Teleradiology Market, Size, Global Forecast 2022-2027, Industry Trends, Share, Growth, Insight, Impact of COVID-19, Company Analysis

Teleradiology Market, Size, Global Forecast 2022-2027, Industry Trends, Share, Growth, Insight, Impact of COVID-19, Company Analysis

Global Teleradiology Market is estimated to reach US$ 16.29 Billion in 2027. Teleradiology is a branch of telemedicine that refers to the medical practice of transmitting radiological images from one site to another through telecommunication technology. The radiologist performing the radiological image interpretation is not physically present at the location where the patient's images are generated. Furthermore, the branch of teleradiology is especially advantageous for institutions that cannot afford to have a radiologist on staff. Further, teleradiology is also very useful for facilities that produce only a small number of radiological pictures for radiologist interpretation.

Worldwide Teleradiology Market Industry is expected to expand with a CAGR of 18% during 2021-2027:

Increased demand for radiological services due to the rising prevalence of chronic conditions, including congestive heart failure and orthopedic injuries, are driving the teleradiology industry forward. Furthermore, a significant increase in government spending on the healthcare information (HCIT) sector and a shift in crucial players' focus toward digital diagnostics innovation fuel market growth. Furthermore, ongoing improvements in medical diagnostic technologies are projected to create profitable prospects for the teleradiology market to expand during the forecast period.

COVID-19 Impact on the Teleradiology Market:

Coronavirus had spread worldwide, affecting millions of people and resulting in thousands of deaths. Medical practices of all sizes were under tremendous strain due to the global outbreak of COVID-19. The market suffered at the start of the pandemic because medical treatment volumes had declined dramatically due to the revocation or postponement of elective procedures. On the other hand, healthcare providers were required to rely on teleradiology solutions to read diagnostic reports and treat patients, which boosted the teleradiology industry. Teleradiology solutions improved diagnostic imaging efficiency by improving and simplifying radiology with accurate reads and fewer manual errors. As the fight against COVID-19 continues, teleradiology methods are more widely used. According to Renub Research report, Global Teleradiology Market Size was US$ 6.03 Billion in 2021.

The X-Ray Segment Is Expected to Expand at The Fastest Rate:

In our report, the global market is divided into CT, X-Ray, UltraSound, MRI, Nuclear Imaging, Fluoroscopy, and Mammography based on modality. The x-ray market is predicted to grow at the fastest rate in the industry. A large number of x-ray imaging procedures and the use of X-rays for the diagnosis and treatment of acute injuries such as orthopedic injuries have aided the growth of this category in the global teleradiology market. In addition, the use of ultrasound in teleradiology, such as pediatric ultrasound, and nuclear medicine procedures, such as SPECT and PET, is predicted to propel the ultrasound segment forward during the projection period.

Diagnostics Centers Remains to Be Dominant and Also Is Seen Gaining Traction:

In our report, the global teleradiology market is divided into three end-users: hospitals, ambulatory care centers, and diagnostic centers. According to our analysis, Diagnostics Centers continue to be prominent and are expected to gain traction during the study period. Surprisingly, the rising number of diagnostic centers in emerging nations and the growing demand for radiologists with sub-specialties are two of the primary drivers of Diagnostics Centers' growth throughout the forecast period.

Regional Realms of the Global Teleradiology Market:

In terms of regions, the market in the American region is the most dominant. Some of the primary factors driving growth in the American region are the adoption of improved teleradiology technologies, the rising frequency of chronic and medical emergencies, and the growing number of patients in remote places. Furthermore, the most significant market share is increased patient awareness of telemedicine solutions and considerable growth in medical imaging operations.

During the forecast period, Asia-Pacific is expected to grow faster. Recent developments in the Asia Pacific, such as Philips's debut of teleradiology services in China and the availability of a large potential population in the region without fast access to radiologists' assistance, are expected to fuel market expansion in the region throughout the projection period. The increased use of these services in the region, particularly in rural areas with no on-site radiologists, is expected to drive the demand.

Key Players:

Our report covers Medica Group Plc., GE Healthcare, Siemens Healthineers, Fujifilm Holdings Corporation, CERNER Corporation, Ways Hospitality Limited, AGFA-Gevaert N.V., Cybernet Medical Corporation, Everlight Radiology, and Global Diagnostics Ltd. as some of the prominent market players. Further, to capitalize on opportunities, several companies in the market are building commercialization and research alliances. Compared to mergers and acquisitions, the synergy generated by collaborations and partnerships has a positive and immediate impact on growth. Furthermore, key players in the global teleradiology sector are focusing on emerging regions to capture new revenue streams and expand their business.

Renub Research latest report “Teleradiology Market, Global Forecast By Modality Type (CT, X-Ray, UltraSound, MRI, Nuclear Imaging, Fluoroscopy, Mammography, Others) End-Users (Hospital, Ambulatory, Diagnostics Centers and Others), Region (America, Europe, Asia Pacific, Middle East & Africa), Companies (Medica Group Plc., GE Healthcare, Siemens Healthineers, Fujifilm Holdings Corporation, CERNER Corporation, Ways Hospitality Limited, AGFA-Gevaert N.V., Cybernet Medical Corporation, Everlight Radiology, and Global Diagnostics Ltd.)” provides a detailed analysis of Teleradiology Industry.

Modality Type - Market has been covered from the 8 viewpoints:

1. CT
2. X-Ray
3. Ultrasound
4. MRI
5. Nuclear Imaging
6. Fluoroscopy
7. Mammography
8. Other

End-Users – Market has been covered from the 4 viewpoints:

1. Hospital
2. Ambulatory
3. Diagnostics Centers
4. Others

Region - Market has been covered from the 4 viewpoints:

1. America
2. Europe
3. Asia Pacific
4. Middle East & Africa

Company Insight:
Overviews
Recent Developments
Revenues

Companies Covered:

1. MEDICA GROUP PLC
2. GE Healthcare
3. SIEMENS HEALTHINEERS
4. FUJIFILM HOLDINGS CORPORATION
5. CERNER CORPORATION
6. Ways Healthcare Limited
7. Agfa-Gevaert n.v.
8. Cybernet Medical Corporation
9. Everlight Radiology
10. Global Diagnostics Ltd