The global teleradiology market reached a value of US$ 4.7 Billion in 2021. Teleradiology is a branch of telemedicine used to acquire, view, and interpret radiological images of a patient’s internal body. It consists of a transmission network, telecommunication system, receiving image station, and image sending station integrated with a specialized computer and high-quality display to improve patient care and deliver clear radiological images. It also includes computed tomography (CT), X-ray, positron emission tomography (PET), magnetic resonance imaging (MRI), and ultrasound. Teleradiology assists in improving consultation and efficiency, faster diagnostics, reducing costs, enhancing patent satisfaction, and better rural-area care.
As per the analysis by IMARC Group, the top companies in the teleradiology industry are adopting digital imaging and communication of medicine (DICOM) standard protocols that specify the format for communicating and managing medical images that can be produced, exchanged, displayed, and stored with the necessary data for clinical uses. Such practices are applied in various fields of healthcare and medicine that utilizes medical imaging technology, such as cardiology, radiology, oncology, and dentistry. They are also integrating automated query expansion (QE) techniques in imaging devices to handle complex queries with a fast response time and high scalability. In addition, the rising investments in research and development (R&D) activities for innovating advanced teleradiology technologies to improve workflow efficiency are favoring the market growth. Moreover, key players are incorporating artificial intelligence (AI) in teleradiology, which assists in highlighting areas of concern, prioritizing urgent cases of patients, and alerting in high-pressure situations. Besides this, virtual reality and augmented reality (VR/AR) tools are introduced to supplement radiology training, refer clinicians and patients, and aid in interventional radiology procedures, which, in turn, is supporting the market growth. Furthermore, the implementation of picture archiving and communication system (PACS) technology to store, archive, and retrieve electronic radiological patient images and reports to improve patient care is providing an impetus to market growth. Looking forward, IMARC Group expects the market value to reach US$ 10.6 Billion by 2027, growing at a CAGR of 14.20% during the forecast period (2022-2027).
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Top Teleradiology Companies Across the World:
4ways Healthcare Limited
Headquarters: The United Kingdom
4Ways Healthcare is engaged in providing remote radiology reporting services to radiology departments across the UK. It is well-established in quality teleradiology, MRI, CT & X-Ray, and urgent and specialist scans. The company provides out-of-hours radiology reporting services, such as:
- Triage and Stroke Reporting
- Routine Reporting Service
- CT Colonoscopy
- Nuclear medicine
- Clinical Audit Services
The Agfa-Gevaert Group manufactures, produces, develops, and distributes an extensive range of analog and digital imaging systems and IT solutions, focusing on the healthcare and printing industry. It offers offset printing, inkjet printing, radiology imaging, industrial electronics, and medical imaging. These digital radiography systems are offered with the company’s leading MUSICA image processing software and its MUSICA workstation for image identification, acquisition, and quality control. Apart from this, the organization is commercially active worldwide through wholly owned sales organizations in more than 40 countries.
Headquarters: New York, United States
Carestream Health is a worldwide imaging company offering digital X-ray products and X-ray films for medical and non-destructive testing. It provides high-value technology, products, and services through continuous innovation and operational excellence. Carestream Health manufactures radiography, on-sight three-dimensional (3D) extremity systems, managed print solutions, veterinary supplies, non-destructive testing units, dental film, and other related accessories.
Headquarter: Missouri, United States
Cerner Corporation is a supplier of health information technology services, devices, and hardware. The company assists in supporting the clinical, financial, and operational areas of the healthcare system. It focuses on automating the entire health management process by creating and promoting paperless patient records, such as the Electronic Medical Record (EMR) systems. With extensive research and development (R&D) operations, the company introduced two more components of its future human neutrophil antigen (HNA) systems; namely MedNet and Discern. MedNet joined PathNet in the clinical management family of Cerner products, offering support for pulmonary medicine, respiratory care, and other internal medicine departments.
Headquarters: Tokyo, Japan
FUJIFILM corporation operates in the realms of photography, optics, office and medical electronics, biotechnology, and chemical businesses. It operates in the prevention, diagnosis, and treatment business units. It contributes to the health of people around the globe by helping in the early detection of diseases, responding to unmet medical needs, and support for the development and manufacture of innovative vaccines and pharmaceuticals.
General Electric Company
Headquarters: Massachusetts, United States
General Electric (GE) Company is an industrial company that brings innovative market solutions and delivers essential energy, healthcare, and transportation infrastructure. It is a globally diversified technology and financial services company that includes:
- Aircraft Engines
- Power Generation
- Water Processing
- Household Appliances
- Medical Imaging
- Business and Consumer Financing
- Industrial Products
Its extensive product line in the healthcare sector includes imaging, ultrasound, IT, contrast media, anesthesia delivery, diagnostic ECG, and patient monitors.
Koninklijke Philips N.V.
Headquarters: Amsterdam, Netherlands
Koninklijke Philips N.V. is a diversified technology company focused on improving people's lives through meaningful innovation in healthcare, consumer lifestyle, and lighting applications. The company offers products and services:
- Image-Guided Therapy
- Patient Monitoring
- Diagnostic Imaging
- Health Informatics
- Consumer Health and Home Care
Headquarter: Texas, United States
McKesson Corporation is a US-based company that distributes pharmaceuticals and provides health information technology, medical supplies, and care management solutions. The company distributes medical-surgical supplies and health and beauty care products. It also develops, implements, and supports software that facilitates data integration throughout the health enterprise. In addition, McKesson offers analytics, care management, and patient solutions for payers.
Mednax Services Inc.
Headquarters: Sunrise, Florida
MEDNAX Services, Inc. is a national medical group that comprises the broad physician services of Pediatrix Medical Group and American Anesthesiology. The company provides physician services:
- Maternal-fetal Medicine
- Intensive Care
- Emergency Medicine
- Hospital Services
Headquarters: Riverside, California
ONRAD, Inc. is a full-service radiology services company providing teleradiology and custom hybrid solutions. Their wide range of services includes:
- Onsite Diagnostic Staffing
- Onsite interventioanal (IR)
- Onsite Teleradiology
- QA Over-Read
- Billing Services
The company focuses on delivering personal and quality services to partners while making positive and measurable differences in health outcomes.
Headquarters: Toronto, Ontario
RamSoft is a healthcare IT software and services organization that develops and delivers innovative medical imaging, radiology workflow, teleradiology, and DICOM routing solutions to its clients around the globe. It aims to create and provide award-winning medical imaging and radiology solutions. The company focuses on facilitating seamless communication between healthcare providers for better patient outcomes.
Headquarters: Munich, Germany
Siemens AG is a technology company focused on industry, healthcare, infrastructure, and transport. Amongst these, the healthcare division in operated under the ‘Siemens Healthineers” brand that is a prominent maker of medical diagnostics equipment and IoT solutions. The company’s business structure is well oriented in meeting the needs of the industry in improving efficiency, quality, flexibility, and speed. It designs, develops, provides, and installs complex systems and projects and a wide range of customized solutions for individual requirements.
Headquarters: Bangalore, India
Teleradiology Solutions is a health care company that uses technology for varied purposes, including e-teaching, teleradiology, and telemedicine. It provides teleradiology services, such as:
- Nuclear Medicine
It is over 150 hospitals in 25 countries globally.
USARAD Holdings Inc.
Headquarters: Florida, United States
USARAD Holdings Inc., owned by Nano X Imaging, is a radiologist-run and operated full-service subspecialty company that provides teleradiology services. These solutions are utilized by imaging centers, small to medium-sized community hospitals, radiology groups, mobile units, multispecialty groups, and orthopedic clinics. Some of its subsidiaries include SecondOpinions.COM, XMRI.com, LLC, and WorldRad.com.
About IMARC Group: IMARC Group is a leading market research and consulting company that offers management strategy and market research worldwide. The company has done multiple projects in the global teleradiology market, which has enabled clients to set up and expand their businesses successfully.
Some of the company's offerings include:
- Market Research
- Plant setup
- Plant Expansion
- Marketing and sales
- Procurement and Distribution
- Innovation and Product Development