Teleradiology Market Size & Share Analysis - Trends, Drivers, Competitive Landscape, and Forecasts (2024 - 2030)

Teleradiology Market Trends & Growth Drivers

Growing Number of Advanced Imaging Procedures Is Key Trend

• The use of diagnostic imaging has expanded significantly in the past decade due to the rising medical costs and a deeper understanding of the human anatomy through the use of ionizing radiation.
• Many factors have contributed to the rise in the volume of (CT), magnetic resonance imaging (), and other imaging procedures.
• These include increased technology accessibility, high demand from physicians and clinicians, favorable reimbursement scenario, and enhancements in technologies, which have resulted in lower costs of the scans.

Shortage of Skilled Radiologists Drives Market

• Teleradiology services are one of the newest approaches for clinics and hospitals to providing radiology consultations in remote places. Underdeveloped and developing countries have an acute shortage of radiological staff and infrastructure.
• According to research by Apollo Radiology International, currently, 83 countries fall below the threshold of 22.8 skilled health professionals per 10,000 population.
• As per the Association of American Medical Colleges, by 2032, the U.S. could face physician shortage of 122,000.
• Additionally, in the U.K., less than 5% of the radiology departments conduct all the scheduled scans within their normal operating hours.
• This shortage is attributed to both an increase in the demand for diagnostic scans due to the growing geriatric population and the entry of far fewer than desired radiology trainees in courses. 

Integration of AI Offers Lucrative Opportunities

• The market outlook for teleradiology will better in the future as the demand for these solutions is predicted to rise over the decade.
• Artificial Intelligence (AI) offers a huge competitive advantage for teleradiology reading service providers, as it can reduce the reading times, whilst maintaining or even improving the accuracy.
• AI algorithms can also help doctors diagnose stroke within minutes, as the patient is wheeled out of the CT room.
• Moreover, AI is increasingly being incorporated with neuroradiology, on the basis of application.
• Many players in this field have enhanced their offerings with AI, as it can help set up an inbuilt mechanism that prioritizes cases based on a protocol condition.
• For instance, stroke and trauma-related cases can be given high priority, by assigning them to the worklist of the radiologist.
• Thus, the incorporation of AI in teleradiology is expected to result in the growth of the market in the future.

Teleradiology Market Analysis

Insights by Product

The hardware & software category is expected to grow at the higher teleradiology market CAGR, around 15.5%, during 2024–2030. This can be ascribed to the growing need for healthcare software, which is why IT vendors have been working to improve interoperability, technical capabilities, and data transparency. Furthermore, the COVID-19 outbreak has heightened the need for better data management for large groups of patients. As a result, many hospitals are implementing these systems to boost healthcare efficiency and improve patient outcomes.

The following products are included in the report:

• Services
  • General consultation
  • Nighthawk & emergency
  • Specialty
  • Second opinion
• Hardware & Software (Larger and Faster-Growing Category)

Insights by End User

Hospitals & clinics hold the largest teleradiology market share, of 55%, in 2024. This is because most of the radiological imaging studies are performed in hospitals, under the guidance of expert doctors and system technicians. Moreover, patients prefer hospitals to diagnostic centers for this reason. Additionally, in emergencies, such as a sudden loss of consciousness or a serious road accident, the victims are generally referred to the emergency departments of hospitals for a prompt diagnosis and further action. With such places integrating high-speed internet connections and big data analysis software, there are increasingly using the teleradiology approach to save time and costs for patients and offer them accurate interpretations of their scans.

Diagnostic imaging centers & laboratories are expected to witness the higher CAGR, of 15.4%, over the forecast period. Because these places are dedicated to providing diagnoses, they generally have a shorter waiting time than full-fledged hospitals. Additionally, they offer cheaper services than hospitals, which is why diagnostic imaging centers are becoming rapidly popular in developing countries.

We have studied the below-mentioned end users:

• Hospital & Clinics (Largest Category)
• Diagnostic Imaging Centers & Laboratories (Fastest-Growing Category)
• Others

Insights by Application

Oncology is the dominant category, with a share of 40%, in 2024. This is because mammography, CT, MRI, PET, SPECT, and hybrid imaging techniques, such has PET/MRI and PET/CT, are vital in cancer diagnosis, staging, and prognosis. Every year, the case count of cancer is increasing due to the changes in lifestyles, which are now characterized by desk jobs, inadequate exercise, and overconsumption of tobacco alcohol, and drugs. As per the National Cancer Institute, from 20 million in 2022, the global cancer case count is expected to rise to 29.9 million by 2040. Similarly, the annual mortality would surge to 15.3 million from 9.7 million.

Cardiology applications will grow the fastest, with a CAGR of 15.8%, during the forecast period, primarily due to the swiftly increasing incidence of CVDs. According to the WHO, 17.9 million people die each year from CVDs, which is an estimated 32% of all deaths worldwide, and 85% of all CVD deaths are due to heart attacks and strokes. Additionally, according to the Centers for Disease Control and Prevention, in the U.S., one person dies every 36 seconds from CVDs and about 659,000 people die from heart diseases each year, that is 1 in every 4 deaths.

Moreover, according to the British Heart Foundation, in the U.K., heart and circulatory diseases cause a quarter of all deaths, that is, more than 160,000 deaths each year and an average of 460 deaths each day, or one every three minutes. Additionally, around 7.6 million people are living with a heart or circulatory disease in the U.K., including 4 million men and 3.6 million women.

The report offers insights for these applications:

• Cardiology (Fastest-Growing Category)
• Orthopedic
• Oncology (Largest Category)
• Neurology
• Gastroenterology
• Dental
• OB/GYN
• Others 

Insights by Imaging Technique

CT scans provide more-detailed information and quickly examine people who may have internal injuries from road accidents or other types of traumas. A CT scan can be used to visualize nearly all parts of the body and diagnose disease or injury, as well as to plan surgical or radiation treatment. Moreover, the pandemic has pushed up the demand for CT scans, as almost every hospitalized COVID patient needs one. The system uses computers and rotating X-ray machines to create cross-sectional images of the body, and they are being used to monitor the progression of the disease.

The following imaging techniques have been analyzed:

• Ultrasound
• X-Ray
• CT (Largest Category)
• MRI (Fastest-Growing Category)
• Mammography
• PET/ SPECT
• Others

Geographical Analysis

• The North American teleradiology market holds the largest share, of around 45%, in 2024.
• The industry is expanding as a result of the availability of advanced healthcare infrastructure, reimbursement coverage for telehealth, and favorable government efforts that support digital health.
• Other factors driving the growth of the market in the region include the technological advancements in mobile health, increasing awareness of the benefits of telehealth, and a growing focus on value-based healthcare and population health management.
• Moreover, the prevalence of heart diseases, musculoskeletal problems, and cancer has been steadily rising in the continent.
• For instance, according to the American Cancer Society, an estimated 1.9 million new cancer cases were diagnosed and 609,360 cancer deaths were recorded in the U.S. in 2022
• The APAC region is the fastest growing, with a CAGR of 15.8%, during the forecast period.
• This is attributed to the increasing rate of urbanization, which is bringing with it a higher incidence of chronic diseases, especially cancer, CVDs, and neurological disorders.
• Moreover, the digitization initiatives are leading to the modernization of the healthcare infrastructure with high-speed network connectivity, AI in diagnostics, IoT, and big data analytics.
• Additionally, the region has the largest geriatric population in the world, who is not able to visit hospitals every time.
• Getting their radiology diagnosis via e-mail or SMS offers them high convenience and saves their time and money.
• As per the Population Reference Bureau, China and India are home to 166.37 million and 84.9 million people aged 65 or above, respectively, the highest in the world.

The report offers insights for the following geographies:

• North America (Largest Regional Market)
  • U.S. (Larger and Faster-Growing Country Market)
  • Canada
• Europe
  • Germany (Largest and Fastest-Growing Country Market)
  • U.K.
  • Italy
  • France
  • Spain
  • Russia
  • Rest of Europe
• Asia-Pacific (APAC) (Fastest-Growing Regional Market)
  • China (Largest Country Market)
  • Japan
  • India (Fastest-Growing Country Market)
  • Australia
  • South Korea
  • Rest of APAC
• Latin America (LATAM)
  • Brazil (Largest and Fastest-Growing Country Market)
  • Mexico
  • Argentina
  • Rest of LATAM
• Middle East and Africa
  • U.A.E. (Largest Country Market)
  • Saudi Arabia (Fastest-Growing Country Market)
  • South Africa
  • Rest of MEA

Teleradiology Market Share

• The global teleradiology market is fragmented in nature, with the presence of local, startup, as well as large players with a global reach.
• Additionally, the requirement of end user varies from rudimentary X-ray image sharing to advanced scan analytics aided by AI.
• This booms the business for diverse companies with wide-ranging teleradiology software tools.
• Moreover, major medical device manufacturers generally specialize in specific modalities.
• Further, since the market is software-centric, it is easy for new players to enter it with niche software offerings.

Teleradiology Market News

• In July 2024, FUJIFILM Holdings Corporation opened a NURA health screening center in Hanoi, Vietnam. Operated by VIETNAM JAPAN HEALTH TECHNOLOGY JOINT STOCK COMPANY, the center utilizes FUJIFILM DKH LLP’s expertise in health screening, especially cancer.
• In June 2024, Oracle Corporation launched the Oracle Clinical Digital Assistant in the U.S. for ambulatory clinics. The software integrates clinical intelligence, generative AI, simplified workflows, and multimodal voice and screen-driven assistance and integrates with Oracle EHR. It enhances doctor–patient communication with its combination of conversation-based note generation, clinical automation, and follow-ups at the point of care.
• In June 2024, Siemens Healthineers launched its Biograph Trinion PET/CT scanner for oncology, cardiology, theragnostic, neurology, and other clinical applications.
• In November 2023, Koninklijke Philips N.V. closed the second round of funding from the Bill & Melinda Gates Foundation for its program that seeks to develop AI-powered ultrasound. With this round, the total funding in the program from the Bill & Melinda Gates Foundation reached USD 60 million.