The global teleradiology services market size was significantly robust in 2020 and is expected to register a steady revenue CAGR over the forecast period. Key factors providing impetus to market revenue growth are the increasing geriatric population and the resulting increase in prevalence of associated diseases, growing adoption of cloud-based solutions, advantages of teleradiology, and shortages of qualified radiologists are all driving market growth rates. However, decreasing reimbursements and rising regulatory burdens in the United States, as well as data breaches in imaging reports, hindered industry growth to some extent.
Major Factors Driving Growth of The Global Teleradiology Services Market:
Teleradiology is the transferring of medical diagnostic images from one place to another, where radiologists and physicians can access them. It facilitates radiologists to provide their expert knowledge without the need to be physically present with the patient. This is critical because radiologist subspecialties are few and usually concentrated in major cities. Implementation of teleradiology solutions has considerably enhanced closing the rural-urban divide in many developing countries, including India and Brazil, as well as advanced nations such as the United States, the United Kingdom, and Germany. Since they completely eradicate the need for travel and enable radiologists to operate from anywhere, these alternatives are more convenient and expensive. The scarcity of qualified radiologists has expanded the market for teleradiology services.
Factors Restraining Growth Of The Global Teleradiology Services Market:
The global teleradiology services market growth is substantially hampered by several unfavorable factors. The United States tends to dominate the teleradiology market, accounting for even more than 60% of the market. Nevertheless, there has been a steady decline in reimbursements and an increase in regulatory changes within the country from 2016 to 2018. This has resulted in healthcare sector consolidation. The regulatory mechanisms associated with the business are negatively affecting overall growth. In the United States, for example, the Protecting Access to Medicare Act of 2014 (PAMA) establishes appropriate use criteria (AUC) for modern medical image analysis facilities supplied to Medicare patients. Such advancements have the potential to significantly slow the growth of the diagnostic imaging market in the United States, thereby affecting the growth of the teleradiology market.
Opportunities For Players Operating In The Global Teleradiology Services Market:
The global teleradiology services market is projected to expand rapidly during the forecast period. Artificial intelligence is the most noteworthy advancement in the area of teleradiology. It is estimated that over the last ten years, the number of articles on AI in radiology has risen from an average of 100–150 published research per year to 700–800 per year. AI is more widely used in CT and MRI systems than in other major imaging modalities. Similarly, AI is also widely used in neuroradiology. Several market participants have expanded their offerings in the area of artificial intelligence.
For example, at the 2018 annual conference of the Radiology Society of North America (RSNA), approximately 104 companies exhibited AI-based technologies in the medical imaging space, with 25 of them being first-time exhibitors. AI can assist in the development of an in-built framework that prioritizes claims based on protocol requirements. Incidents of trauma as well as stroke, for instance, can be prioritized and designated to radiologist task checklist, thus possibly saving numerous lives.
Global Teleradiology Services Market Revenue Led By Product Type Segment:
The teleradiology market is divided into three segments based on product and service: teleradiology services, software, and hardware. In 2019, the teleradiology services segment held the largest share. Due to the increased demand for healthcare software, software companies have strived to change interconnectivity, technical capabilities, and data transparency. Furthermore, the COVID-19 epidemic has expanded the opportunities for improved management of multiple volumes of patient records. As a result, many healthcare facilities are implementing teleradiology methods to enhance healthcare provider efficiency and patient outcomes.
Market Leading End User:
The teleradiology market is divided into four segments based on end-users, which are hospitals and clinics, diagnostic imaging centers and laboratories, long-term care facilities, nursing homes, assisted living facilities, and other end users. The hospitals and clinics segment accounted for the largest volume in the sector. The growing amount of diagnostic imaging procedures performed in hospitals, and hospital’s growing inclination toward automation and digitization of patient records, as well as the rising need to strengthen patient care quality all, contribute to this segment’s size. The increasing adoption of advanced imaging modalities to improve workflow efficiency in hospitals.