Teleradiology Market Size, Share & Trends Analysis Report By Product (Ultrasound, MRI, CT, X-ray), By Report (Preliminary, Final), By End-use (Hospital, Ambulatory Imaging Center, Radiology Clinics), By Region, And Segment Forecasts, 2024 - 2030

Teleradiology Market Size & Trends

The global teleradiology market size was estimated at USD 12.6 billion in 2023 and is expected to grow at a CAGR of 25.30% from 2024 to 2030. The growth is driven by the increasing prevalence of target diseases and rising demand for teleradiology for second opinions & emergencies. Moreover, the COVID-19 pandemic has emphasized the importance of teleradiology. The shortage of healthcare professionals, especially in the sub-specialist segment, such as pediatric, neurology, and musculoskeletal radiology, is leading to the adoption of teleradiology services. This is because teleradiology helps these healthcare professionals in accessing patient information irrespective of the distance, thereby improving diagnostic coverage. Therefore, the growing adoption of teleradiology for early diagnosis is expected to drive market growth.

Teleradiology applications comprise tele-consultation, tele-monitoring, and tele-diagnosis which enable radiologists to effectively perform their daily work. Teleradiology provides effective on-site solutions via cloud networks globally and real-time interpretation. Increasing incidence of chronic diseases including breast cancer, cellulitis, & osteomyelitis, and a growing number of emergency cases in less developed areas are expected to drive the market further. For instance, according to the International Agency for Research on Cancer, breast cancer ranked 1 globally amongst all other cancers in women with about 2,296,840 new cases in 2022.

Teleradiology presents another big opportunity, but is “still in its infancy, or adolescence”

-Rob Anderson, Global CEO at Everlight Radiology, a UK teleradiology provider

Integration of Artificial Intelligence into teleradiology, implementation of picture archiving and communication system (PACS), and growing R&D activities pertaining to eHealth are several other factors expected to boost the demand for teleradiology services over the forecast period. For instance, 5C Network, an Indian teleradiology provider, launched an AI-powered platform called Prodigi that uses advanced technology to ensure that no radiology image is left unreported for more than 2-3 hours. However, data security is a major concern for this market. Healthcare settings capture and store data regarding patients and their radiology images. Security of picture archiving and communication systems (PACS) is important to avoid the misuse of a patient’s information. Several complaints have been filed regarding the data security of radiology images.

Teleradiology and AI are changing how healthcare is provided, diagnosed, and managed in the medical industry. AI's ability to quickly and accurately analyze large amounts of data is reshaping various aspects of healthcare. It assists in diagnosing diseases and provides personalized treatment suggestions, improving the accuracy and efficiency of medical procedures. In addition, AI-powered technologies simplify administrative tasks, optimize resource use, and improve patient outcomes. As AI advances, it has the potential to revolutionize healthcare delivery, encourage significant medical breakthroughs, and ultimately enhance patient care globally. Therefore, the combined impact of Teleradiology and AI is expected to fuel market growth, leading to a new era of innovation and progress in healthcare.

The introduction of favorable government initiatives, such as the Health Insurance Portability and Accountability Act of 1996 of the U.S., ensures that all the information related to patient health and personal information is end-to-end protected from cybercrimes. Therefore, every teleradiology service in the U.S. must comply with this Act. Such initiatives improve patient and physician’s confidence in teleradiology services increasing its adoption rate. Similarly, the presence of healthcare coverage over the usage of teleradiology services in countries, such as the U.S. and Australia, is expected to support market development.

In real-time teleradiology, medical images are captured at a healthcare facility using specialized equipment and then securely transmitted over networks, typically through Picture Archiving and Communication Systems (PACS) or secure internet connections. Radiologists, often working remotely, receive these images and interpret them using specialized software. They provide diagnoses and detailed reports, sometimes consulting with healthcare providers or specialists as needed. These reports are then transmitted back to the referring healthcare facility, becoming part of the patient’s medical record for prompt decision-making and treatment planning by attending physicians. In addition, teleradiology services often implement quality assurance measures to ensure accurate and timely interpretations, adhering to industry standards and protocols.

Market Concentration & Characteristics

The industry growth stage is high, and the pace of its growth is accelerating. The industry has been expanding owing to the increasing number of healthcare providers and patients adopting teleradiology services.Advancements in digital imaging technology and the widespread availability of high-speed internet have made it easier and more efficient for radiologists to receive, interpret, and report on medical images from a distance. This technological progress has not only improved the quality and speed of diagnoses but also expanded the reach of radiology services to remote and underserved areas.

The growing number of partnerships and collaborative efforts among companies is expected to significantly boost industry growth. This trend can be seen in various industries, where players are realizing the benefits of working together to improve their competitiveness. By partnering, companies can combine resources, share knowledge, and utilize each other's strengths, which helps in innovation and the creation of new products or services. For instance, in November 2021, Virtual Radiologic (vRad), expanded its partnership with Radiobotics to create a comprehensive set of software algorithms aimed at improving the speed and accuracy of bone fracture X-ray analyses.

Teleradiology has undergone significant innovation due to ongoing technological advancements, placing it at the forefront of medical diagnostics. Improved data transmission technologies enable quicker and more secure sharing of medical images over long distances, allowing for timely consultations and second opinions from specialists anywhere. In addition, the incorporation of artificial intelligence (AI) and machine learning (ML) into teleradiology has resulted in advanced algorithms that help radiologists detect anomalies with increased precision and speed. For instance, in December 2023, Telerad Group introduced an AI-based solution to improve the detection of pulmonary embolism in radiology. This innovation is designed to assist radiologists globally, enhancing their workflow and increasing the accuracy and efficiency of pulmonary embolism detection

Teleradiology manufacturing companies are engaging in mergers and acquisitions as a strategic move to enhance their technological capabilities, broaden their industry presence, and stay competitive. For instance, in July 2023, IK Partners announced the acquisition of Medica Group Plc by the IK IX Fund. Medica is a leading teleradiology provider in the UK and Ireland and supplies imaging solutions for clinical trials in the U.S.

Regulatory frameworks play a vital role in standardizing procedures, and ensuring the quality and consistency of diagnostic services across various providers. Adhering to regulations like patient data privacy laws (e.g., HIPAA in the United States or GDPR in Europe) is crucial for protecting sensitive patient information during transmission and storage, which builds trust and confidence among patients and healthcare providers. Moreover, regulations often require the certification and licensing of teleradiologists, guaranteeing that only qualified professionals interpret medical images, thereby enhancing patient safety and care quality

Manufacturers are pursuing government approvals for their products to maintain competitiveness in the industry owing to the increasing demand and adoption of teleradiology. For instance, in October 2023, Rology, an AI-assisted teleradiology platform serving the Middle East and Africa, announced that its Teleradiology Platform has obtained FDA approval as a Class II Medical image management and processing system

The geographical reach of teleradiology has been expanding at a moderate to high level. For instance, in February 2021, Telerad Tech (T2), a healthcare provider specializing in AI-enabled teleradiology software, announced its expansion into four additional countries: Saudi Arabia, South Africa, Israel, and Egypt

Product Insights

The X-ray segment dominated the market in 2023 with a share of around 28.9% and is expected to continue its dominance over the forecast period. Economical pricing, high usage in primary diagnosis, and the introduction of innovative systems, such as filmless X-ray systems, are some of the factors contributing to the segment’s dominance. Moreover, this technique has wide applications in various healthcare domains, such as chest imaging, orthopedics, cancer screening, cardiovascular diagnostics, and dental imaging.

The computed tomography (CT) segment is expected to witness the fastest growth over the forecast period. CT provides faster and clearer images of complex body organs, such as the brain, cardiac cavities, and lungs, which contributes to its growth. Increasing technological advancements and digitalization in this field are also expected to support the growth of this segment. The ultrasound market segment is also expected to grow at a significant rate during the forecast period. The ability of ultrasound to access critical health parameters quickly without radiation exposure makes it an important technology in limited-resource settings. Moreover, teleradiology-based ultrasound devices are being extensively used to deliver training and education programs to health workers in remote areas. For instance, Philips, in collaboration with PURE, delivers training on the usage of tele-ultrasound technology to healthcare workers in Rwanda, Africa.

Report Type Insights

The preliminary report segment held the largest share in 2023 and is expected to continue its dominance over the forecast period. Preliminary reports are a general practice in emergency care, as they are generated at a much faster rate than final reports and are economical. Providers get improved insurance coverage at hospitals and imaging centers during non-business hours. Thus, it is anticipated to grow at a faster rate.

The final report segment is expected to grow at the fastest CAGR of 26.6% from 2024 to 2030 as many providers are now inclined toward final reads, due to accurate and in-depth results with reduced errors. Medicare policies are shifting from more reimbursement to final reads and preliminary reads with extensive radiologists report than traditional preliminary reads. Growing competition in teleradiology services has led to technological advancements that make it simpler for off-site radiologists to communicate with the facilities for which they read, thus encouraging teleradiology providers to deliver more final reads.

End-use Insights

The hospitals segment held the largest share of about 62.7% in 2023. Hospitals use teleradiology services for urgent care, primary diagnosis, and secondary opinion. However, teleradiology services are generally preferred in emergency care. For instance, if a patient visits a hospital with severe head trauma in the absence of a neuroradiologist, then teleradiology services help in quicker diagnosis and delivering treatment promptly. Therefore, the rising number of emergency visits in hospitals is expected to drive market growth over the forecast period. In addition, hospitals save the cost of hiring radiologists by adopting teleradiology services.

Ambulatory Imaging Center (AIC) market is expected to grow at the fastest CAGR from 2024 to 2030. Rising demand for imaging procedures, cost-effectiveness, and shortage of radiologists are the major factors contributing to the segment's growth. The major problem faced during an imaging procedure is the time taken for its diagnosis. For instance, as per the NCBI report, in the UK, the average time taken by a radiologist in a normal setting to report an MRI is 21 days. AICs help reduce this diagnosis time and lead to its adoption for various imaging procedures.

The radiology clinics segment is expected to grow over the forecast period. The costs of hiring radiologists coupled with rising imaging costs are the key factors expected to drive segment growth over the forecast period. According to the NCBI report, the average monthly pay of an Indian radiologist (with 5 years of experience) is approximately USD 5000, and around 10-15% of the salary is added to the total bill of each scan. Therefore, rising demand to reduce healthcare costs is expected to boost market growth in the long run.

Regional Insights

The teleradiology market in North America accounted for the largest share of 38.7% in 2023. Technological advancements in imaging technology and telecommunications infrastructure have facilitated the seamless transmission of medical images, enabling healthcare providers to access radiological expertise remotely. This has led to increased adoption of teleradiology services by healthcare facilities, driving market expansion.

U.S. Teleradiology Market Trends

The U.S. teleradiology market is expected to grow as the healthcare landscape in the U.S. is witnessing a shift towards value-based care and patient-centric models, which prioritize efficiency, accessibility, and quality of care. Teleradiology aligns with these objectives by offering timely and remote access to radiological expertise, enabling healthcare providers to deliver faster diagnoses and treatment plans to patients across geographical boundaries.

The teleradiology market in Canada is expected to grow owing to the shortage of radiologists in certain parts of Canada, particularly in rural and remote areas, which has created a need for teleradiology solutions to overcome staffing challenges and ensure timely interpretations of medical images. By leveraging remote radiology services, healthcare providers can improve patient access to radiological expertise and optimize workflow efficiency, ultimately enhancing patient care and outcomes.

Europe Teleradiology Market Trends

The Europe teleradiology market held a significant share in 2023.The growing aging population and increasing prevalence of chronic diseases in Europe have led to a rise in medical imaging procedures, driving the demand for teleradiology services.

The teleradiology market in the UK is expected to grow as the National Health Service (NHS) has been actively adopting teleradiology solutions to address challenges, such as radiologist shortages, particularly in remote and underserved areas.

The Germany teleradiology market is expected to grow over the forecast years. The COVID-19 pandemic has accelerated the adoption of telehealth and remote healthcare services in Germany, including teleradiology, as healthcare providers seek to minimize in-person interactions and adhere to social distancing guidelines.

The teleradiology market in France is estimated to register a significant growth rate over the forecast years. Regulatory initiatives aimed at promoting telemedicine and digital healthcare solutions have supported domestic growth.

Asia Pacific Teleradiology Market Trends

The Asia Pacific teleradiology market is expected to grow at a lucrative rate over the forecasted period. This can be attributed to the region's rapidly expanding healthcare infrastructure, coupled with increasing investments in healthcare technology and digitalization.

The teleradiology market in China is expected to grow on account of the increasing investments in healthcare infrastructure and technology, along with the growing demand for diagnostic imaging services.

The Japan teleradiology market is expected to grow due to the rising geriatric population. Japan is experiencing a demographic shift characterized by a rapidly increasing elderly population and a declining birth rate. This demographic trend has resulted in a growing demand for healthcare services, including diagnostic imaging, as elderly individuals often require more frequent medical assessments and monitoring.

The teleradiology market in India is expected to witness rapid growth driven by both public and private investments, it has led to the establishment of numerous hospitals, diagnostic centers, and clinics in urban as well as rural areas. This expansion of medical facilities translates to a greater demand for diagnostic imaging services, creating opportunities for teleradiology providers to offer remote radiology interpretations and consultations.

Latin America Teleradiology Market Trends

The Latin America teleradiology market is expected to growdue to the strategic advantages derived from the geographical proximity of the region to North America. This proximity offers teleradiology providers significant benefits, as it facilitates smooth communication and collaboration between healthcare facilities in Latin America and radiologists in North America.

MEA Teleradiology Market Trends

The teleradiology market in MEA is expected to grow significantly owing to the rising prevalence of chronic diseases and acute medical conditions in this region. As the incidence of diseases, such as cardiovascular disorders (CVDs), cancer, and trauma, continues to rise, there is a corresponding need for timely and accurate diagnostic imaging to aid in disease detection, monitoring, and treatment planning.

Key Teleradiology Company Insights

The presence of major as well as emerging players in the teleradiology market, along with their various initiatives to remain competitive, is anticipated to significantly contribute to the overall market growth. These market leaders are continuously engaging in various strategic initiatives aimed at enhancing their offerings, expanding their market reach, and staying ahead of the competition. One notable strategy involves collaboration between major and emerging players. For instance, in January 2024, HealthEdge partnered with Radsource, marking an exciting entry into the expanding teleradiology market.

Recent Developments

• In March 2024, RamSoft, a supplier of cloud-based RIS/PACS radiology solutions catering to imaging centers and teleradiology providers announced that Premier Radiology Services has entered into a 5-year agreement to utilize RamSoft’s OmegaAI and cloud-based PowerServer PACS platform across its network of over 1,000 teleradiology locations

• In June 2023, Grovecourt Capital Partners, a private equity firm, announced the acquisition of Premier Radiology Services, a nationwide teleradiology company headquartered in Miami, FL

With this partnership, Premier is thrilled to be able to grow while remaining focused on fulfilling our mission. With Grovecourt by our side, we will attract even more skilled radiologists as we continue to invest in our technology and our talented team.

-Drew Gaudet, CEO of Premier

• In March 2022, Qure.ai broadened its presence in the U.S. teleradiology market by partnering with USARAD Holdings Inc., showcasing its dedication to improving radiological decision-making

Teleradiology Market Report Scope

Global Teleradiology Market Report Segmentation

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, grand view research has segmented the global teleradiology market report based on product, report type, end-use and region:

• Product Outlook (Revenue, USD Million, 2018 - 2030)

  • Computed Tomography (CT)

  • Ultrasound

  • X-ray

  • Nuclear Imaging

  • Magnetic Resonance Imaging (MRI)

• Report Type Outlook (Revenue, USD Million, 2018 - 2030)

  • Preliminary Reports

  • Final Reports

• End-use Channel Outlook (Revenue, USD Million, 2018 - 2030)

  • Hospital

  • Radiology Clinics

  • Ambulatory Imaging Center

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

    • Denmark

    • Sweden

    • Norway

  • Asia Pacific

    • China

    • Japan

    • India

    • South Korea

    • Australia

    • Thailand

  • Latin America

    • Brazil

    • Argentina

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE

    • Kuwait