Tele-Radiology Global Market Analysis, Trends, Growth, Research And Forecast 2033

The Business Research Company recently released a comprehensive report on the Global Tele-Radiology Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The tele-radiology market size has grown rapidly in recent years. It will grow from $20 billion in 2023 to $23.7 billion in 2024 at a compound annual growth rate (CAGR) of 18.5%. The growth in the historic period can be attributed to quality improvement initiatives, digitalization of medical imaging, healthcare infrastructure development, geographical disparities in healthcare, regulatory changes and standards.

The tele-radiology market size is expected to see rapid growth in the next few years. It will grow to $49.02 billion in 2028 at a compound annual growth rate (CAGR) of 19.9%. The growth in the forecast period can be attributed to enhanced security measures, focus on patient-centric care, continue shortage of radiologists, rise in virtual consultations, globalization of healthcare services. Major trends in the forecast period include evolving patient expectations, regulatory framework adaptation, rise in diagnostic imaging studies, integration of artificial intelligence.

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Market Drivers and Trends:

The increasing healthcare expenditure is expected to propel the growth of the optical imaging market. Healthcare expenditure refers to the total amount of resources, typically measured in monetary terms, that a country, organization, or individual spends on healthcare-related goods and services within a specific period. The increasing healthcare expenditure allows for the adoption of advanced technologies and infrastructure needed for teleradiology services, facilitating prompt and efficient diagnostic processes. For instance, in June 2023, according to CMS, (The Centers for Medicare & Medicaid Services), US-based, administers of major healthcare programs, the National Health Expenditure Projections 2023-2024, growth rates in United States health expenditures are projected to be 5% in the current year and 5.1% in the next year. Therefore, an increasing healthcare expenditure is driving the teleradiology market forward.

Technological advancement is a key trend gaining popularity in the teleradiology market. Many key players in the market are focusing on the faster adoption of current technologies while also providing innovative AI-based healthcare solutions in the field of remote radiology. For instance, in April 2022, Tele-Radiology Solutions (TRS), National tele-radiology company in the United States, announced that it had signed an agreement with India-based Andhra Med Tech Zone (AMTZ) 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.

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Major Key Players of the Market:

Agfa-Gevaert Group, Tele-Radiology Solutions, Koninklijke Philips N.V., Everlight Radiology Limited, GE Healthcare Company, ONRAD Inc., RamSoft Inc., USARAD Holdings, Mednax Inc., Medica Reporting Ltd., Cerner Corporation, MedWeb LLC, WebRad Tele-radiology Services Inc., Nautilus Medical Inc., SRL Limited, Vital Radiology Services Private Limited, Telemedicine Clinic S.L., HealthWatch TeleDiagnostics Pvt. Ltd., Envision Healthcare Corporation, Global Diagnostics Australia Pty. Ltd., Radiology Reporting Online Limited, Imaging Advantage LLC, Siemens Healthineers AG, Fujifilm Holdings Corporation, Virtual Radiologic Corporation, McKesson Corporation, NightHawk Radiology Services LLC, Teleradiology Solutions Pvt. Ltd., Aris Radiology, International Teleradiology Corp.

Tele-Radiology Market 2024 Key Insights:

• The tele-radiology market size is expected to see rapid growth in the next few years. It will grow to $49.02 billion in 2028 at a compound annual growth rate (CAGR) of 19.9%.
• Teleradiology Industry Thrives On Surging Demand Amidst Rising Prevalence Of Chronic Conditions
• Rapid Technological Advancements Transforming Teleradiology Landscape
• North America was the largest region in the tele-radiology market share in 2023

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