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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
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.
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.
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.
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:
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:
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.