Teleradiology Market to Reach $46.7 Billion, Globally, by 2032 at 18.1% CAGR: Allied Market Research

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Nov 29, 2023, 10:15 ET

Surge in the number of target diseases, advancements in imaging techniques, and growth in government initiatives for adoption of teleradiology drive the growth of the global teleradiology market.

PORTLAND, Ore, Nov. 29, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Teleradiology Market by Imaging Technique (Computed tomography (CT), X-rays, Ultrasounds, Magnetic resonance imaging (MRI), Nuclear imaging, Fluoroscopy, Mammography, and Other imaging techniques), Type (Teleradiology service and Teleradiology hardware & solutions), and End User (Hospitals, Diagnostic Centers, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global teleradiology market was valued at $8.8 billion in 2022, and is projected to reach $46.7 billion by 2032, registering a CAGR of 18.1% from 2023 to 2032.

Prime Determinants of Growth

Growing healthcare infrastructure, rise in prevalence of chronic conditions that require accurate and timely diagnoses, and growing awareness regarding the use of teleradiology are the factors that drive the growth of the global teleradiology market. However, stringent regulatory requirements hinder market growth. On the contrary, a rise in healthcare expansion is expected to offer remunerative opportunities for the teleradiology market during the forecast period.

Report coverage & details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$8.8 billion
Market Size in 2032	$46.7 billion
CAGR	18.1 %
No. of Pages in Report	236
Segments covered	Imaging Technique, type, end user, and region
Drivers	Rise in prevalence of chronic diseases Technological advancements in imaging technologies Development of IT infrastructure and rise in healthcare expenditure
Opportunities	Growth opportunities in emerging markets
Restraints	Limited access to high-speed internet  Data security concerns

Economic Downturn Analysis: Impact of Recession in 2023 on the Teleradiology Market

During a recession, the impact on the healthcare industry, including teleradiology, can be significant.
The economic downturns may hinder technology investment. However, the growing focus on accurate and timely diagnoses during recessions can drive interest in teleradiology for cost-effectiveness and remote diagnostics and is expected to drive the growth of the market.

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The computed tomography (CT) segment to maintain its lead position during the forecast period.

Based on imaging technique, the computed tomography (CT) segment dominated the market in 2022, accounting almost one-fourth of the global teleradiology market. This is attributed owing to its versatility in diagnosing a wide range of conditions, including trauma, cancer, and vascular diseases. The technology's ability to provide three-dimensional images with high resolution has made it a cornerstone in various medical specialties. However, the nuclear imaging segment is expected to register highest CAGR of 21.2% during the forecast period owing to continuous technological breakthrough in the nuclear medicine sector by development of new radiotracers and investment for the modernization of diagnostic imaging centers.

The teleradiology service segment to maintain its leadership status throughout the forecast period.

Based on type, the teleradiology service segment accounted for the largest share in 2022, accounting for almost three-fifths of the global teleradiology market revenue and is expected to register fastest CAGR of 18.6% during the forecast period. This is attributed to the ongoing global shift towards teleradiology and the need for efficient and rapid healthcare solutions which further fuel the demand for teleradiology services. 

The hospital segment to maintain its lead position during the forecast period.

Based on end user, the hospital segment accounted for the largest share in 2022, accounting for more than half of the global teleradiology market revenue. This is primarily attributed to growing reliance on teleradiology services in hospitals. The increased demand for timely and accurate diagnostic imaging, coupled with the efficiency and accessibility offered by teleradiology, positions hospitals as key contributors to the market's revenue. However, the diagnostic centers segment is projected to register highest CAGR of 19.2% during the forecast period. Diagnostic centers play a crucial role in offering a wide range of medical tests and imaging services, including radiology, pathology, and other diagnostic procedures.

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North America to maintain its dominance by 2032

Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global teleradiology market revenue owing to growing access to advanced medical technologies and a well-developed network of healthcare facilities. Additionally, the high incidence of chronic conditions and the aging population contribute to the sustained demand for healthcare services and medical products. However, the Asia-Pacific segment is projected to register highest CAGR of 19.1% during the forecast period owing to increase in adoption of teleradiology technologies such as PACS & RIS and high prevalence of chronic diseases. Moreover, rise in investments and presence of key players in the teleradiology field majorly drives the growth of the market in Asia-Pacific.

Leading Market Players:

FUJIFILM Corporation
Koninklijke Philips N.V.
Siemens AG
Everlight Radiology LLC
Radiology Partners
Compumed Inc.
Teleradiology Solutions
imeXHS
Nano X Imaging Ltd.
GE Healthcare

The report provides a detailed analysis of these key players of the global teleradiology market. These players have adopted different strategy such product launch, collaboration, acquisition, investments and approval to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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About Allied Market Research:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

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