Published: November 2021
The growing demand for remote diagnosis and increased workload on radiologists has compelled hospitals / diagnostic centers to adopt teleradiology services, to not only expedite report turnaround process, but also enable cost savings
Teleradiology is a branch of telemedicine that uses telecommunication systems for the transmission of radiological images from one location to another. Such services enable hospitals / diagnostic centers to manage heavy workload, while maintaining high report quality with lower discrepancies and better reporting efficiency. Following the onset of COVID-19 pandemic, patients and radiologists there is a growing preference for remote diagnosis, aided by teleradiology services.
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More than 100 players currently claim to be engaged in providing teleradiology services
Majority of the players engaged in this domain are small firms (11-50 employees, 40%), followed by mid-sized players (51-500 employees, 33%) and very small (<10 employees, 16%) companies. Additionally, most of the service providers (~40%) are headquartered in North America, followed by Asia, Europe, Middle East and North Africa, and South America.
Over 80 service providers have the capabilities to offer CT and MRI image interpretations
Around 70 service providers states to have the necessary expertise to provide X-ray image interpretations, followed by those offering services for ultrasound (63) and PET (44) scans. Examples of players offering services for all types of medical images include 4ways Healthcare, All-American Teleradiology, Arkan United and Ayuj Teleradiology.
Over 45 agreements were inked by teleradiology service providers, between 2015 and 2021
Interestingly, around 50% of the agreements were signed since 2020. Further, majority of the deals (53%) were inked by players based in North America, followed by those located in Europe (32%), Asia (9%), rest of the world (4%) and Latin America (2%)
Adoption of teleradiology services is estimated to enable 20% – 30% cost savings
Given their improved efficiency, faster diagnosis and 24 hours accessibility, teleradiology services allow hospitals / diagnostic centers to interpret more medical images in a day. In fact, it is estimated that, by 2030, the aforementioned increase in productivity is likely to result in cost savings worth over USD 16 billion.
North America, Europe and Asia are anticipated to capture over 70% of the market share by 2030
Owing to increased outsourcing of teleradiology services to Asia, the market in this region is anticipated to grow at a relatively faster pace (17.9%). In 2030, hospitals and diagnostic / imaging centers are expected to dominate the market, capturing over 55% of the market share among end users. However, companies offering services directly to patients are expected to grow at a relatively faster pace (20%), till 2030.
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The financial opportunity within the teleradiology services market has been analyzed across the following segments:
The report features inputs from eminent industry stakeholders, according to whom, teleradiology services are anticipated to witness increased adoption given the spiked interest towards remote diagnosis during the COVID-19 pandemic. The report includes detailed transcripts of the discussions held with following industry experts:
The research includes profiles of key players (listed below); each profile features a brief overview of the company, recent developments (including funding and collaborations) and an informed future outlook.
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