Teleradiology Market Size by Imaging Technique, Technology, End User, Region, Industry-Wide Analysis, Competitive Landscape Assessment & Long-Term Forecast to 2030
Overview
Teleradiology Market was valued at USD 9.80 Bn in 2023 and is expected to reach USD 25.76 Bn by 2030, at a CAGR of 14.8% during the forecast period.
Teleradiology use has grown considerably in the past 2 decades. According to a 2016 European Society of Radiology survey, 74% of European radiologists practice intramural teleradiology, and 71% practice extramural teleradiology.
Teleradiology was initially planned to help disadvantaged areas and supplement specialist coverage; however, only a small portion of total teleradiology activity performed these functions. During this technological evolution, the volume of emergent imaging cases exploded; between 1994 and 2015, emergency department imaging use rates increased approximately 650%, with certain neurovascular examination types experiencing increases of up to 17,000% due to technological imaging advances and increased clinical adoption. This surge in after-hours imaging traffic upended traditional radiology group coverage patterns and, at least in part, spurred growth in the corporate teleradiology sector. The teleradiology sector is continually growing, with the global teleradiology industry expected to reach USD 25.76 billion by 2030.
To know about the Research Methodology:- Request Free Sample Report
Teleradiology has become a key component of radiologic response during the global coronavirus outbreak, both to safeguard diagnostic radiologists through off-site reading and to supply volume spike capacity. Key Players in the Teleradiology market are identified through secondary research and their market revenues are determined through primary and secondary research. Secondary research included a review of annual and financial reports of leading manufacturers, while primary research included interviews with important opinion leaders and industry experts such as skilled front-line personnel, entrepreneurs, and marketing professionals. Some of the leading key players in the global Teleradiology market include Siemens, Fujifilm, and Philips.
Teleradiology Market Dynamics:
An increasing necessity for transmission of radiological images using a range of digital technologies supported by telecommunication in medical emergencies is boosting the demand for teleradiology. Recent advancements in web technologies in healthcare systems, particularly wireless image transmission systems, have enhanced the market.
Growing prevalence of cancer is one of the major reasons for the rise in revenue growth of the teleradiology market. According to the National Institute of Cancer, about 449 new cancer cases per 100,000 men and women are diagnosed each year in the USA. Moreover, approximately 39% of men and women are expected to be diagnosed with cancer during their lifetime. The American Society of Clinical Oncology estimates that nearly 4000 children and teenagers and nearly 24,000 adults in the USA were expected to have either brain or central nervous system cancer in the year 2022.
However, the growth is particularly set by the high cost of setting up infrastructures for teleradiology, given the lack of funds in emerging countries in numerous parts of the globe. Additionally, lack of a reliable internet connection or poor state of broadband connections in rural areas is a major restrain to the steady expansion in the global market.
Teleradiology Market Segment Analysis:
Based on the imaging technique, The Computed Tomography (CT) scan is projected to register the fastest growth during the forecast period. High usage rates, faster testing rate, high-resolution imaging capacity, and introduction of new generation systems, like 3D and 4D, are some of the factors supplementing the growth of the segment.
On the basis of technology, the hardware segment like video conferencing units and store-and-forward units was the largest segment in the teleradiology market in 2023. The video conferencing units allow live conversation with multiple parties at different locations. Teleradiology utilizes teleimaging equipment as store-and-forward systems, which aids the specialists to share diagnostic images through filmless technology.
Teleradiology Market Regional Insights:
Region-wise, North America market for teleradiology is expected to grow at the highest CAGR during the forecasted period. Demand for teleradiology was uppermost in North America particularly in the USA, boosting the teleradiology market. Europe was the second biggest market chased by the APAC. The Asia Pacific is likely to be developing at highest CAGR in the years to come market for the teleradiology.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding Global Teleradiology Market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, the report also focuses on the competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, and SWOT analysis to address the question of shareholders to prioritizing the efforts and investment in the near future to the emerging segment in Global Teleradiology Market.
Key Highlights:
Global Teleradiology Market analysis and forecast, in terms of value.
Comprehensive study and analysis of market drivers, restraints and opportunities influencing the growth of the Global Teleradiology Market
Global Teleradiology Market segmentation on the basis of type, source, end-user, and region (country-wise) has been provided.
Teleradiology Market strategic analysis with respect to individual growth trends, future prospects along with the contribution of various sub-market stakeholders have been considered under the scope of study.
Global Teleradiology Market analysis and forecast for five major regions namely North America, Europe, Asia Pacific, the Middle East & Africa (MEA) and Latin America along with country-wise segmentation.
Profiles of key industry players, their strategic perspective, market positioning and analysis of core competencies are further profiled.
Competitive developments, investments, strategic expansion and competitive landscape of the key players operating in the Global Market are also profiled.
Teleradiology Market Scope: Inquire before buying
| Teleradiology Market | |||
|---|---|---|---|
| Report Coverage | Details | ||
| Base Year: | 2023 | Forecast Period: | 2024-2030 |
| Historical Data: | 2018 to 2023 | Market Size in 2023: | USD 9.80 Bn. |
| Forecast Period 2024 to 2030 CAGR: | 14.8% | Market Size in 2030: | USD 25.76 Bn. |
| Segments Covered: | by Imaging Technique | X-rays Computed Tomography (CT) Ultrasound Magnetic Resonance Imaging (MRI) Nuclear imaging Fluoroscopy Mammography Others |
|
| by Technology | Hardware Software Picture Archiving and Communication System (PACS) Radiology Information System (RIS) Telecom & Networking Web-Based Teleradiology Solutions Cloud-Based Teleradiology Solutions |
||
| by End User | Hospitals Ambulatory Surgical Centers Diagnostic Centers Others |
||
Teleradiology Market, by Region
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
North America (United States, Canada and Mexico)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Teleradiology Market, Key Players:
1. Siemens Healthineers
2. FUJIFILM
3. Philips
4. vRad (Virtual Radiologic)
5. Global Diagnostics Pvt. Ltd.
6. Everlight Radiology
7. Franklin & Seidelmann
8. Global Diagnostics (Australia) Pty Limited
9. Agfa-Gevaert NV
10. Sectra
11. Everlight Radiology – Emergency & Trauma Radiology
12. Everlight Radiology UK
13. RamSoft
14. 4ways
15. ONRAD, Inc.
16. MEDNAX
17. Health Solutions Partner
18. Teleradiology Solutions Pvt. Ltd
19. NightHawk Radiology, Inc.
20. RADISPHERE NATIONAL RADIOLOGY GROUP, INC.
21. FUJIFILM Europe GmbH
22. FUJIFILM Medical Systems U.S.A., Inc.
Frequently Asked Questions:
1. Which region has the largest share in Global Teleradiology Market?
Ans: North America region held the highest share in 2023.
2. What is the growth rate of Global Teleradiology Market?
Ans: The Global Teleradiology Market is expected to grow at a CAGR of 14.8% during forecast period 2024-2030.
3. What is scope of the Global Teleradiology market report?
Ans: Global Teleradiology Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.
4. Who are the key players in Global Teleradiology market?
Ans: The important key players in the Global Teleradiology Market are – Siemens Healthineers, FUJIFILM, Philips, v Rad (Virtual Radiologic), Global Diagnostics Pvt. Ltd., Everlight Radiology, Franklin & Seidelmann, Global Diagnostics (Australia) Pty Limited, Agfa-Gevaert NV, Sectra, Everlight Radiology – Emergency & Trauma Radiology, Everlight Radiology UK, RamSoft, 4ways, ONRAD, Inc., MEDNAX, Health Solutions Partner, Teleradiology Solutions Pvt. Ltd, NightHawk Radiology, Inc., RADISPHERE NATIONAL RADIOLOGY GROUP, INC., FUJIFILM Europe GmbH, FUJIFILM Medical Systems U.S.A., and Inc
5. What is the study period of this market?
Ans: The Global Teleradiology Market is studied from 2023 to 2030.