The Global Teleradiology Market Size accounted for USD 5.2 Billion in 2021 and is estimated to garner a market size of USD 18.7 Billion by 2030 rising at a CAGR of 15.4% from 2022 to 2030. The increase in number of advanced imaging procedures is the key factor that is driving the teleradiology market value. In addition to that, the rising demand for cloud-based solutions is a popular teleradiology market trend that is bolstering the industry growth from 2022 to 2030.
Teleradiology Market Report Key Highlights
Teleradiology is the transmission of radiological patient images, such as x-rays, CTs, and MRIs, from one location to another for the purpose of sharing studies with other radiologists and physicians. Increasing demand for teleradiology for second opinions in emergency conditions is the major factor in the growth of the market. The availability of teleradiology in multispecialty hospitals is boosting the growth of the market. Furthermore, penetration of the product in developing regions is a major factor in the growth of the market. For instance, in 2019, Argus Radiology expands its personalized version of Teleradiology into Indiana. The increasing demand for urgent care clinics is a major reason for adopting the teleradiology system and is a major reason for propelling the teleradiology market.
Global Teleradiology Market Dynamics
Teleradiology Market Report Coverage
|Teleradiology Market Size 2021||USD 5.2 Billion|
|Teleradiology Market Forecast 2030||USD 18.7 Billion|
|Teleradiology Market CAGR During 2022 - 2030||15.4%|
|Teleradiology Market Analysis Period||2018 - 2030|
|Teleradiology Market Base Year||2021|
|Teleradiology Market Forecast Data||2022 - 2030|
|Segments Covered||By Technique, By Technology, By End-User, And By Geography
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||4ways Healthcare Ltd.; ONARD; RamSoft, Inc.; Virtual Radiologic; Agfa-Gevaert N.V.; HealthWatch TeleDiagnostics Pvt. Ltd.; Everlight Radiology; Teleradiology Solutions; and Global Diagnostics.|
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
Teleradiology Market Dynamics
The rapid adoption of the CT scanner owing to the ability to scanning speed, high power at low KVs allows for a treat each patient as per individual needs, and a reduction in x-ray exposure of about 40% compared with 64-slice CT will propel the demand for teleradiology market. The demand for the dual-source CT scanner has risen significantly due to the increasing prevalence of different diseases, rapidly developing in the healthcare sector. Additionally, rising healthcare expenditure, growing healthcare infrastructure, and continuous development of new and advanced scanners have fueled the growth of the teleradiology market. Moreover, the increasing prevalence of different chronic diseases, the rising geriatric population, and the rapidly increasing number of healthcare organizations across the globe are likely to have a significant impact on the hospital beds market during the forecasted period, 2022 – 2030. The use of this second tube reduces the noise in the images without exceeding the safe level of dose application. Teleradiology has sparked significant progress in numerous other fields of medical imaging –for all patients, regardless of their weight, age, and general state of health. On the other hand, side effects of the treatment and exposure to radiation may slow the growth of the teleradiology market.
Teleradiology Market Segmentation
The worldwide teleradiology market is split based on technique, technology, end-user, and geography.
Teleradiology Market By Technique
According to the teleradiology industry analysis, the x-rays sub-segment dominated the technique segment in 2021 and is expected to continue its dominance in the coming years from 2022 to 2030. The utmost share of the sub-segment is credited to the widespread use of x-ray systems across various healthcare domains such as cardiovascular diagnostics, cancer screening, chest imaging, orthopedics, and dental imaging. On the other hand, computed tomography (CT) is expected to witness a substantial growth rate in the coming years.
Teleradiology Market By Technology
As per the teleradiology market forecast, the software sub-segment is likely to attain a significant growth rate from 2022 to 2030. The growing demand for healthcare software has compelled software vendors to improve technical capabilities, interoperability, and data transparency. In addition to that, owing to the advent of the COVID-19 pandemic the increased patient data has also fueled the software technology in the teleradiology industry.
Teleradiology Market By End-User
As per the teleradiology market forecast, hospitals will account for a considerable market share. Hospitals use teleradiology services for urgent care, primary diagnosis, and second opinion. Additionally, the growing inclination of hospitals towards the automation and digitization of patient records, and the growing need to improve the quality of patient care are some of the prominent factors that are boosting the hospital's end-user. On the other hand, diagnostic centers would attain a noteworthy CAGR from 2022 to 2030, due to the increasing base of patients diagnosing tests at diagnostic centers.
Teleradiology Market Regional Outlook
The Middle East & Africa (MEA)
Teleradiology Market Regional Analysis
North America is expected to dominate the teleradiology market during the forecast period. High presence of geriatric patients suffering from different chronic diseases such as cancer, arthritis, heart disease, CNS related problem. This is a major reason for conducting a number of CT-Scan, and MRI which is increasing demand in the teleradiology market for the second opinion of a doctor. Increasing consciousness about their health thereby, patients take always a second opinion before performing surgery or major treatment. The presence of a huge geriatric population and continuously increasing demand for advanced imaging technology will support the growth of the market.
Europe is expected to second leading region in the teleradiology market. According to the survey Among the 368 participants from 35 different countries, Belgium, Austria, the UK, and The Netherlands are major users of the teleradiology market. In major application of teleradiology in house image transmission. In European country formation of Collaborative Diagnostic Networks (CDxN) is a tailor-made concept to develop efficiently and seamlessly working radiology networks for consulting managed services. The increasing geriatric population coupled with continuous development in the services has driven the growth of the teleradiology market in Europe. Germany, France, and the U.K are expected to be the major shareholder in the Europe teleradiology market owing to the presence of a huge patient pool and continuously increasing demand for better imaging devices for the diagnosis of various chronic diseases.
Asia Pacific market is expected to fast a growing market for teleradiology market. Increase in penetration of the key players including GE Healthcare, Philips, and others, which fuels the teleradiology market growth. For instance, GE Healthcare adopted a partnership with Teleradiology Solutions to widen its reach across India with Teleradiology’s proprietary Radiology Workflow Solution-RadSpa to make remote radiology reporting services available to healthcare providers. The presence of rapidly developing economies, a huge population base, and constructive government policies are driving the growth of the teleradiology market. During the last few years, the number of healthcare organizations has risen significantly, which has also increased the demand for the teleradiology scanner.
LAMEA is expected to slow the growth of the teleradiology market. An increasing number of multispecialty hospitals is rising in demand in the teleradiology market. Africa holds the least share in the teleradiology market, however, possesses a huge opportunity for the teleradiology market. Continuously increasing demand for various monitoring devices, increasing prevalence of various diseases, and increasing healthcare spending will boost the growth of the Africa teleradiology market. The Middle East holds the leading and mature market for the teleradiology.
Teleradiology Market Players
The global teleradiology companies profiled in the report include 4ways Healthcare Ltd.; ONARD; RamSoft, Inc.; Virtual Radiologic; Agfa-Gevaert N.V.; HealthWatch TeleDiagnostics Pvt. Ltd.; Everlight Radiology; Teleradiology Solutions; and Global Diagnostics.
The market size of teleradiology market in 2021 was accounted to be USD 5.2 Billion.
The projected CAGR of teleradiology market during the analysis period of 2022 to 2030 is 15.4%.
The prominent players of the global teleradiology market are 4ways Healthcare Ltd.; ONARD; RamSoft, Inc.; Virtual Radiologic; Agfa-Gevaert N.V.; HealthWatch TeleDiagnostics Pvt. Ltd.; Everlight Radiology; Teleradiology Solutions; and Global Diagnostics.
North America held the dominating teleradiology during the analysis period of 2022 to 2030.
Asia-Pacific region exhibited fastest growing CAGR for teleradiology during the analysis period of 2022 to 2030.
Growing prevalence of target disease, increasing base of elderly patients, and advancements in teleradiology solutions drives the growth of global teleradiology market.
Based on technique, x-rays segment is expected to hold the maximum share teleradiology market.