Teleradiology Services Market

Teleradiology Services Market, Distribution by Type of Image Processed, End User, Business Model and by Key Geographical Regions: Industry Trends and Global Forecasts, 2021-2030

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Adoption of teleradiology services can enable about 20%-30% enhancement in efficiency of radiologists / physicians, thereby allowing them to interpret more number of images in a single day

-- President and Chief Executive Officer, US based Mid-sized Company

Teleradiology Services Market Overview

The teleradiology services market is estimated to be worth around $1.9 billion and is expected to grow at compounded annual growth rate (CAGR) of 16.8% during the forecast period. Over the past few years, an increase in the global disease burden has been observed. In fact, the failure to report a health issue to a healthcare provider, in its early stages, is anticipated to cost several billion dollars in excess, each year. Further, some individuals are required to visit a radiologist frequently for proper diagnosis of their health condition. This creates an additional burden on radiologists, as in most of the cases the examination is done manually. It is worth mentioning that the scope of such manual examination of medical images is limited, both in terms of accuracy (resulting in misdiagnosis) and throughput (leading to delays in communication of results). As a result, in situations characterized by low physician to patient ratios, the conventional modus operandi is rendered inadequate.

Experts have predicted that there would be a shortage of 40,800 to 104,900 physicians, by 2030, in the US alone. Further, it is estimated that 90% of the medical data generated in hospitals is in the form of images; this puts an immense burden on radiologists and other consulting physicians to process such large volumes of data. Additionally, as per a recent survey conducted by Medscape, nearly 40% of the radiologists felt either burned out or stressed due to spending too many hours at work. The aforementioned constraints, coupled to the rising demand for virtual / remote diagnosis services, have prompted players to outsource their radiology needs. 

Teleradiology is a branch of telemedicine, that uses telecommunication systems to transmit radiological images, such as computed tomography (CT), magnetic resonance imaging (MRI), positron emission tomography (PET), ultrasound and X-ray, from one location to another for interpretation / consultation purposes. It holds several advantages in terms of streamlining challenges related to geographic and overnight / emergency coverage. Moreover, the implementation of teleradiology solutions in diagnostic imaging is deemed to possess the potential to save about 20%-30% of the total cost and time invested. Considering this, hospitals, diagnostic imaging centers and other potential end-users are gradually becoming more receptive to the adoption of such teleradiology solutions for their regular use. The recent surge in demand for teleradiology services amidst the COVID-19 pandemic has further served to create a strong case for imaging centers to implement such services. Over the years, teleradiology focused start-ups have seen a significant growth and are currently implementing innovative technologies, such as AI, cloud computing, deep learning, machine learning and quantum computing, to make the overall process more efficient while reducing the workload of radiologists. Given the ongoing pace of innovations, implementation of cutting-edge technologies, a high cost saving potential associated with such teleradiology solutions and increasing demand for remote diagnostic interpretations, we believe that the teleradiology services market is likely to witness a rapid market growth during the forecast period.

Context of Teleradiology Services Market List of Teleradiology Services Providers in Teleradiology Services Market Current Market Landscape of Teleradiology Services Market

Key Teleradiology Companies in Teleradiology Services Market

Examples of key teleradiology companies engaged in providing teleradiology services (which have also been profiled in this market report; the complete list of companies is available in the full report) include 4ways, Envision Physician Services, Everlight Radiology, Krsnaa Diagnostics, Medica, ONRAD, USARAD Holdings and vRad. This market report includes an easily searchable excel database of all the companies providing teleradiology services, worldwide.

Recent Developments in Teleradiology Service Market:

Several recent developments have taken place in the field of teleradiology services market. We have outlined some of these recent initiatives below. These developments, even if they took place post the release of our market report, substantiate the overall market trends that have been outlined in our analysis.

  • In September 2023, Experity acquired OnePACS with an aim to strengthen its position as the leading urgent care teleradiology provider across the domain. 
  • In June 2023, Grovecourt Capital Partners acquired Premier Radiology Servicesin to strengthen its teleradiology service portfolio. 
  • In June 2023, Rology acquired Saudi Arabian counterpart Arkan United with an aim to accelerate their mission of bringing the latest innovations in teleradiology to healthcare providers and patients in the kingdom and beyond.
Company Competitiveness Analysis of Players Engaged in Teleradiology Services Market Partnerships and Collaborations in Teleradiology Services Market Funding and Investment Activities in Teleradiology Services Market

Scope of the Report

The “Teleradiology Services Market, Distribution by Type of Image Processed (CT Scan, MRI, Ultrasound, X-Ray, and Others), End User (Hospitals, Diagnostic / Imaging Centers, Patients and Others), Business Model (B2B and B2C), and by Key Geographical Regions (North America, Europe, Asia, Middle East and North Africa, Latin America, and Rest of the World): Industry Trends and Global Forecasts, 2021-2030 ” market report features an extensive study of the current market landscape, market size, market share, market forecast, market outlook and future opportunities for the teleradiology services market. The market research report features an in-depth analysis, highlighting the capabilities of various stakeholders engaged in teleradiology services market. Amongst other elements, the market research report includes:

  • A detailed overview of the current market landscape of teleradiology company, including information on the year of establishment, company size (in terms of number of employees), target market (domestic and international), type of business model (B2B and B2C), location of headquarters, type of image processed (CT scan, MRI, PET, ultrasound and X-ray), type of subspecialty offered (cardiology, mammography, musculoskeletal, neuroradiology, nuclear medicine,  oncoradiology, pediatrics), type of end user (diagnostic / imaging centers, hospitals, patients, and others), type of software (PACS and RIS), and additional capabilities (AI, cloud computing, deep learning, and machine learning).
  • An in-depth company competitiveness analysis of teleradiology company, taking into consideration various relevant parameters, such as years of experience, portfolio strength (in terms of type of image processed, type of subspecialty offered, type of end user, target market, COVID-19 initiatives, and additional capabilities), partnerships activity (in terms of number of partnerships, year of partnerships, and type of partnerships), and funding activity (in terms of number of funding instances, amount of funding, year of funding, type of funding, and number of lead investors).
  • Elaborate profiles of various prominent teleradiology company that are currently engaged in offering teleradiology services for interpretation of diagnostic imaging, featuring a brief overview of the teleradiology company (including information on its year of establishment, number of employees, location of headquarters and key members of the executive team), recent developments and an informed future outlook.
  • An analysis of the partnerships that have been inked between various stakeholders in teleradiology services market, during the period 2015-2021, covering acquisitions, mergers, product launch agreements, service agreements, service alliances, technology integration agreements and technology utilization agreements, along with analysis on recent investments, including venture series, initial public offering (IPO), and private equity. Further, it includes analysis of other recent initiatives taken by various stakeholders engaged in teleradiology services market. 
  • A detailed analysis of the current and future market based on blue ocean strategy, covering a strategic plan / guide for emerging teleradiology company to help unlock an uncontested market, featuring thirteen strategic tools, modified in context to teleradiology services that can help service providers shift towards a blue ocean strategic market. 
  • An elaborate analysis on the cost saving potential associated with the implementation of  teleradiology in interpretation of diagnostic imaging, by taking into consideration several relevant parameters, such as number of radiologists in a region / country, annual remuneration of radiologists (region specific), number of scans (for modalities such as CT, MRI, X-ray, and Ultrasound) performed in each region and increase in efficiency (in terms of scanning time) achieved through adoption of teleradiology services.  

The key objective of teleradiology services market report is to provide a detailed market analysis in order to estimate the existing market size, market value, statistics and future opportunity for teleradiology services market during the forecast period. Based on multiple parameters, such as likely adoption trends, revenues of service providers, and expected price variations for these services, we have provided an informed estimate on the evolution of the market for the forecast period 2021-2030. The market report also features the likely distribution of the current and forecasted opportunity within teleradiology services market across [A] type of image processed (CT, MRI, ultrasound, X-ray, and others), [B] type of end user (hospitals, diagnostic / imaging centers, patients, and others), [C] type of business model (B2B, and B2C), and [D] key geographical regions (North America, Europe, Asia, Middle East and North Africa, Latin America, and Rest of the World). In order to account for future uncertainties and to add robustness to our forecast model, we have provided three market forecast scenarios, portraying the conservative, base and optimistic scenarios, representing different tracks of the industry’s growth.

The opinions and insights presented in the market report were influenced by discussions held with multiple stakeholders in teleradiology services market. The market research report features detailed transcripts of interviews held with the following industry stakeholders: 

  • President and Chief Executive Officer, Mid-sized Company, US
  • Co-Founder, Small Company, India

All actual figures have been sourced and analyzed from publicly available information forums and primary research discussions. Financial figures mentioned in this market research report are in USD, unless otherwise specified.

Blue Ocean Strategy Analysis in Teleradiology Services Market Pioneer Migrator Settler Map in Teleradiology Services Market Cost Saving Analysis in Teleradiology Services Market

Frequently Asked Questions

Question 1: What is teleradiology?

Answer: Teleradiology is a branch of telemedicine, that uses telecommunication systems to transmit radiological images, such as computed tomography (CT), magnetic resonance imaging (MRI), positron emission tomography (PET), ultrasound and X-ray, from one location to another for interpretation / consultation purposes.

Question 2: How big is the teleradiology services market?

Answer: The teleradiology services market size is estimated to be worth $1.9 billion in 2021.

Question 3: What is the projected teleradiology services market growth?

Answer: The teleradiology services market is expected to grow at compounded annual growth rate (CAGR) of over 16.8% during the forecast period 2021 - 2035.

Question 4: Who are the leading teleradiology companies in the teleradiology services market?

Answer: Examples of key companies offering teleradiology services (which have also been profiled in this market report; the complete list of companies is available in the full report) include 4ways, Envision Physician Services, Everlight Radiology, Krsnaa Diagnostics, Medica, ONRAD, USARAD Holdings and vRad.

Question 5: How many teleradiology companies are currently engaged in providing teleradiology services?

Answer: Over 100 companies are currently engaged in the teleradiology services market.

Question 6: How many partnership deals have been inked between companies engaged in the teleradiology services market?

Answer: Ove 45 deals have been inked between companies engaged in the teleradiology services market over the last few years.

Question 7: Which region is the hub for teleradiology companies providing services?

Answer: North America emerged as the hub for companies engaged in the teleradiology services market, with 40% of the players established in the region.

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