According to the report, the global teleradiology services market was valued over US$ 6.4 Bn in 2020. It is projected to expand at a CAGR of ~11% from 2021 to 2031.
Teleradiology Services Market: Introduction
According to the report, the global teleradiology services market was valued over US$ 6.4 Bn in 2020. It is projected to expand at a CAGR of ~11% from 2021 to 2031. Shortage of radiologists globally, rise in number of specialty modalities, increase in global geriatric population, and technological advancements in teleradiology are estimated to propel the global teleradiology services market. Moreover, North America is likely to be a highly lucrative market for teleradiology services from 2021 to 2031. The market in the region is projected to expand at a high CAGR during the forecast period.
Shortage of Radiologists Globally to Drive Market
As per Association of American Medical Colleges (AAMC), the U.S. is estimated to witness a shortage of up to nearly 122,000 physicians by 2032, as the demand for physicians continues to rise at a rapid pace as compared to supply. The demand for diagnostic imaging is rising at a rapid pace as compared to supply, which is driving the need for outsourcing diagnostic reporting workload, thereby fueling the growth of the teleradiology services market.
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General Reporting to Dominate Global Market
In terms of type of service, the global teleradiology services market has been classified into general reporting, consultation, auditing, and others. The general reporting segment dominated the global teleradiology services market in 2020, and the trend is projected to continue during the forecast period. The segment’s dominance can be attributed to rise in demand for time saving and cost-effective radiograph interpretations by healthcare providers across the globe.
Magnetic Resonance Imaging (MRI) to Dominate Global Market
In terms of modality, the global teleradiology services market has been classified into X-ray, ultrasound, computer tomography (CT), magnetic resonance imaging (MRI), nuclear imaging, and others. The expansion of the MRI segment can be ascribed to the complicated images, which are hard to read and require skilled radiologist to read it.
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After Hours/Night Time Coverage to Drive Global Market
In terms of coverage, the global teleradiology services market has been split into day time coverage and after hours/night time coverage. Rise in sophistication in the diagnostic imaging platform, which enables companies to provide 24X7 teleradiology services to clients, is likely to propel the segment during the forecast period.
Teleradiology Services to be Preferred for Neurology
In terms of specialty, the global teleradiology services market has been segregated into cardiology, neurology, oncology, musculoskeletal, gastroenterology, and others. The segment’s dominance can be attributed to rise in outsourcing of neurology scans due to complexity and difficulty in reading, as it requires highly specialized radiologists to read neurology scans.
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Diagnostic Imaging Centers to Offer Lucrative Opportunities
Based on end user, the global teleradiology services market has been categorized into hospitals, diagnostic imaging centers, ambulatory surgical centers, clinics, and others. The diagnostic imaging centers segment dominated the global teleradiology services market, and the trend is anticipated to continue during the forecast period.
Competition Landscape
Key players in the global teleradiology services market include 4ways Healthcare Limited, Africa Telerad Limited, Euro American Teleradiology, Medica Group plc, Mednax Services, Inc., ONRAD, Inc., Real Radiology, LLC, Specialty Teleradiology, Inc., StatRad (NucleusHealth), TeleConsult Europe (TCE), Telemedicine Clinic (UNILABS), Teleradiology Solutions, and USARAD Holdings, Inc.
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