Teleradiology Market By Imaging Technique (Computed tomography (CT), X-rays, Ultrasounds, Magnetic resonance imaging (MRI), Nuclear imaging, Fluoroscopy, Mammography, Other imaging techniques), By Type (Teleradiology service, Teleradiology hardware and solutions), By End User (Hospitals, Diagnostic centers, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032
The teleradiology market was valued for $8.8 billion in 2022 and is estimated to reach $46.7 billion by 2032, exhibiting a CAGR of 18.1% from 2023 to 2032. Teleradiology is a branch of telemedicine that involves the transmission of radiological images, such as X-rays, CT scans, and MRIs for interpretation and diagnosis across locations. Utilizing secure, high-speed communication channels, medical professionals can remotely analyze these images, offering timely insights to healthcare providers regardless of geographical boundaries. Particularly beneficial in underserved or remote areas, teleradiology provides swift access to specialized diagnostic expertise, significantly improving patient care and outcomes. This technological advancement fosters collaboration among healthcare professionals, streamlining diagnostic processes and expediting decision-making in critical scenarios.
According to Radiological Society of North America, the number of radiologists in the workforce is not growing as fast as the population and the demand for imaging. The global shortage of radiologists amplifies the significance of teleradiology, offering a solution by enabling remote interpretation of medical images. This not only optimizes the use of radiologists but also ensures timely and efficient diagnoses, marking teleradiology as an indispensable tool in advancing and broadening the scope of diagnostic services on a global scale. Thus, the growing shortage of radiologists is contributing to the market growth.
Moreover, the escalating prevalence of targeted diseases, notably cancer and cardiovascular diseases, significantly propels the growth of the teleradiology market. According to the American Cancer Society, an estimated 1,958,310 new cancer cases are projected in the U.S., emphasizing the critical need for advanced diagnostic services. Similarly, the World Heart Federation reports that over half a billion people worldwide are affected by cardiovascular diseases. The surge in these specific health conditions amplifies the demand for medical imaging, wherein teleradiology services play a pivotal role. As the need for accurate and timely diagnoses intensifies with the rising incidence of targeted diseases, teleradiology emerges as a crucial solution, contributing to improved patient outcomes and driving the overall growth of the market.
Furthermore, the growth of the teleradiology market is propelled by the increasing implementation of key strategies among major industry players, including service launches, acquisitions, and agreements. For instance, Everlight Radiology, a prominent teleradiology services provider, introduced an enhanced Acute Stroke reporting service led by experienced neuroradiologists, addressing the rising demand for timely and reliable reporting in determining patient suitability. Additionally, Radiology Partners (RP), a leading U.S. radiology practice, completed the acquisition of MEDNAX Radiology Solutions in December 2020. This strategic move expands service coverage into new areas, incorporating large-scale clinical programs and technology solutions. These initiatives by key players play a pivotal role in driving the sustained growth of the teleradiology market during the forecast period.
The teleradiology market is segmented on the basis of imaging technique, type, end user, and region. On the basis of imaging technique, the market is classified into x-rays, computed tomography (CT), ultrasounds, magnetic resonance imaging (MRI), nuclear imaging, fluoroscopy, mammography, and others. As per type, the market is categorized into teleradiology service and teleradiology hardware & solutions. The teleradiology hardware & solutions segment is further divided into hardware, software, and telecom & networking. The software segment is further divided into picture archiving and communication system (PACS) and radiology information system (RIS). The telecom & networking segment is further bifurcated into web-based teleradiology solutions and cloud-based teleradiology solutions. Depending on end user, market is fragmented into hospital, diagnostic centers, and others. Region-wise, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, and rest of LAMEA).
The major key players that operate in the global teleradiology market are FUJIFILM Corporation, Koninklijke Philips N.V., Siemens AG, Everlight Radiology LLC, Radiology Partners, Compumed Inc, Teleradiology Solutions, imeXHS, Nano X Imaging Ltd., and GE Healthcare.
Key Benefits For StakeholdersThis report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the teleradiology market analysis from 2022 to 2032 to identify the prevailing teleradiology market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the teleradiology market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global teleradiology market trends, key players, market segments, application areas, and market growth strategies.
Key Market SegmentsBy Imaging TechniqueUltrasounds
Magnetic resonance imaging (MRI)
Nuclear imaging
Fluoroscopy
Mammography
Other imaging techniques
Computed tomography (CT)
X-rays
By TypeTeleradiology service
Teleradiology hardware and solutions
Type
Hardware
Software◦ Type
Telecom and networking◦ Type
By End UserHospitals
Diagnostic centers
Others
By RegionNorth America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
Japan
China
India
Australia
South Korea
Rest of Asia-Pacific
LAMEA
Brazil
Saudi Arabia
South Africa
Rest of LAMEA
Key Market PlayersKoninklijke Philips N.V.
Siemens AG
GE Healthcare
imeXHS
Nano X Imaging Ltd.
Teleradiology Solutions
FUJIFILM Corporation
Radiology Partners
Everlight Radiology
Compumed Inc.
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