At 16.79% CAGR, Global Teleradiology Market Size to hit USD 22.34 Billion by 2028, Says Brandessence Market Research

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Brandessence Market Research And Consulting Private Limited

04 Mar, 2022, 18:00 IST

PUNE, India, March 4, 2022 /PRNewswire/ -- According to Brandessence Market Research, The Global Teleradiology Market size reached USD 7.54 Billion in 2021. Our analysts predict that the Teleradiology market size is set to grow at robust CAGR of 16.79% during the 2022-2028 periods, reaching a total of USD 22.34 Billion by 2028 end.

There is a major demand for the imaging procedures which is driving the teleradiology market. The procedures such as CT scans, X-ray scans and the MRI scans has increased considerably in the previous few years due to the rise in illnesses. The illnesses such as cancer and osteoarthritis extensively need the teleradiology systems. The teleradiology market demand analysis shows that the diseases are driving the market growth. The teleradiology systems enable transferring medical images for the diagnostic purposes which is done from one location to another. The medical locations where the images are formed may not be equipped with a skilled radiologist and therefore the images are then transferred and scrutinized by another skilled radiologist or a specialized physician at another location. This enables them to provide their expert knowledge without being at the location of the patient. Therefore, the increase in the demand for this technology has been substantiated by the expertise which can be available remotely. It results in a situation where the examination can be error free where the diagnostic images in the medical infrastructure can reach the people in the remotest of places.

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Scope of The Teleradiology Market Report:

The teleradiology market has been set to grow robustly as the adoption of the teleradiology systems has been increasing across the radiology clinics, hospitals and the imaging centers. The sale of these devices are set to increase in the near future. There has been a big increase in the medical imaging procedures which have been undertaken as a response to the diseases that are prevalent such as cellulitis, cancer, osteomyelitis, arthritis and the other diseases all over the world. This in turn has been propelling the demand for the teleradiology systems all over the world. The projections are that the market will keep growing through the coming years.

A big shortage is noticed of people who are trained to become radiologists and the other professionals who are skilled enough in the segments such as the neurology, pediatric and musculoskeletal rural places. As per other studies, the professionals have stated that since rural areas don't have access to the radiologist, the increasing adoption of the systems of teleradiology all over the medical institutions and hospitals in the rural areas is one of the teleradiology market trends which will keep the market growing. 

One of the teleradiology market drivers was also the outbreak of the pandemic. The COVID-19 pandemic has seen the world now go into an era where radiology has become a key focal point. The teleradiology systems all over the world have been adopted by a lot of institutes and have been used in controlling the spread of the pandemic. The systems were used by many clinics, hospitals and institutes for sharing of the studies and observations and the details of information which was gathered in the process of treating the coronavirus patients.

Teleradiology Companies

The key market players in the teleradiology market are Teleradiology Solutions, SRL Diagnostics, Argus Radiology, Vital Radiology Services, USARAD Holdings Inc., and Telemedicine Clinic. The main players are engaged in the market are focused on developing various products and doing so through development in technology and are aiming for approvals from the government so they can come into competition. The market is expected to be dominated by the top players only in the coming years as other smaller players will not be able to match investments.

Also Focusing on Below Companies

  • NSiemens AG
  • Teleradiology Solutions
  • Radiology Reporting Online (RRO)
  • Medical Reporting Ltd
  • Radisphere National Radiology Group, Inc
  • Agfa-Gevaert Group
  • StatRad, LLC
  • Mednax, Inc.
  • GE Healthcare
  • Everlight Radiology
  • Sectra Imtec AB
  • Ramasift Inc
  • Alta Vista Teleradiology
  • 4ways Limited
  • Spectra AB
  • Cybernet Medical Corporation
  • Fujifilm Medical Systems, Inc
  • Koninklijke Philips N.V

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Global Teleradiology Market Segmentation:

In terms of segmentation, the CT scan segment has been touted to grow the fastest and dominate this market as far as the models are concerned. CT scans are used for creating better quality images and produce them faster and analyze the activity which is taking place in the lungs, brain and cardiac cavities. This is a highly sought-after diagnostic technique and will help in the market growth. On the basis of the end user segment, the market is dominated by the hospitals. The other segments are ambulatory surgical centers, radiology centers and clinics. The technology however is used in the hospitals mostly in the primary diagnosis unit, the second opinion units and the emergency care units. An analysis also shows that the CT scans are recommended mostly in the hospitals when patients are looking for an understanding of the illnesses. This has been driving the market growth over time and will keep enhancing this growth over the coming years.

By Product Type: 

  • X-rays
  • Computed Tomography (CT)
  • Ultrasound
  • Magnetic Resonance Imaging (MRI)
  • Nuclear imaging
  • Fluoroscopy
  • Mammography
  • Others

By Application

  • Hospitals
  • Ambulatory Surgical Centers
  • Diagnostic Centers
  • Others

Regional Analysis:

Upon doing a regional analysis, in the last few years, the US teleradiology market has been a key driver in the North American area and is expected to also account for the largest share in the market for the teleradiology in the world. The demand has also been influenced by a lot of policies which have been initiated by the government in the United States and this has ensured that the information and protection of the users of the teleradiology systems is done. Compliance with these laws have also been made mandatory. Such protection encourages patients and the physicians to take over the services and therefore the adoption rate really increases in the hospitals and all over the country.

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In the Asian markets, the Chinese government has also aided the use of this technology. China has also been anticipated to dominate the market mainly due to the chronic diseases such as arthritis and cancer. This will be a big driver of increase in the teleradiology market size in the country. In United Kingdom, the demand for the teleradiology systems has been increasing and is attributed to the increase in the geriatric population. This has led to a growth in the number of osteoporosis and hip fractures in the country. India is going to emerge as a market which will drive the teleradiology market in the coming years. The reason for this growth is the poor healthcare in rural and remote locations and the increasing spendings on health infrastructure. This is in turn going to boost the demand for the product in the global teleradiology market. The growth opportunities in India are immense.

On Special Requirement Teleradiology Market Report is also available for below region:

North America

  • U.S.
  • Canada

Europe

  • Germany
  • France
  • U.K.
  • Italy
  • Spain
  • Sweden
  • Netherland
  • Turkey
  • Switzerland
  • Belgium
  • Rest of Europe

Asia-Pacific

  • South Korea
  • Japan
  • China
  • India
  • Australia
  • Philippines
  • Singapore
  • Malaysia
  • Thailand
  • Indonesia
  • Rest Of APAC

Latin America

  • Mexico
  • Colombia
  • Brazil
  • Argentina
  • Peru
  • Rest of South America

˙Middle East and Africa

  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest Of MEA

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