Hyderabad, Telengana -- (SBWIRE) -- 02/20/2023 -- The Teleradiology Market study analysis offers an in-depth outlook on the market containing both quantitative, and qualitative data. It gives an outlook and forecast of the global market based on the Teleradiology Market segmentation by product type, technology, and application. It also provides Teleradiology Market size, and growth, along with the latest trends, opportunities, and forecast till 2029 for the global market with esteem to major countries such as the United States, Canada, Brazil, Germany, Italy, Spain, United Kingdom, Russia, European countries, United Arab Emirates, Saudi Arabia, South Africa, Japan, China, India, South Korea, Australia, and rest of the countries over the globe.

Market Dynamics:

Teleradiology Market growth is augmented by increasing demand for radiology services & a shortage of skilled radiologists coupled with favorable government initiatives will considerably spur the product demand in the following years.

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The rising demand for radiology services and a lack of skilled radiologists is one of the prime factors driving product demand in the forecast period.

Teleradiology helps transmit diagnostic medical images from one place to another, where physicians and radiologists can easily access them. It allows radiologists to provide their expertise without necessarily being in the same place as the patient. This is important because radiologist subspecialties are less in number and are mainly located in developed and metropolitan cities. The surge in demand for radiological services due to the high prevalence of chronic diseases such as orthopedic injuries and congestive heart failure are the key factors augmenting the growth of the teleradiology market. The adoption of teleradiology services has helped bridge the rural and urban disparity in numerous developing countries such as Brazil and India and developed countries, including the U.K., the U.S., and Germany. Also, teleradiology solutions are more cost-effective and convenient as they eliminate travel and allow radiologists to work remotely. In addition, a shortage of skilled and qualified radiologists has further driven market growth worldwide.

The introduction of favorable government initiatives further drives the market growth during the forecast period.

A substantial increase in government expenditure on the healthcare information (HCIT) sector and a rise in focus on market players towards bringing research and innovation to digital diagnostics proliferates product consumption. The advent of government programs such as the Health Insurance Portability and Accountability Act of 1996 in the U.S. enables all patient data and information to have end-to-end protection from cybercrimes. Therefore, all the teleradiology services in the country must comply with this act. These initiatives build trust and improve patient and physician confidence in the teleradiology sector, thus increasing the coming years' product adoption rate. The availability of healthcare coverage for teleradiology services in Australia and the U.S. further strengthens the market growth.

Reducing reimbursements and increasing the regulatory burden in the US is likely to hamper the market growth.

The US is the dominating country in the teleradiology market. However, from 2019 to 2021, the country experienced a steady decline in reimbursements and a rise in regulatory changes in the US. This resulted in an alliance in the healthcare industry. The regulatory procedures associated with the sector are hindering the market growth. The Protecting Access to Medicare Act of 2014 sets appropriate use criteria (AUC) for advanced diagnostic imaging services offered to Medicare insurance beneficiaries in the US. According to this act, every medical professional who orders an advanced diagnostic imaging test must consult the AUC via a clinical decision support mechanism (CDSM). These developments can substantially hamper the market growth.

Industry Analysis:

The teleradiology market provides in-depth analysis of the market based on various industry factors such as porter five forces, unmet needs, pricing analysis, supply chain analysis, regulatory analysis etc.

COVID-19 Impact Analysis:

The outbreak of COVID-19 across the globe has put immense pressure on medical practitioners, and healthcare professionals need to rely on teleradiology solutions to read diagnostic reports and treat patients. Teleradiology services also enhance the efficiency of diagnostic imaging by simplifying and optimizing radiology with reduced manual errors and correct readings. Moreover, it helps avoid exchanging hard copies of imaging results and in-person contacts. In addition, various worldwide teleradiology partnerships of radiologists are projected to accelerate clinical trials and preventative measures research. Furthermore, there was initially a decline in teleradiology services due to the lockout and hold on elective imaging services. However, the situation for elective surgical services is expected to improve gradually in the forecast period.

Segment Analysis:

The software segment is the fastest-growing segment and is expected to register the highest CAGR during the forecast period (2022–2029).

The software segment is expected to gain popularity in the coming years. The growing demand for healthcare software has spurred companies to enhance interoperability, increase the data transparency, and improve technical capabilities. Furthermore, the coronavirus outbreak has increased the need to manage large amounts of patient data better. Due to this, many hospitals are adopting teleradiology solutions to enhance healthcare providers' efficiency and improve patient outcomes. Moreover, technological advancements in software and product launches by the key market players are the other factors driving the market in the forecast period. For instance, the use of a smartphone-based digital camera for mobile teleradiology. Physicians typically use their smartphones to collect photographs, and substantial developments in recent years have enabled smartphones to capture and transmit high-resolution images in jpeg, png, or gif file formats. They could be converted to Digital Imaging and Communications in Medicine (DICOM) if needed for storage in a PACS but without any embedded data. Furthermore, GE Healthcare (US) released a cloud-based Edison True PACS in August 2021, which includes revolutionary and AI-enabled decision-making technologies to help improve reading speed, minimize errors, improve diagnostic precision, and enable confident diagnoses. Therefore, it has increased the demand for software and accounted for the largest market share in the forecast period. ?

Geographical Analysis:

North America registered the highest CAGR in the teleradiology market during the forecast period.

The increasing prevalence of chronic diseases, technological advancements in teleradiology, FDA approvals of products, developed infrastructure, supportive government initiatives, and increasing demand for efficient teleradiology solutions in the region are the factors the market is expected to be driven by in the forecast period. For instance, teleradiology has witnessed a surge in the aftermath of the COVID-19 epidemic. However, minimizing risks and hurdles in this sector is critical to realizing its full potential to improve patient care. The fast availability of diagnostic services, critical during medical emergencies, and the imbalance between the high demand for radiology services and the available ratio of healthcare professionals, necessitates adapting services such as teleradiology. Moreover, the COVID epidemic was the greatest testimonial to teleradiology and its importance. Teleradiology, like other health tech options at the time, became a practical delivery mode and found widespread use. Given the limited availability and time required for lab examinations, radiography and teleradiology played an important role in restricting the spread of the virus in the early epidemic. In a few instances, radiological investigation was the only choice for screening. The unexpected surge increased demand for teleradiology services by approximately 150% across the country, particularly for CT chest and X-ray reports. During this time, many teleradiology services developed and were able to meet this unique COVID demand. Artificial intelligence aided in real-time COVID screening and reduced radiologist burnout caused by this abrupt surge.

Furthermore, Nines announced the 510(k) FDA clearance for NinesMeasure, a new lung nodule measurement instrument that aids in the diagnosis of certain respiratory disorders, in March 2021. Thus, from the above statements, the North American region accounted for the largest market share in the forecast period.

Competitive Landscape:

Major key players in the teleradiology market are Koninklijke Philips N.V., MEDNAX Services, Inc., Teleradiology Solutions, Carestream Health, ONRAD, Inc., USARAD Holdings Inc., and Cerner Corporation, among others.

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