The global teleradiology market is projected to generate $25,631.2 million revenue by 2030, advancing at a CAGR of 15.2% during 2021–2030. Due to the growing number of advanced imaging procedures, shortage of skilled radiologists, and increasing demand for nighthawk & specialty modalities, the growth of the market is being positively impacted.
The outbreak of COVID-19 has had a significant positive impact on the teleradiology industry due to the increasing demand for chest X-ray and CT scans. For a better understanding of the patient condition, of how much the virus has affected the lungs, and what actions need to be taken, there was a huge demand for such imaging.
The neurology category will see significant growth, with a CAGR of around 16%, during 2021–2030, owing to the increasing neurological disease incidence. According to a study published by JAMA Neurology, the burden of neurological disorders in the U.S. increased almost universally from 1990 to 2017. Researchers found that the three most-burdensome neurological disorders in the U.S. by the absolute number of disability-adjusted life-years (DALYs) were stroke (3.58 million DALYs), Alzheimer’s disease and other dementias (2.55 million DALYs), and migraine (2.40 million DALYs).
The biggest reason behind the increasing cases of neurological diseases is the booming aging population. According to the Rural Health Information Hub, in 2022, there are more than 46 million older adults age 65 and older in the U.S, and by 2050, the number is expected to grow to almost 90 million. Moreover, by 2030, 1 in 5 Americans are projected to be 65 years old and over.
Moreover, hospitals and clinics have a large inventory of imaging equipment, and the number of these facilities is also greater than of any other medical center. Clinics and hospitals are open at all hours, and they receive a large number of patients who require immediate radiologist assistance.
The APAC teleradiology market is predicted to grow the fastest during 2021–2030. This will be owing to the rising number of imaging operations, development of IT infrastructure, and surging prevalence of osteoarthritis and other chronic diseases. According to the National Library of Medicine, in India, osteoarthritis is the second-most-common rheumatologic problem and the most-frequent joint disease, with a prevalence of 22% to 39%. Nearly 45% of the women over the age of 65 years have symptoms, while radiological evidence is found in 70% of those over 65 years.
Players in the teleradiology industry have been involved in product launches and acquisitions to remain competitive. For instance, in August 2021, GE Healthcare launched Edison True PACS, a diagnostic imaging and workflow solution. It helps radiologists who are experiencing high rates of staff burnout and retirement to be more efficient and precise, while keeping capital and IT resources under control.
Moreover, in November 2020, Medica Group Plc acquired Global Diagnostics Ireland for $17.3 million (EUR 16 million). This acquisition was aimed at expanding the former company’s presence outside the U.K. and its service offerings into ophthalmology, with a 50% market share for the provision of diabetic retinopathy screening services on behalf of the Irish health service.
The major players operating in the global teleradiology market are Koninklijke Philips N.V., Cerner Corporation, Siemens Healthineers, McKesson Corporation, FUJIFILM Holdings Corporation, Medica Group Plc, Agfa Healthcare, Mirada Medical, ONRAD Inc., and GE Healthcare.