Global Teleradiology Market: Increasing adoption of cloud-based solutions and rising geriatric population drive the growth of Teleradiology market.

Published Date: 20/05/2021

The global teleradiology market size was valued at USD 7.92 billion in 2020 and is anticipated to register a CAGR of 18.1% over the forecast period 2020 - 2027. Teleradiology is a branch of telemedicine that involves transmission of radiological images and related data from one location to another for diagnostic and consulting purpose. It is an advanced technology that has emerged due to the imbalance between demand and availability of diagnostic services. This is evident from the fact that high demand for radiology services in countries such as the U.S., Singapore, and the UK, were often unfulfilled owing to dearth of skilled and specialized professionals specific to teleradiology. For instance, there is an increase in the number of CT scans being performed in the U.S., however, there is a persisting shortage of radiologists in the country. In addition, in Singapore, there is a scarcity of radiologists for night coverage, while in the UK, a radiologist takes 21 days on an average to submit an MRI report. All these challenges were met by teleradiology and thereby led to the growth of tele-based technologies and surge in demand for teleradiology techniques globally.

Increase in demand for radiological services owing to high prevalence of chronic diseases such as congestive heart failure and orthopedic injuries are the major factors that propel the growth of the teleradiology market. In addition, significant increase in government expenditure on healthcare information (HCIT) sector and rise in focus of key players toward bringing innovation to digital diagnostics further fuels the market growth. However, low availability of broadband networks and shortage of skilled radiologists restrain the market growth. Moreover, continuous advancements in medical diagnostic technologies are expected to provide lucrative opportunities for the growth of the teleradiology market during the near future.