Teleradiology Market Size

Teleradiology Market Analysis

The Teleradiology Market size is estimated at USD 39.90 billion in 2024, and is expected to reach USD 77.95 billion by 2029, growing at a CAGR of 14.33% during the forecast period (2024-2029).

The COVID-19 pandemic has continued to transform the growth of various markets, and the immediate impact of the outbreak had varied. While a few industries registered a drop in demand, numerous other markets may continue to remain unscathed and show promising growth opportunities. During the pandemic, teleradiology systems were widely adopted to share study observations and detailed information gathered during the treatment of COVID-19 patients. This has helped prevent exchanging hard copies of imaging results and avoid in-person contact. For instance, as per the article published by NCBI in March 2021, the use of teleradiology to evaluate the effects of lockdown on a particular number of emergency sectors appeared beneficial, and the teleradiology platform can manage numerous emergency departments (ER) across the territory.

Furthermore, initially, due to the lockdown and hold on elective imaging services, there was a decrease in teleradiology services being observed. However, post-pandemic teleradiology has been accepted widely since it bridges the gap in imaging services between rural and non-rural areas. Patients in regions that lack local radiologists can still get diagnostic radiology services through radiologists working remotely through the services provided by teleradiology. Thus, as per the facts mentioned above, COVID-19 significantly impacted the teleradiology market and is expected to do the same during the forecast period.

The major factors responsible for the growth of the teleradiology market include the rising number of imaging procedures, the development of IT infrastructure, the rise in healthcare expenditure, and the increasing prevalence of osteoarthritis and chronic diseases. For instance, as per the article published by the American Cancer Society Journal in January 2022, approximately 1.9 million cancer cases were reported in the United States in 2022. The rising prevalence of chronic conditions, such as cancer, is increasing the diagnostic imaging procedural rate. Hence, the rising number of imaging procedures may boost the demand for reliable and efficient teleradiology solutions, resulting in high growth in the market.

Additionally, the increasing healthcare expenditure is positively influencing the overall market growth. For instance, as per the National Health Expenditure Projections 2023-2024, growth rates in United States health expenditures are projected to be 5% in the current year and 5.1% in the next year. as patient care patterns are assumed to revert to pre-pandemic levels. Teleradiology solutions have demonstrated the ability to enhance health outcomes and reduce costs. Telemedicine has been decreasing the cost of healthcare while increasing efficiency through improved management of chronic diseases, reduced travel times, and fewer and shorter hospital stays.

Moreover, the active participation of prominent players in the launch of various teleradiology platforms is also burgeoning the market growth. For instance, in August 2022, 5C Network launched its artificial intelligence-powered platform Prodigi to interpret radiology images directly from the cloud. This state-of-the-art platform enables teleradiology at a massive scale and makes it possible for diagnostic centers and hospitals to submit scans and access reports. Thus, such developments made by prominent players are projected to burgeon market growth during the forecast period.

Thus, as per the abovementioned factors, the teleradiology market is anticipated to grow over the forecast period. However, the lack of skilled professionals and security concerns associated with teleradiology restrain the market growth.