Global Teleradiology Software Market – Industry Trends and Forecast to 2029

Market Analysis and Size

Modern healthcare technologies and innovations have made it a lot easier for the healthcare professionals in decision making process from anywhere and anytime. One such healthcare technological innovation is teleradiology. Teleradiology has been able to reach out to the rural areas, thereby, providing medical assistance in the backward regions. Teleradiolgy has facilitated the healthcare professionals to provide their quick and expert interpretation and assistance from anywhere around the world.    

• Data Bridge Market Research analyses that the teleradiology software market is expected to undergo a CAGR of 9.42% during the forecast period. “Picture Communication and Archiving Systems (PACS)” accounts for the largest application segment in the teleradiology software market owing to the presence of favourable government mandates, increasing chronic diseases like heart diseases and cancer and increasing radiology centers and rise in expenditure to develop the healthcare infrastructure.

Market Definition

Teleradiology is a medical technology that is used by the healthcare professionals and researchers to analyse the medical images such as computed tomography scans, magnetic resonance imaging scans and others.  Teleradiology provides international and real time analysis through remote access via the cloud network. Owing to the numerous benefits offered by teleradiology for both healthcare providers and patients, numerous organizations are installing the teleradiology software in their systems.

Teleradiology Software Market Dynamics

Drivers

• The Rise in the Prevalence of Chronic Diseases

With the rise in population, there is a subsequent rise in the number of chronic diseases, illness and disorders. The reasons for such diseases are both internal and external factors. Therefore, rise in the incidence rate of cardiovascular diseases, spinal cord injuries, liver disorders, cancer and others would propel growth in the demand for tele radiology software.  

• Rising Geriatric Population Base

Getting old is a natural phenomenon of life. It is well known that the efficiency of immunity system decreased with age, thereby, inviting numerous infections and diseases. In many cases, it becomes difficult for such individuals to commute to the place of healthcare provider. This is where teleradiology plays a vital role.  

• Government Investments on Healthcare Infrastructure

The increase in the funding by the federal government is set to drive the demand for teleradiology software. Moreover, growth and expansion of healthcare industry being driven by both public and private players especially in the developing economies will create lucrative market growth opportunities.

Additionally, surge in the personal disposable income level, rise in the number of road accidents, rising awareness about the several advantages of cloud based teleradiology software solutions, large number of patients and growing technological advancements, positively affect the teleradiology software market.

Opportunities

Furthermore, increasing focus of major manufacturers on integration and installation of advanced and modern technologies will extend profitable opportunities for the market players in the forecast period of 2022 to 2029. Additionally, increasing number of radiology centres and hospitals using the teleradiology software will further expand the teleradiology software market's growth rate in the future. 

Restraints/Challenges

On the other hand, high cost associated with the installation of software, shortage of skilled radiologists who can interpret the results, limited access to high-speed internet in rural areas and high expenditure required for research and developmental activities are expected to obstruct market growth. Also, dearth of awareness and required infrastructural facilities in the underdeveloped and backward regions is projected to challenge the teleradiology software market in the forecast period of 2022-2029.

This teleradiology software market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the teleradiology software market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Covid-19 Impact on Teleradiology Software Market

The demand for teleradiology services witnessed an upsurge in the pandemic phase. Moreover, the stakeholders have increased their investment in this market as social distancing has enabled healthcare providers to adopt teleradiology solutions to read diagnostic reports and treat patients. Teleradiology has ensured real time and quicker decision making in this phase. However, staffing, monetary, and logistics challenges are hindering the growth of the market.  

Recent Development

• Nines, one of the teleradiology companies, received US FDA clearance for its Nines AI medical device in April 2020 which presents and supports the automated radiological review.
• Koninklijke Philips, in 2022, plans to scale the support to radiologists globally and is set to build its teleradiology services platform based on the US company Direct Radiology.

Global Teleradiology Software Market Scope

The teleradiology software market is segmented on the basis of technology, imaging techniques, application and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Technology

• Hardware
• Software
• Telecom and networking

On the basis of technology, the teleradiology software market is segmented into hardware, software and telecom and networking. The software segment in technology is further classified into radiology information system and picture archiving and communication system. The telecom and networking segment is further segmented on the basis of technology as web based and cloud based.

Imaging Techniques

• X-Ray
• Computed Tomography (CT)
• Ultrasounds
• Magnetic Resonance Imaging (MRI)
• Nuclear Imaging
• Fluoroscopy
• Mammography
• Others

Based on the imaging techniques, the teleradiology software market is further classified into x-ray, computed tomography (CT), ultrasounds, magnetic resonance imaging (MRI), nuclear imaging, fluoroscopy, mammography and others.

Application

• Picture Archiving and Communication System (PACS)
• Radiology Information System (RIS)

The application segment is segmented into picture archiving and communication system (PACS) and radiology information system (RIS).

End User

• Hospitals
• Ambulatory Surgical Centers
• Diagnostic Centers
• Others

Global teleradiology software market is also segmented based on end user into hospitals, ambulatory surgical centers, diagnostic centers and others.

Teleradiology Software Market Regional Analysis/Insights

The teleradiology software market is analysed and market size insights and trends are provided by country, technology, imaging techniques, application and end user as referenced above.

The countries covered in the teleradiology software market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the teleradiology software market because of the strong base of healthcare facilities, high prevalence of cancer and cardiovascular disease patients in the region and the presence of major key players within the region.

Asia-Pacific is expected to witness significant growth during the forecast period of 2022 to 2029 due to the increase in government initiatives to promote awareness, rise in medical tourism, ever-rising geriatric population base and the growing demand for quality healthcare in the region.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.    

Healthcare Infrastructure growth Installed base and New Technology Penetration

The teleradiology software market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for teleradiology software market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the teleradiology software market. The data is available for historic period 2010-2020.

Competitive Landscape and Teleradiology Software Market Share Analysis

The teleradiology software market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to teleradiology software market.

Some of the major players operating in the teleradiology software market are FUJIFILM Corporation, Agfa-Gevaert Group, Everlight Radiology, TELEDIAGNOSTICSOL, ONRAD, Inc., MEDNAX Services, Inc., Global Diagnostics, Teleradiology Solutions, Carestream Health, Telerad Tech., Siemens, Intrado., Avaya Inc., Premiere Global Services, Inc., Allscripts Healthcare, LLC, Redox, Inc., Resideo Technologies, Inc., and Koninklijke Philips N.V., among others.

SKU-51833