Global Teleradiology Software Market 2023-2030

Global Teleradiology Software Market 2023-2030

Global Teleradiology Software Market Size, Share & Trends Analysis Report by Type (Radiology Information System, Picture Archive & Communication System, and Vendor Neutral Archive), and by Deployment Mode (On-Premise and Cloud-Based), Forecast Period (2023-2030)

The global teleradiology software market is anticipated to grow at a significant CAGR of 7.5% during the forecast period. The increasing availability of more affordable and faster wireless data transfer, mass storage options, and broadband cellular technology has driven the growth of the global teleradiology software market. The rising prevalence of chronic disorders coupled with the rising healthcare expenditure has further increasing its adoption, globally. According to the World Health Organization, Cancer was a leading cause of mortality worldwide, accounting for nearly 10 million mortalities in 2020, or nearly one in six deaths. The most common cancers are breast, lung, colon and rectum and prostate cancers. Additionally, according to estimates from the International Agency for Research on Cancer (IARC) updates from July 2021, by 2040, the global burden of cancers is expected to grow to 27.5 million new cancer cases and 16.3 million deaths worldwide.

In August 2023, Telerad Group has announced the signing of a Memorandum of Understanding (MoU) with National Institute of Mental Health and Neurosciences (NIMHANS), Bengaluru to strengthen efforts in the prompt detection and interpretation of stroke and head injuries.NeuralAssist is integrated into RADSpa, a next generation AI-enabled radiology workflow platform with in-built Radiology Information System-picture archiving information system (RIS-PACS), which is scalable and designed to meet the requirements of Teleradiology.

Moreover, in December 2022, OpenRad has launched its enterprise remote reporting platform, Enterprise Edition, which enables cloud-based reporting, collaborative workflows across companies and advanced mobile fleet management in one offering. The OpenRad SaaS based platform provides a fully digital end-to-end teleradiology workflow—combining a domestic cloud platform, OpenRad Cloud (by Biotronics3D), with a DICOM 3.0 routing, translation, compression, and encryption device, OpenRad Cube (by Visbion), which includes the effective mobile fleet management solution. Such developments are driving the growth of the global market.

Segmental Outlook

The global teleradiology software market is segmented based on type and deployment mode. Based on deployment mode, the market is segmented into on-premises and cloud based. Based on type, the market is segmented into radiology information system, picture archive and communication system, and vendor neutral archive.

PACS held a Considerable CAGR in the Global Teleradiology Software Market

PACS (picture archiving and communication system) is a medical imaging technology used primarily in healthcare organizations to securely store and digitally transmit electronic images and clinically-relevant reports. The use of PACS eliminates the need to manually file and store, retrieve and send sensitive information, films and reports. The growing adoption of PACS in medical imaging owing to its offered benefits is a key factor driving the growth of this market segment. For instance, in January 2023, Manipal Hospitals have entered into an agreement with FUJIFILM India, a pioneer in healthcare technology, to leverage the latter’s innovative digital technology for storing sensitive medical documents and images. Under the long-term agreement, Manipal Hospitals would be provided with a large-scale PACS, powered by FUJIFILM India. The PACS eliminates the need for manually storing, retrieving, and sending sensitive information, films, and reports.

Regional Outlook

The global teleradiology software market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the Rest of the World (the Middle East & Africa and Latin America). Among all the regions, Asia-Pacific is anticipated to exhibit considerable share on the global market. The growing adoption of teleradiology software in emerging economies is a key factor driving the regional market. The growing diagnostics procedures has further driven the regional market growth.

North America Held Considerable Share in the Global Teleradiology Software Market

The presence of well-established healthcare infrastructure, growing geriatric population, and high awareness among patients towards early diagnosis of diseases are major factors driving the regional market growth. For instance, in May 2023, the American Hospital Association's annual survey of hospitals in the US reports a total of 6,129 hospitals in the country, with 5,157 of them being community hospitals. The presence of a large number of diagnostic centers, growing prevalence of targeted diseases, rising healthcare expenditure, and adoption of technologically advanced imaging systems are further aiding to high share of the regional market.

Market Players Outlook

The major companies serving the global teleradiology software market include Carestream Health, Telerad Tech, Comarch SA, Medsynaptic Pvt Ltd., and Perfect Imaging LLC among others. The market players are considerably contributing to the market growth by the adoption of various strategies, including mergers and acquisitions, partnerships, collaborations, funding, FDA approvals, and new product launches, to stay competitive in the market. For instance, in October 2023, Cairo-based teleradiology vendor Rology has received 510(k) clearance from the US FDA, allowing its platform to be used by providers in the US.Rology teleradiology is designed to link a clinician or healthcare organization’s patients to a skilled radiologist from anywhere, facilitating rapid report readings. The platform acts as a remote radiology department, made up of a suite of modules that include features such as automatic image acquisition, workflow integration, reporting support, and more.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global teleradiology software market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.