Teleradiology Market to be Worth $6.28 Billion by 2030: Grand View Research, Inc.

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Jul 12, 2023, 06:15 ET

SAN FRANCISCO, July 12, 2023 /PRNewswire/ -- The global teleradiology market size is expected to reach USD 6.28 billion by 2030 registering a CAGR of 12.9% from 2023 to 2030, according to a new report by Grand View Research, Inc. The growing prevalence of chronic disorders, the introduction of technologically advanced diagnoses, and an increasing need for teleradiology for emergencies and second opinions are stimulating demand for teleradiology services.

Key Industry Insights & Findings from the report:

X-ray held the largest market share in 2022 owing to its wide applications, such as in the detection of dental injuries and fractures in bones.
Based on report type, the preliminary reports segment held the largest market share in 2022.
Based on end-use, hospitals held the largest market share in 2022, owing to large patient base, building financial capacity, and receptivity to advanced technology.
North America held the largest teleradiology market share in 2022 due to wide usage of the advanced technologies and the presence of key companies along with established healthcare infrastructure in the region.
Asia Pacific is expected to be the fastest-growing region during the forecast period due to the supportive government regulations for the expansion of teleradiology and the quick adoption of the new technologies.
Most of the manufacturing companies focus on expanding their product portfolios and entering untapped markets, such as Asia Pacific.

Read 120-page market research report, "Teleradiology Market Size, Share & Trends Analysis Report By Product (Ultrasound, MRI, CT, X-ray), By Report (Preliminary, Final), By End-use (Hospital, Ambulatory Imaging Center, Radiology Clinics), By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.

Teleradiology Market Growth & Trends

The shortage of radiologists coupled with a continuously rising demand for imaging procedures is also expected to drive market growth. Although, the number of radiology equipment installed in the countries such as the U.K., U.S., and Singapore has increased over years; however, it is unable to meet the rising demand for diagnostics imaging. For instance, as per the NHS report, the average waiting time for an MRI test is reported to be 22 days in England in the year 2021.

In addition, legislative amendments made by the various governments worldwide for diagnostic imaging services will enhance the growth of this market during the forecast period. For instance, amendments in Australia's Health Insurance Act 1973 for diagnostic imaging have enabled Medicare funding for these diagnostic imaging services since March 2008. This has allowed better access to diagnostic imaging for various conditions. North America was the major regional market in 2021 and accounted for 39.09% of the global share due to the factors, such as the higher amount of funding for R&D, patient awareness levels, and cancer prevalence.

Aging is considered as the greatest risk factor for developing degenerative disorders of the joints, such as osteoporosis. Thus, the growing geriatric population, globally, is expected to be a high-impact rendering driver of the market. Osteoarthritis and osteoporosis are some of the most common disorders in the population aged over 70 years. The growing prevalence of these disorders is leading to an increase in the economic burden on many countries, thereby growing demand for teleradiology.

Teleradiology Market Report Scope

Report Attribute	Details
Market size value in 2023	USD 2.69 billion
Revenue forecast in 2030	USD 6.28 billion
Growth rate	CAGR of 12.9% from 2023 to 2030
Base year for estimation	2022
Historical data	2018 - 2021
Forecast period	2023 - 2030

Teleradiology Market Segmentation

Grand View Research has segmented the global teleradiology market based on the product, report type, end-use, and region

Teleradiology Market - Product Outlook (Revenue in USD Million, 2018 - 2030)

X-ray
Ultrasound
Magnetic Resonance Imaging (MRI)
Computed Tomography (CT)
Nuclear Imaging

Teleradiology Market - Report Outlook (Revenue in USD Million, 2018 - 2030)

Preliminary reports
Final reports

Teleradiology Market - End-use Outlook (Revenue in USD Million, 2018 - 2030)

Hospitals
Ambulatory Imaging Center
Radiology Clinics

Teleradiology Market - Regional Outlook (Revenue, USD Million, 2018 - 2030)

North America

U.S.
Canada

Europe

Germany
UK
France
Italy
Russia
Switzerland
Netherland
Sweden
Spain
Belgium

Asia Pacific

China
Japan
India
Thailand
South Korea
Singapore
Australia
Taiwan
Indonesia
Malaysia

Latin America

Brazil
Mexico
Argentina
Colombia
Chile

Middle East & Africa

South Africa
Saudi Arabia
UAE
Kuwait
Israel

List Of Key Players Of Teleradiology Market

Virtual Radiologic (vRad)
Agfa-Gevaert Group
ONRAD, Inc.
Everlight Radiology;
4ways Healthcare Ltd.
RamSoft, Inc.
USARAD Holdings, Inc.
Koninklijke Philips N.V.
Matrix (Teleradiology Division of Radiology Partners)
Medica Group PLC

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Browse through Grand View Research's Medical Devices Industry Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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