Worldwide Teleradiology Industry to 2026 - Key Mergers, Acquisitions, Agreements and Collaborations - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--The "Teleradiology Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
The teleradiology market is estimated to grow at a CAGR of 13.81% to reach US$9.049 billion in 2026 from US$3.658 billion in 2019.
Teleradiology is the ability to obtain images of the internal body in one location and their transmission over a distance so that they can be viewed and interpreted for diagnostic or consultative purposes by a radiologist. This recent practice is being implemented widely by hospitals, urgent care clinics, and specialist imaging companies.
Impact of COVID on teleradiology:
The teleradiology market has been on an upward trend and it will continue to grow in the coming years. During the period of the COVID-19 outbreak, there was an increase in the demand for teleradiology services. The COVID-19 pandemic has increased the understanding of the people working from home. Teleradiology providers deliver a scalable, flexible quality with assured reporting service which can respond to geography, reporting demand, time constraints, and various subspecialty constraints. It is estimated that post-crisis teleradiology will become a part of the daily routine of radiology services. It is estimated that the teleradiology market will witness lucrative growth in the coming years.
- The market of teleradiology is estimated to be driven by a shortage of radiologists in certain countries. According to the Association of American Medical Colleges specialist shortfall will continue to increase and will reach nearly 42,000 by the year 2033. Moreover, in Europe, the UK and Eire have an exceptionally high shortage of radiologists; in the year 2019, there was an estimate of 7 radiologists per 1,00,000 people in the UK and Eire.
- The increased demand for specialized modalities for example CT, MRI, etc. will boost the demand for specialist radiologists who are capable of interpreting complicated imaging examinations. This in turn will boost the demand for teleradiologist expertise.
- Demand for Out-of-Hours reporting is for time-critical applications for example neurology or in the case when there is a suspicion of a very serious injury in such cases the patients require a fast and accurate diagnosis. However, due to the lack of on-site radiologists working out of hours, the diagnostic image can be sent externally to a teleradiologist.
- The increase in the use of cloud-based technology is making implementing IT for teleradiology less complex.
- Technological advancements will have a significant impact on teleradiology. It will help in providing speed, accuracy, and workflow/decision support.
- A European consortium consisting of leading research centers of Europe, hospitals, and major pharmaceutical companies will develop a repository for sharing pathology data. This announcement was made in January 2021, it will help take AI development in pathology to another level. It is a 6-year, €70 million project which has been called BIGPICTURE.
- In August 2020, Change Healthcare announced the acquisition of Nucleus.io, a fully enabled medical image management platform of NucleusHealth.
- 4ways has recently invested in a new Interactive Voice Routing telephony system in November 2020 to help them deliver greater efficiency across their urgent services.
- Starting from January 2020, the Protecting Access to Medicare Act (PAMA) will require referring providers to consult Appropriate Use Criteria (AUC) using a Clinical Decision Support (CDS) tool when ordering advanced diagnostic imaging services - CT, MR, Nuclear Medicine, and PET - for medical patients. These developments will significantly hamper the growth in the US market.
- Another major challenge for the teleradiology market is the data breach of imaging reports. Teleradiology enables sharing medical images to facilitate the delivery of care however the cybersecurity measures are not taken into consideration. It is the legal obligation of the service provider to ensure that private and confidential information about the patient should be protected. Most of the clinical picture archive and communication systems (PACS) use DICOM i.e., digital imaging and communications in medicine, standard image format for the medical images. This could result in data loss and could cause a lot of disruption in the hospital system. Moreover, if the information is misdirected or altered it may hinder timely diagnosis and treatment of the patient thereby posing a serious threat to the market of teleradiology.
Key Topics Covered:
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.4. Industry Value Chain Analysis
5. Teleradiology Market Analysis, By Product
5.4. CT Scan
6. Teleradiology Market Analysis, by Geography
6.2. North America
6.3. South America
6.5. Middle East and Africa
6.6. Asia Pacific
7. Competitive Environment and Analysis
7.1. Major Players and Strategy Analysis
7.2. Emerging Players and Market Lucrativeness
7.3. Mergers, Acquisitions, Agreements, and Collaborations
7.4. Vendor Competitiveness Matrix
8. Company Profiles
8.1. Sectra AB
8.2. All-American Teleradiology
8.3. Everlight Radiology
8.4. StatRad, LLC
8.5. 4ways Limited
8.6. Task Force Health Care
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