According to our latest study on "Teleradiology Services Market Forecast to 2030 -Global Analysis - Service Type, Age, and Disease Conditions," the market is expected to grow from US$ 2,392.28 million in 2022 and is expected to reach US$ 8,313.27 million by 2030; it is anticipated to record a CAGR of 16.8% from 2022 to 2030. The report highlights the key factors driving the growth of the teleradiology services market and prominent players with their developments in the market.
Although it is difficult in the near term to create and train the number of radiologists required to meet the demand, the adoption of smart solutions and newer technologies, such as AI and Internet of Things (IoT), can be the key to the next breakthrough in patient care. During 2011-2020, a significantly larger number of devices were connected to the Internet than ever before, and this trend will continue steadily in the coming decades as well. The emergence of the IoT has propelled the development of various health practices aimed at improving population health. These services have been extensively informative and can be used for a variety of purposes across single condition and cluster condition management, including allowing healthcare professionals to track and monitor patient progress remotely, improving self-management of chronic conditions, assisting in the early detection of abnormalities, and accelerating symptom identification and clinical diagnoses. Further, IoT-powered apps have the potential to make better use of healthcare resources while providing high-quality, low-cost medical treatment. For instance, the Mobile MIM app was the first medical app in Apple's App Store. It is used to view, register, fuse, and show medical images from SPECT, PET, CT, MRI, X-ray, and ultrasound examinations for diagnosis purposes. Mobile MIM enhances physicians' access to pictures and allows them to consult with peers by providing wireless and portable access to medical images. AI can assist in creating an inbuilt system that prioritizes cases based on protocol requirements. For example, cases of stroke and trauma can be prioritized and assigned to the Radiologist's work lists, thereby saving many lives. An integrated cloud-based RIS/PACS platform incorporating AI capabilities will help radiologists review the cases automatically and simultaneously. With faster turnaround times, reduced radiologist burnout, and fewer errors, AI-powered and IoT-powered teleradiology platforms are expected to improve radiology interpretation and provide faster reports.
Teleradiology is a branch of telemedicine that involves transmitting radiological medical images in multiple modalities from one location to another to share studies with other radiologists and physicians for analysis and interpretation purposes. Due to the outbreak of COVID-19 in November 2019, the Centers of Disease Control and Prevention (CDC) issued guidance in February 2020 for healthcare providers and persons in the affected areas to maintain social distancing and offer clinical services through virtual means such as telehealth. The CDC conducted a study of the frequency of use of telehealth services during the early pandemic period, analyzing visits from four of the largest US telehealth providers that offer services in all states. According to this data analyzed by CDC in the US, the number of telehealth visits increased by 50% during the first quarter of 2020 as compared to the same period in 2019. In contrast, during the surveillance week 13 in 2020, the visits increased by 154% as compared to the same period in 2019.
As telehealth is bridging the gap between people, physicians, and health systems by enabling patients to communicate with physicians through virtual channels, it is helping in reducing unnecessary visits to hospitals for minor issues. Teleradiology has facilitated subspecialty consultations and collaborations. Radiologists who have specialized expertise can remotely consult complex cases, ensuring accurate diagnoses and tailored treatment plans. When paired with telehealth services, teleradiology can help care providers study real-time patient data to generate intelligent individualized insights and curate the best treatment plan from the comfort and safety of their homes.
The teleradiology services market, by application, is segmented into musculoskeletal, gastroenterology, cardiology, oncology, neurology, and others. In 2022, the musculoskeletal segment held the largest share of the market. Moreover, same segment is expected to grow at the fastest CAGR during 2022-2030. Musculoskeletal disorders include low back pain, neck pain, fractures, osteoarthritis, amputation and rheumatoid arthritis. According to the World Health Organization (WHO) report published in 2022, about 1.71 billion people worldwide are living with musculoskeletal disorder. Low back pain is the main contributor to the overall burden of musculoskeletal conditions (570 million prevalent cases worldwide). Other contributors to the overall burden of musculoskeletal conditions include fractures with 440 million people globally, osteoarthritis (528 million people), neck pain (222 million people), amputations (180 million people), rheumatoid arthritis (18 million people), gout (54 million people) and other musculoskeletal conditions (453 million people). CVDs are among the prime causes of death globally. The cardiopulmonary oxygenator is used to support the treatment of cardiac disorders such as acute myocardial infarction, myocarditis, post-transplant complication, decompensated cardiomyopathy, and cardiogenic shock. According to the World Health Organization (WHO), CVDs are among the leading causes of death worldwide, and 30 million people experience a stroke each year. According to the American Heart Association, almost half of the adult population in the US has a type of CVD. Heartburn, inflammatory bowel diseases (IBD), inflammatory bowel syndrome (IBS), constipation, and diarrhea are among the common digestive problems. GI diseases account for substantial healthcare utilization and spending. Problems associated with stomach acid backing up into the esophagus, known as gastroesophageal reflux disease (GERD), also increase the risk of developing gastric cancer. As per the American College of Gastroenterology, GERD is one of the most common gastrointestinal diseases, and around 20% of the US population suffers from GERD. As per the Crohn's & Colitis Foundation of America, IBD affects ~1.6 million Americans. Around 70,000 new cases of IBD are diagnosed each year in the US. Further, chronic inflammation and reduced immunosurveillance caused due to IBD can contribute to the development of gastric cancer.
Aster Medical Imaging LLC, RAYUS Radiology Services, ONRAD Inc., medavis GmbH, Real Radiology LLC, Teleradiology Solutions Inc, Vital Radiology Services, Envision Healthcare Corp, Telediagnosys LLC, and Agilus Diagnostics Ltd are among the leading companies operating in the global teleradiology services market.
Companies operating in the teleradiology services market adopt various organic and inorganic strategies. Organic strategies mainly include product launches and product approvals. Acquisitions, collaborations, and partnerships are among the inorganic growth strategies witnessed in the teleradiology services market. These growth strategies allow the market players to expand their businesses and enhance their geographic presence, thereby contributing to the growth of teleradiology services. Further, acquisition and partnership strategies help them strengthen their customer base and expand their product portfolios.
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