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Teleradiology Market Size, Market Competitive Landscape, Business Growth, Share, And Forecast To 2033
Teleradiology Market Size
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According to The Business Research Company's, The teleradiology market size has grown rapidly in recent years. It will grow from $5.28 billion in 2023 to $6.22 billion in 2024 at a compound annual growth rate (CAGR) of 17.8%. The growth in the historic period can be attributed to shortage of radiologists, quality and speed of diagnosis, healthcare regulations supporting, improved image transmission, medical imaging technology..
The teleradiology market size is expected to see rapid growth in the next few years. It will grow to $11.99 billion in 2028 at a compound annual growth rate (CAGR) of 17.8%. The growth in the forecast period can be attributed to global health challenges, telemedicine growth, cross-border radiology services, patient-centered care, rural healthcare access.. Major trends in the forecast period include ai-assisted diagnostics, cloud-based teleradiology, radiology-as-a-service (raas),telecardiology integration, subspecialty teleradiology services .
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Market Drivers and Trends:
The rising number of imaging procedures is expected to propel the growth of the teleradiology market. An imaging procedure is a type of test that makes detailed pictures of areas inside the body that a healthcare professional can examine and suggest treatment. Imaging in teleradiology is used to diagnose symptoms and causes of disease and monitor patient health through the transmission of radiological images from one place to another using the internet. The rising number of imaging procedures require the imaging copies to be transferred to healthcare professionals/radiologists for examination, in turn, driving demand for teleradiology solutions. For instance, according to an article by the US National Library of Medicine, the number of computed tomography (CT) examinations is increasing by 4% per year worldwide, for a total of around 300 million CT scans per year. In addition, according to a Canadian market research company iData Research medical imaging procedures analysis, more than 75 million CT scans were performed each year in the USA, which is projected to reach 84 million procedures by 2022. Therefore, the rising number of imaging procedures will drive the growth of the teleradiology market.
Collaborations and partnerships are a key trend gaining popularity in the teleradiology market. Major companies operating in the teleradiology market are focused on collaborations and partnerships to develop new solutions, enable/enhance teleradiology solutions and strengthen their position in the market. Collaborations and partnerships help companies to share resources, expertise, and technology to innovate and gain a competitive edge in the market. For instance, in April 2022, Tele-Radiology Solutions (TRS), a US-based tele-radiology company, announced that it had signed an partnership agreement with Andhra Med Tech Zone (AMTZ), an India-based medical technology park for modern healthcare services, to establish a hub dedicated to providing remote radiology image reads by expert radiologists supported by innovative artificial intelligence solutions. Through this association, TRS and AMTZ will reach out to pan-India government hospitals, state-wide rural health centers (including those under the National Health Mission), and public-sector undertakings with hospitals where TRS will provide remote radiology services. Moreover, in October 2021, Bleepa, a product of Feedback Medical Ltd., a UK-based medical equipment manufacturer announced a partnership with Quest Teleradiology, an Indian radiology services provider to develop strategic opportunities for Bleepa in the Indian, UK, and other international healthcare markets. Bleep will offer an opportunity to expand Quest's existing teleradiology service by enabling direct case discussion between requesting clinicians and reporting radiologists.
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Major Key Players of the Market:
4ways Healthcare Ltd., Agfa-Gevaert Group, Everlight Radiology Limited, Onrad Inc., RamSoft Inc., RadNet Inc., Virtual Radiologic Corporation, Teleradiology Solutions LLC, NightRays LLC, MEDNAX Inc., Global Diagnostics Ltd., USARAD Holdings Inc., StatRad LLC, Argus Radiology, Direct Radiology LLC, Imaging Advantage LLC, InHealth Group Inc., Imaging On Call Inc., National Teleradiology LLC, Medica Reporting Ltd., Radisphere National Radiology Group, MedWeb, Franklin & Seidelmann Subspecialty Radiology, Telemedicine Clinic ., Aris Radiology, NightShift Radiology, Envision Healthcare Corporation, Vision Radiology
Teleradiology Market 2024 Key Insights:
• The teleradiology market size is expected to see rapid growth in the next few years. It will grow to $11.99 billion in 2028 at a compound annual growth rate (CAGR) of 17.8%.
• Growing Prevalence Of Diagnostic Imaging Tests
• Strategic Partnerships And Collaborations Among Market Players
• North America was the largest region in the teleradiology market in 2023
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