US Teleradiology Market Analysis

US Teleradiology Market Analysis


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The US Teleradiology market size was valued at $995 Mn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of 9.7% from 2022 to 2030 and will reach $2088 Mn in 2030. The market is segmented by application, modality, technology solutions, and end user. The US teleradiology market will grow due to technological advancements in cloud computing telecommunication and image transfer technologies have made it easier to transmit radiological images remotely. The key market players are vRad, Radiology Partners, Nighthawk Radiology Services, and others.

ID: IN10USDH140 CATEGORY: Digital Health GEOGRAPHY: US AUTHOR: Chandani Patel

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US Teleradiology Market Executive Summary

The US Teleradiology market size was valued at $995 Mn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of 9.7% from 2022 to 2030 and will reach $2088 Mn in 2030. The United States has one of the highest health expenditures in the world, both in absolute terms and as a percentage of its gross domestic product (GDP). According to data from the Centers for Medicare and Medicaid Services (CMS), US healthcare spending totaled $3.8 trillion in 2019 or $11,582 per person. This represented approximately 17.7% of the US GDP. There are several factors that contribute to high health expenditures in the US. One of the biggest drivers is the high cost of medical services and treatments. The US has some of the highest healthcare prices in the world, including prescription drugs, medical devices, and hospital care.

Teleradiology is a rapidly growing field in the US healthcare industry that involves the transmission of radiological images, such as X-rays, CT scans, and MRIs, from one location to another for interpretation and diagnosis. This process enables healthcare providers to access specialized radiology services from anywhere in the country, improving patient outcomes and reducing costs. The use of teleradiology in the US has grown significantly in recent years, driven by advances in technology and a shortage of radiologists in many areas of the country.

One of the primary advantages of teleradiology is the ability to access radiology services quickly and efficiently. This is p articularly important in emergency situations where rapid diagnosis and treatment can be life-saving. Teleradiology also enables healthcare providers to access specialized radiology services that may not be available locally, improving patient outcomes and reducing costs. Teleradiology is particularly useful in rural areas, where there may be a shortage of radiologists. This technology enables healthcare providers to access radiology services from radiologists located in other parts of the country, improving patient outcomes and reducing costs.

The COVID-19 pandemic has further accelerated the growth of teleradiology in the US, as healthcare providers increasingly adopt telehealth and remote diagnostic services to minimize patient exposure and maintain social distancing. Teleradiology has enabled healthcare providers to continue providing essential radiology services during the pandemic, reducing the risk of exposure for both patients and healthcare providers.

The US teleradiology market is highly competitive, with numerous providers offering a range of services, including image interpretation, consultation, and reporting. Some of the major players in the market include Nighthawk Radiology Services, Virtual Radiologic, Inc., Teleradiology Solutions, and Radiology Partners. The US teleradiology market is expected to continue its strong growth trajectory in the coming years, driven by advances in technology, increasing demand for diagnostic imaging services, and a shortage of radiologists in many areas of the country.

The United States radiology market dominated the North American teleradiology market with more than 60% of the market share. The market growth is fuelled by the growing inclination of hospitals towards the automation and digitization of patient records, and the rising awareness about the benefits of early disease diagnosis. Also, the increasing adoption of cloud-based solutions and technological advancements in the healthcare sector boost the market growth.

us teleradiology market analysis

Market Dynamics

Market Growth Drivers

  1. Technological advancements: Technological advancements in telecommunication, cloud computing, and image transfer technologies have made it easier to transmit radiological images remotely, thus driving the growth of the teleradiology market.
  2. Increasing demand for diagnostic imaging: There is a growing demand for diagnostic imaging services in the US, particularly in areas such as cardiology, oncology, and neurology. Teleradiology services enable healthcare providers to access these services quickly and efficiently, reducing wait times and improving patient outcomes.
  3. Shortage of radiologists: There is a shortage of radiologists in many areas of the US, particularly in rural areas. Teleradiology services enable healthcare providers to access radiology services remotely from radiologists located in other parts of the country.
  4. Cost savings: Teleradiology services can be provided at a lower cost than traditional radiology services, as they eliminate the need for expensive equipment and infrastructure.

Market Restraints:

  1. Quality concerns: There are concerns about the quality of remote radiology services, particularly regarding the accuracy and reliability of image interpretation. This can lead to issues with diagnosis and treatment, which can negatively affect patient outcomes.
  2. Regulatory barriers: There are regulatory barriers that can limit the growth of the teleradiology market, particularly related to state licensing requirements and reimbursement policies.
  3. Data security and privacy concerns: There are concerns about the security and privacy of patient data transmitted during teleradiology services, particularly in cases where the data is transmitted over the internet.
  4. Lack of standardization: There is a lack of standardization in the teleradiology industry, particularly related to image quality, reporting standards, and communication protocols. This can lead to issues with accuracy, reliability, and consistency in remote radiology services.

Competitive Landscape

Key Players

  • vRad: vRad is a leading teleradiology company that provides remote reading and interpretation of medical images, including X-rays, CT scans, and MRIs. The company has a network of over 500 radiologists and provides services to over 2,100 healthcare facilities in the US.
  • Radiology Partners: Radiology Partners is one of the largest radiology practices in the US, with over 2,800 radiologists and 1,400 facilities across the country. The company provides teleradiology services, as well as on-site radiology services, and is focused on improving patient outcomes and reducing healthcare costs.
  • Nighthawk Radiology Services: Nighthawk Radiology Services is a teleradiology company that provides remote reading and interpretation of medical images, with a focus on emergency radiology services. The company has a network of over 200 radiologists and provides services to over 1,500 healthcare facilities in the US.
  • Siemens Healthineers: Siemens Healthineers is a global medical technology company that provides a range of products and services, including teleradiology solutions. The company's teleradiology platform, syngo Virtual Cockpit, enables remote collaboration and consultation between radiologists, improving efficiency and reducing wait times.
  • Global Diagnostics: Global Diagnostics is a teleradiology company that provides remote reading and interpretation of medical images, with a focus on diagnostic imaging services. The company has a network of over 150 radiologists and provides services to healthcare facilities across the US.
  • 4ways Healthcare Limited
  • RamSoft, Inc.
  • Agfa-Gevaert N.V.
  • ONARD
  • North America Diagnostics
  • Everlight Radiology
  • Sectra AB
  •  Health Watch Tele Diagnostics Pvt. Ltd

Recent Developments

2021: vRad announced a partnership with MaxQ AI to integrate MaxQ AI's Accipio Ix intracranial hemorrhage detection software into vRad's teleradiology platform. This will enable vRad's radiologists to provide faster and more accurate diagnoses of intracranial hemorrhages.

2020: Radiology Partners announced a partnership with Google Cloud to develop artificial intelligence (AI) models for use in radiology. The partnership aims to improve patient outcomes and increase efficiency in radiology services.

Healthcare Policies and Regulatory Landscape

Teleradiology in the US is regulated by several federal and state laws and regulations to ensure patient safety and privacy. Here are some of the key regulations that apply to teleradiology:

HIPAA: The Health Insurance Portability and Accountability Act (HIPAA) sets national standards for protecting the privacy and security of patients' health information, including information transmitted through teleradiology services.

FDA: The US Food and Drug Administration (FDA) regulates medical devices, including radiological imaging equipment, to ensure their safety and effectiveness.

Medicare: The Centers for Medicare and Medicaid Services (CMS) regulates the use of teleradiology services for reimbursement purposes, including requirements for physician licensure, credentialing, and privileging.

State licensure: Radiologists who provide teleradiology services must be licensed in the state where the patient is located. State medical boards also regulate the practice of medicine and telemedicine within their jurisdiction.

Joint Commission: The Joint Commission, an independent non-profit organization that accredits and certifies healthcare organizations, has standards for the use of telemedicine and teleradiology services in healthcare facilities.

American College of Radiology (ACR) guidelines: The ACR provides guidelines and standards for the use of teleradiology services, including guidelines for credentialing and privileging radiologists who provide remote interpretation of medical images.

Compliance with these regulations is critical to ensure patient safety and privacy in teleradiology services, and healthcare organizations and teleradiology providers must stay up-to-date with changes in regulations to remain in compliance.

1. Executive Summary
1.1 Digital Health Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Digital Health Policy in Country
1.6 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Diagnosis
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Teleradiology Market Segmentation

By Application

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

By Modality:

The market is divided into X-ray, computed tomography (CT), ultrasound, magnetic resonance imaging (MRI), nuclear imaging, fluoroscopy, and mammography segments based on Modality. The computed tomography market category held the biggest market share in 2020. Several medical specialties employ computed tomography, including cardiology, cancer, neurology, abdominal and pelvic imaging, as well as spine and musculoskeletal imaging. The teleradiology market is expanding in this sector due to factors including the rising demand for early and accurate diagnosis, technical improvements, and digitalization in this industry. Around 100 million CT scans are performed annually worldwide, according to the WHO. The demand for CT scans over other imaging modalities has increased due to the desire to avoid exploratory procedures and advancements in cancer diagnosis and therapy.

  • X-Ray
  • Magnetic Resonance Imaging
  • Computed Tomography
  • Ultrasound Systems
  • Nuclear Imaging

By Technology Solutions

  • Web-Based Teleradiology Solutions
  • Cloud-Based Teleradiology Solutions

By End User

The market is divided into four categories based on the end users: long-term care facilities, nursing homes, and assisted living facilities; hospitals and clinics; diagnostic imaging centres and laboratories; and other end users. In 2019, the hospitals and clinics segment's revenue contribution was the highest. This segment's significant market share can be ascribed to the increase in diagnostic imaging operations carried out in hospitals, the hospitals' growing propensity to automate and digitise patient data, and the growing demand to raise the standard of patient care. In addition, the COVID-19 pandemic shortage of radiologists and the growing usage of new imaging modalities to boost hospital workflow efficiency are anticipated to enhance the development of this end-user segment.

  • Hospitals and Clinics
  • Diagnostic Imaging Center and Laboratories
  • Long-term Care Centres, Nursing Homes, Assisted Living Facilities
  • Others

Insights10 will provide you with the reports within 10 key parameters which are:

  1. Market Overview
  2. Market Growth Drivers & Restraints
  3. Epidemiology of Disease Type
  4. Market Segmentation
  5. Market Share
  6. Competitive Landscape
  7. Key Company Profiles
  8. Healthcare Policies & Regulatory Framework
  9. Reimbursement Scenario
  10. Factors Driving Future Growth

Based on our many years of experience, we believe that these are the parameters that are critical to decision-making for business stakeholders. Our focused approach to developing reports focused on 10 key parameters, enabled us to arrive at the name “Insights10”.

 

Stage I: Market Data Collection

Primary Interviews: We have developed a network of experts, freelancers, and researchers across countries through which we engage with local experts to gather key data points and assumptions about each market. We also engage regularly with some of the best market research agencies such as Atheneum, GuidePoint, GLG, etc. to conduct surveys and interviews, and build intelligence. We have language translators as a part of our team, who between them can cover 30+ languages allowing us to extract better local insights.

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Stage II: Market Data Analysis and Statistical Model

Market Trends: We generally look at macro parameters and micro indicators. The macro parameters include changes in government policies, demand and supply of the market, government intervention programs, and major market share. The micro indicators are GDP growth, market size, market volume, etc. We also understand nuances specific to each country like the US, Canada, India, Germany, etc., and have worked across 60+ countries and hence not only understand global trends but how these differ by country, how payment models, market structure, cultural parameters, etc. differ in each country.

Market Sizing and Analysis: Our expert data analytics team has created various market forecast models by employing the top-down approach i.e. starting with the large overall market and segmenting different areas and the bottom-up approach i.e. starting with population and epidemiology and rolling up based on spend, etc., estimating the size of the market, and distributing among the geographic and/or product segments.

The top-down approach is mainly used for new product forecasting and the bottom-up approach is used for demand estimation of any product for different countries summed up to form the total market. We are able to round off insights and build stronger forecasts because we always do both these methods and triangulate the final numbers.

The study on the market covers the analysis of the leading geographies such as Asia-Pacific, Africa, Europe, Middle East, North America, and  Latin America for the period of 2022 to 2030. The qualitative analysis covers the industry landscape and trends, market opportunities, competitive landscape, and policy and regulatory scenario, and the quantitative analysis covers different market estimates and forecasts.

Data Triangulation & Validation:

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We make sure to finalize the numbers in alignment with the market research. Firstly, our internal experts ensure thorough validation and checking to ensure accurate and precise analysis and then validation is also done using a multiple-data analysis model. Two-level validation is done and entails the finalization of the report scope and the way of representation pattern.

 

 

Stage III: Interpretation and Presentation

Analysis & Interpretation: The information gathered is then analyzed and synthesized. The second series of interviews are done if necessary to check and validate. The future opportunities are analyzed by understanding product commercialization and many other factors. It also comprises the analysis of data discrepancies observed across various data sources. Information procured from secondary and primary results is then, interpreted by considering the following parameters: (a partial list)

  • Establishing market drivers and trends
  • Analyzing the regulatory landscape to understand future growth
  • Market Segment based analysis to obtain revenue/volume
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Data curated from the analysis and interpretation are drawn to portray all in one consolidated report.

Presentation & Reporting: The market research report is presented in different forms such as charts by using a scientific approach for easy understanding. Historic, current, and future analysis is provided for each market in terms of both value and volume. The size of the market is interpreted in the US Dollar value and the respective unit, based on the product, for volume consumption.

The foreign exchange rates are calculated on the respective dates and for the respective regions covered in the study.

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Last updated on: 13 March 2023
Updated by: Ritu Baliya

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