Teleradiology Services Market to Witness Widespread Expansion during 2021-2031
Disproportionate Number of Radiologists in India Creates Training Scope amid COVID-19 Pandemic
Since the world is dealing with the COVID-19 pandemic, stakeholders in the teleradiology services market are increasing the availability of their products and services. In the emergency setting, teleradiology ensures that when a scan is conducted, it can be reported immediately and treatment decisions can be taken in real-time. However, the disproportionate number of radiologists in metro cities of India, and an even worse number in tier-2 cities, is emerging as a hurdle for market growth during the ongoing pandemic.
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Due to this disproportionate number, companies in the India teleradiology services market should capitalize on this opportunity to provide training to medical students for increasing the availability of radiologists in tier-2 cities of India. Other developing economies such as Africa, Latin America, and the Middle East also hold lucrative business expansion opportunities.
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Virtual Workplaces Help Group Radiology Departments, Overcome Implementation Challenges
The teleradiology services market is expected to cross the value of US$ 19.7 Bn by 2031. However, obstacles in the implementation of teleradiology involves issues in network connectivity, stringent regulations, and need for manpower. A poor network infrastructure creates hurdles in the recall of data from web-based server, while licensing & complicated patient cases affect services and medical outcomes. There is a need to invest in medical infrastructure to overcome implementation hurdles.
On the other hand, advantages such as developing virtual workplaces to group all radiology departments in different cities of countries are assisting stakeholders in the market to expand their revenue streams.
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Partnerships Help Support Out-of-hours Reporting Services with Dual-qualified Radiologists
Companies in the teleradiology services market are setting their collaboration wheels in motion to improve patient quality of life. Integral Diagnostics – a provider of medical imaging services in Australia and Medica Group – a teleradiology services provider in the U.K., are partnering to provide teleradiology reporting services in New Zealand and the U.K. This is evident since general reporting is predicted to dictate the highest revenue share among all types of services, and the domain is anticipated to grow exponentially during the assessment period.
Stakeholders in the teleradiology services market are increasing their focus on short-term goals such as providing access to a pool of dual-qualified radiologists who are capable of supporting acute out-of-hours reporting services.
Development of Medical Imaging Software Paves Way for Healthcare Digitalization Projects
The U.S. and Europe hold lucrative growth opportunities for stakeholders in the teleradiology services market, as this technology is being exploited as a modern method to diagnose diseases. This explains why the market is estimated to clock a robust CAGR of ~11% during the forecast period. With the onset of the coronavirus pandemic, online counselling has gained impetus and is paving the future of healthcare services.
The proliferation of telemedicine is creating revenue opportunities for companies in the teleradiology services market. However, digitization in medicine is surging at a relatively slow pace. This is when healthcare software companies including Andersen are stepping in to engage in medical imaging software development for surgery assistance and other healthcare digitalization projects.
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Speedy Teleconsultations, MRI Services Create Business Opportunities for Service Providers
Teleradiology has been at the forefront of telemedicine since its inception. Companies in the teleradiology services market are establishing stable revenue streams with the successful analysis of an MRI (Magnetic resonance imaging) image. Even analysts at Transparency Market Research (TMR) opine that MRI is estimated to dominate the highest revenue share among all modalities in the teleradiology services market.
Successful use of teleradiology is being witnessed in a small Belgian hospital that conducts several thousand teleconsultations a year, while efficiently recording its surgical operations and conferences. Archiving information has been helpful in reducing the time physicians spend on consultations and training sessions.
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