Teleradiology is a technology that enables sharing of radiological images, such as X-rays, CTs, and MRIs of patients with, as well as amongst radiologists placed in different parts of the world for examinations. This technology enables initiating the treatment procedure of a patient, who otherwise has no access to a radiologist, without delay. Its benefits include reduced cost, expertise, and accurate examination of a radiological image. The concept of telemedicine was introduced nearly 50 years ago. The  generation of data each year, ever since, has posed an enormous task in front of healthcare organizations as it is challenging to manage, access, analyze, and interpret such a large volume of data. During the 1970s, the concept of telemedicine started gaining attention. However, the teleradiology segment started achieving commercial viability only during the 1980s.

The landmark in development of the teleradiology technology can be traced to 1994 when teleradiology links between hospitals in different states where established. The gradual advancements in the healthcare industry has revolutionized the teleradiology technology and has enabled doctors to manage and analyze images with great ease and flexibility.

Today, teleradiology is one of the fastest growing segments in the field of telemedicine. Also, the technological advancements in the segment have enabled physicians to carryout diagnosis by reviewing radiological records with great accuracy. The growth of teleradiology market has also helped in mitigating the problem of shortage of radiologist as compared to volume of scans that needs to be analyzed.

According to the recent market intelligence report published by BIS Research, Global Teleradiology Services Market – Analysis and Forecast (2018 – 2026), the market was valued at $2.63 billion in 2017 and is expected to witness a growth of 15.06% during the forecast period and reach $9.46 billion by 2026.

The market is expected to grow at a robust rate with the factors such as rise in incidence of chronic disease, emerging medical software technologies, advancement in machine learning, growing awareness regarding early diagnosis and screening, exponential growth in medical imagining software, and collaboration of diagnostic companies and teleradiology service providers, driving the market.

While there are factors that are restraining the growth of the market such as a lack of awareness, high cost of imaging modalities, and lack of face-to-face communication, there are opportunities as well that players present in the market can take benefit of, such as  leveraging the cloud-based solutions, application of artificial intelligence in medical imaging software, and outsourcing radiology services.

As per the report published by BIS Research, the teleradiology services market is segmented on the basis of technology, imaging modality, application, end user, and region. The teleradiology services market by technology is further segmented into cloud-based services and web-based services. In 2018, the market by technology is dominated by web-based services with a market percentage of 59.81%.

The teleradiology services market by imaging modality is segmented into computed tomography, magnetic resonance imaging, nuclear imaging (PET/CT), ultrasound systems, mammography, x-ray, and others. The market by imaging modality is dominated by computed tomography in 2018 and is expected to maintain the dominance during the forecast period as well.

Further, based on the segmentation by application, the market is segregated into radiology information system (RIS), picture archiving and communication system (PACS), Integrated RIS and PACS, and others. The market is dominated by integrated (RICS and PACS) segment in 2018 and is expected to dominate the market during the forecast period as well.

The market is also segmented on the basis of end user. The end users here are hospitals, diagnostic imagining centers, ambulatory surgical centers, and others. Lastly, on the basis of region the market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. At present, the region of North America is leading the market with a market share of 36.26% and is expected to maintain the lead during the forecast period.

Currently, with the favorable initiatives undertaken by regulatory authorities, and in-country production of medical devices and biopharmaceuticals for life science industry that are being proactively promoted by the key players in the healthcare industry, is expected to boost the growth of teleradiology services market in future.