Teleradiology Software Market Size

Teleradiology Software Market Analysis

The Teleradiology Software Market size is estimated at USD 2.41 billion in 2024, and is expected to reach USD 4.23 billion by 2029, growing at a CAGR of 11.94% during the forecast period (2024-2029).

• The teleradiology software market was significantly impacted by the COVID-19 pandemic, leading to increased adoption of teleradiology software. As per the article published in June 2022 in Oxford Academic, the Government of India implemented teleradiology during the pandemic and launched the CollabDDS Online Radiology Services (CORS) initiative. CORS is a web-based interface that provides an integrated online environment between remote health centers and expert radiologists and doctors in tertiary healthcare facilities to visualize and study radiological images in real time. The pandemic's impact on the teleradiology software market has, therefore, turned out to be positive.
• Currently, the growth of the teleradiology software market is expected to be even better due to the increasing availability of more affordable and faster wireless data transfer, mass storage options, and broadband cellular technology. The major factors driving market expansion include the increasing prevalence of chronic diseases such as cancer, heart disease, bone disorders, and other chronic diseases that require medical imaging and the rise in the adoption of teleradiology across hospitals and clinics.
• For instance, as per the data from the CARES Report 2021, 97.6% of adults and 2.4% of children were reported with out-of-hospital cardiac arrest (OHCA) in 2021 in the United States, and the median age of OHCA is considered to be 64 years. Early diagnosis of risk factors associated with cardiac arrest is being broadly carried out globally to cope with the rising prevalence of cardiac complications, fueling the market growth.
• Moreover, a rise in product launches, technological advancements, and implementation of digital health across hospitals are likely to drive market growth over the forecast period. For instance, in November 2022, Philips introduced new AI-enhanced informatics solutions to increase diagnostic confidence with intelligence at every step of the radiology workflow at RSNA. A new integrated diagnostic approach connects radiology, cardiology, pathology, and oncology to securely unite data and images across the enterprise, enabling earlier and more definitive diagnoses.
• Additionally, in April 2022, Teleradiology Solutions signed an agreement with Andhra Med Tech Zone (AMTZ) to develop a hub in the zone dedicated to offering remote radiology image reads by expert radiologists supported by breakthrough artificial intelligence (AI) solutions to the government and public sectors. This hub will be used to reach out to pan-India government hospitals, state-wide rural health centers (including those funded by the National Health Mission), and public-private partnerships with hospitals where TRS would provide remote radiology services. Thus, such product launches and government collaborations are likely to enhance the utilization of teleradiology software, leading to market growth over the forecast period.
• However, the shortage of skilled radiologists is likely to restrain market growth. Despite the positive impact of the COVID-19 pandemic on the teleradiology software market, this shortage of skilled radiologists may limit the market's growth potential.