Global Teleradiology Market - 2020-2027
発行: DataM Intelligence
Teleradiology comes under telemedicine that involves the transmission of radiological patient images, including CTs, X-rays, and MRIs from one location to another for consulting and diagnostic purposes. It is a modern technology developed due to the imbalance between demand and availability of diagnostic services. Teleradiology End Users include telemonitoring, teleconsultation, and telediagnosis that helps the radiologists to perform their tasks. It provides enhanced on-site solutions through cloud networks around the world and real-time interpretation. Growing incidents of chronic diseases such as breast cancer, osteomyelitis, & cellulitis, and a rising number of emergency cases in developing countries are likely to spur market growth.
The global teleradiology market size was worth US$ XX billion in 2019 and is estimated to reach US$ XX billion by 2027, growing at a CAGR of XX % during the forecast period (2020-2027).
The global teleradiology market growth is augmented by increasing demand for radiology services & a shortage of skilled radiologists coupled with favorable government initiatives will considerably spur the product demand in the following years.
Rising demand for radiology services and a lack of skilled radiologists is one of the prime factors driving the product demand
Teleradiology helps transmit diagnostic medical images from one place to another, where physicians and radiologists can easily access them. It allows radiologists to provide their expertise without necessarily being at the same place as the patient. This is important because radiologist subspecialties are less in number and are mainly located in developed and metropolitan cities. The surge in demand for radiological services due to the high prevalence of chronic diseases such as orthopedic injuries and congestive heart failure are the key factors augmenting the growth of the teleradiology market. The adoption of teleradiology services has considerably helped to bridge the rural and urban disparity in numerous developing countries such as Brazil and India and developed countries, including the UK, the U.S., and Germany. Also, teleradiology solutions are more cost-effective and convenient as they eliminate the need for travel and allow radiologists to work from any location. In addition, a shortage of skilled and qualified radiologists has further driven market growth worldwide.
Introduction of favorable government initiatives further propels the market growth during the forecast period
Substantial increase in government expenditure on healthcare information (HCIT) sector and a rise in focus on market players towards bringing research and innovation to digital diagnostics proliferates the product consumption. The advent of government programs such as the Health Insurance Portability and Accountability Act of 1996 in the U.S. enables all patient data and information to have end-to-end protection from cybercrimes. Therefore, all the teleradiology services in the country must comply with this act. These initiatives build trust and improve patient and physician confidence in the teleradiology sector, thus increasing the coming years' product adoption rate. The avaialbility of healthcare coverage pertaining to teleradiology services in Australia and the U.S. further bolsters the market growth.
Reducing reimbursements and increasing regulatory burden in the U.S. is likely to restrain the market growth
The US is the dominating country in the teleradiology market. However, from the period of 2016 to 2018, the country experienced a steady decline in reimbursements and a rise in regulatory changes in the U.S. This resulted in an alliance in the healthcare industry. The regulatory procedures associated with the sector are hindering the market growth. In the U.S., the Protecting Access to Medicare Act of 2014 sets appropriate use criteria (AUC) for advanced diagnostic imaging services offered to Medicare insurance beneficiaries. According to this act, every medical professional who orders an advanced diagnostic imaging test must consult the AUC via a clinical decision support mechanism (CDSM). These developments can substantially hamper market growth.
COVID-19 Impact Analysis
The outbreak of COVID-19 across the globe has put immense pressure on medical practitioners, and healthcare professionals need to rely on teleradiology solutions to read diagnostic reports and treat patients. Teleradiology services also enable to enhance the efficiency of diagnostic imaging by simplifying and optimizing radiology with reduced manual errors and correct readings. The ongoing battle against COVID-19 will spur the need to adopt teleradiology solutions.
By product & service segment, the teleradiology market is bifurcated into hardware, services, and software.
The software segment is the fastest-growing segment and is likely to register the highest CAGR during the review period (2020-2027)
The software segment is expected to gain popularity in the coming years. The growing demand for healthcare software has spurred software companies to enhance interoperability, increase the data transparency, and improve technical capabilities. Furthermore, the coronavirus outbreak has resulted in an increased need to manage large amounts of patient data better. Due to this, many hospitals are adopting teleradiology solutions to enhance healthcare providers' efficiency and improve patient outcomes.
On the basis of the imaging technique, the teleradiology market is classified into CT, MRI, ultrasound, X-ray, mammography, nuclear imaging, and fluoroscopy.
Computed tomography (CT) garnered the largest market share in the teleradiology market in 2019
The computed tomography (CT) dominated the teleradiology market. CT is mainly used in a broad range of End Users such as neurology, oncology, cardiology, abdomen & pelvic, spine, and musculoskeletal imaging. Favorable factors such as the increasing need for effective and early diagnosis, digitalization in this sector, and technological advancements stimulate the teleradiology market's growth. As per WHO, over 100 million CT scans are performed annually worldwide. The need to prevent exploratory surgeries and improvements in cancer diagnosis and treatment have surged the demand for CT scans over other techniques, further bolstering the product demand.
On the basis of end-use, the teleradiology market is classified into hospitals and clinics; diagnostic imaging centers and laboratories; long-term care centers, nursing homes, and assisted living facilities; and others.
The hospitals and clinics segment is estimated to hold the largest share in teleradiology market
The hospitals and clinics segment witnessed the highest market share in 2019, owing to the increasing number of analytical diagnostic imaging procedures performed in hospitals. Also, the rising inclination of hospitals towards the digitization and automation of patient records coupled with the growing need to enhance the quality of patient care further drive the product demand in this sector. Furthermore, a lack of radiologists due to the outbreak of the COVID-19 pandemic and the growing adoption of advanced imaging modalities to enhance workflow efficiency in hospitals are likely to boost the industry growth.
Asia Pacific to register the highest CAGR in the teleradiology market during the forecast timeline
Asia Pacific is projected to be the fastest-growing regional segment in the coming years. This can be ascribed to raising awareness about the benefits of early disease diagnosis, rising medical tourism market, improvements in healthcare systems, increasing healthcare spending per capita, and growing favorable government initiatives to advance and modernize the healthcare infrastructure.
In addition, in emerging countries such as China and India, a significant part of the population lives in rural areas with limited access to better healthcare facilities. Therefore, healthcare organizations and hospitals are focusing on tapping this section to expand their market. This is further expected to surge the demand for cost-effective diagnostic interventions, such as teleradiology services, especially in countries with low coverage policies.
The teleradiology market is highly competitive with the presence of regional as well as global companies. Some of the key players who are supporting the growth of the market include Koninklijke Philips N.V., MEDNAX Services, Inc., Teleradiology Solutions, Carestream Health, ONRAD, Inc., USARAD Holdings Inc., and Cerner Corporation, among others. The key players are implementing various growth strategies such as product innovation, acquisitions, and expansion, contributing to the growth of the teleradiology market globally.
Koninklijke Philips N.V. (Philips Healthcare)
Overview: Koninklijke Philips N.V. one of the major MedTech companies in the global market. It was established in 1891. The company is engaged in consumer products and professional healthcare products. The company aims to improve people's health and well-being by providing high-quality products and services. It seeks to strengthen 2.5 billion lives per year by the end of 2030, including 400 million in undeveloped communities. In June 2020, Phillips Healthcare (Netherlands) signed a partnership agreement with the American Telemedicine Association (ATA). This partnership aims to improve the adoption of telehealth in the U.S. The company has around 80,000 employees spread across 100 countries worldwide.
Product Portfolio: The Company's portfolio comprises consumer products such as sound & vision, personal care, household product, lighting, among others. Under the healthcare portfolio, it offers teleradiology solutions, cardiovascular care, imaging solutions, etc.
The global Teleradiology market report would provide access to an approx. 66 market data table, 61 figures and 280 pages.
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