teleradiology and its usage awareness events in Europe is anticipated to propel the regional market. For example, the 8th International Conference on Medical Informatics and Telemedicine was hosted in Switzerland in 2020. These conferences are expected to raise awareness while also supporting advances in teleradiology, hence assisting market growth.
The United Kingdom is expected to present revenue-generation opportunities in teleradiology market in Europe. Speedy technology improvements and increased demand for accurate, rapid, and on-site diagnosis, as well as the increasing incidence of target diseases in the region that needs interpretation by radiologists for further treatment, are among the factors driving market expansion.