USD 7.3 billion
Teleradiology Market Size, Share, Growth Analysis, By Product & Service (Teleradiology Services, Software [Picture Archiving & Communication Systems (PACS), Radiology Information Systems (RIS)], Hardware), By Imaging Technique (Computed Tomography, Magnetic Resonance Imaging (MRI)), By End User (Hospitals And Clinics, Diagnostic Imaging Centers and Laboratories, Long-term Care Centers, Nursing Homes), By Region - Industry Forecast 2025-2032
Report ID:
SQMIG35A2511 |
Region:
Global |
Published Date: September, 2024
Pages:
157
|Tables:
91
|Figures:
77
Teleradiology Market Insights
Teleradiology Market size was valued at USD 9.58 Billion in 2023 and is poised to grow from USD 11.06 Billion in 2024 to USD 34.77 Billion by 2032, growing at a CAGR of 15.40% during the forecast period (2025-2032).
The rising prevalence of chronic diseases and increased demand for diagnostic imaging around the world are projected to be key factors promoting the demand for teleradiology. High demand for remote diagnostics and shortage of radiologists around the world are also expected to promote teleradiology market growth over the coming years. Advancements in imaging technologies, growing demand for early diagnosis, and availability of reimbursement for radiology procedures are expected to drive teleradiology market growth over the coming years. Use of mobile and cloud-based medical imaging systems and solutions is also expected to create new opportunities for teleradiology providers across the study period and beyond. Developed countries with established internet infrastructure will lead the demand for teleradiology on a global level. On the contrary, limited access to internet in rural areas, regulatory challenges, and high initial setup costs are projected to slow down the adoption of teleradiology around the world.
US Teleradiology Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Service
Fastest Growth
Teleradiology Services
Growth Rate
15.3% CAGR
Global Teleradiology Market ($ Bn)
Country Share for North America Region (%)
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Teleradiology Market Segmental Analysis
Global Teleradiology Market is segmented by Product & Service, Imaging Technique, End User, and region. Based on Product & Service, the market is segmented into Teleradiology Services, Software, and Hardware. Based on Imaging Technique, the market is segmented into computed tomography, Magnetic Resonance Imaging (MRI), Ultrasound, X-ray, Mammography, Nuclear Imaging, Fluoroscopy. Based on End User, the market is segmented into Hospitals And Clinics, Diagnostic Imaging Centers and Laboratories, Long-term Care Centers, Nursing Homes, & Assisted Living Facilities, and Other End Users. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Teleradiology Market Analysis by Imaging Technique
X-ray is projected to account for the largest global teleradiology market share. Extensive use of X-rays for multiple disease diagnosis and treatment is what allows this segment to maintain its dominance. Proven efficacy of X-rays and recommendation for the same by multiple medical professionals for the diagnosis of diseases will also help market growth. Advancements in X-ray imaging technology are also expected to help generate more revenue from this segment going forward.
On the other hand, the demand for computed tomography (CT) imaging technology is estimated to surge at an impressive pace in the future. Use of this imaging technique allows faster creation of better medical images that improve the efficacy of treatment as well. Easy imaging of complex body parts and organs is also a key factor that is estimated to help bring in more revenue from this segment going forward.
Teleradiology Market Analysis by End User
Hospitals and clinics are projected to spearhead the demand for teleradiology around the world. Growing burden on hospitals and growing popularity of outsourcing in the same are estimated to help this segment maintain its dominant market share over the coming years. Increasing emphasis on productivity enhancement and growing number of imaging procedures being performed in hospitals are also expected to promote the demand for teleradiology in the future.
Meanwhile, the use of teleradiology in diagnostic imaging centers and laboratories is projected to rise at a notable pace over the coming years. Increasing number of diagnostic imaging centers and growing demand for advanced diagnostic imaging are helping this segment boost market growth. Rising demand for faster turnaround times is also expected to promote the use of teleradiology in diagnostic imaging centers and laboratories going forward.
Global Teleradiology Market By End User
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Teleradiology Market Regional Insights
North America is forecasted to account for a dominant the global teleradiology market share. Rapidly increasing demand for better diagnostic imaging, presence of a developed healthcare infrastructure, and presence of key teleradiology providers are helping this region maintain a dominant market share. The United States is slated to spearhead the demand for teleradiology in the North American region owing to surge in prevalence of chronic diseases. Rising use of telehealth and remote care practices in this region are also projected to bolster market growth potential over the coming years.
The Asia Pacific region is anticipated to emerge as the fastest growing market for teleradiology companies in the future. Shortage of skilled radiologists, growing volume of diagnostic imaging procedures, and rising healthcare expenditure are key factors promoting teleradiology demand in this region. China, Japan, and India are expected to be preferred markets for teleradiology companies looking to boost revenue in this region.
Global Teleradiology Market By Region
- Largest
- Fastest
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Teleradiology Market Dynamics
Teleradiology Market Drivers
Teleradiology Market Shortage of Radiologists
- As demand for diagnostic imaging increases around the world, there is a lack of adequate amount of skilled radiologists. Teleradiology can help address this issue by providing remote diagnostics and access to skilled radiologists without having to go through the arduous process of finding skilled radiologists thereby driving market development.
Advancements in Imaging Technologies
- Imaging technologies are advancing rapidly owing to high investments in medical imaging R&D around the world. These advancements are opening up more possibilities for teleradiology providers in the future.
Teleradiology Market Restraints
High Initial Costs
- A strong digital internet-enabled infrastructure is required for the efficient functioning of teleradiology. While this is easily accessible in developed countries, it requires substantial investment to set up in underdeveloped and developing countries. These high costs could slow down the adoption of teleradiology going forward.
Regulatory Concerns
- Teleradiology companies have to comply with a multitude of regulatory norms and mandates to function efficiently. However, these rules and regulations vary from country to country thereby making it difficult to develop standardized solutions and even incur additional costs for teleradiology companies to stay compliant in the long run. This is also expected to slow down teleradiology demand in the future.
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Teleradiology Market Competitive Landscape
Providing teleradiology services in developing countries will be a major trend for all market players in the long run. Bridging the gap of shortage of radiologists will also be a key opportunity for teleradiology companies to explore. Teleradiology providers can also take advantage of supportive government initiatives and awareness programs to promote the demand for teleradiology around the world.
Teleradiology Market Top Player’s Company Profiles
- GE Healthcare (US)
- Medica Group PLC. (UK)
- Cerner Corporation (US)
- McKesson Corporation (US)
- Agfa Healthcare (Belgium)
- Siemens Healthineers (Germany)
- Fujifilm Holdings Corporation (Japan)
- 4Ways Healthcare (UK)
- Teleradiology Solutions (India)
- ONRAD (US)
- RamSoft, Inc. (Canada)
- Novarad Corporation (US)
- TeleDiagnostic Solutions Pvt. Ltd. (India)
- StatRad LLC (US)
- Medweb LLC (US)
- Nautilus Medical (US)
- Mirada Medical (UK)
- Telerad Tech (India)
- USARAD Holdings, Inc. (US)
- Koninklijke Philips N.V. (Netherlands)
- InHealth Group Ltd. (UK)
Teleradiology Market Recent Developments
- A new service to streamline teleradiology service management was launched in February 2024. Yellowcross Healthcare Commerce works with different healthcare establishments to understand and meet their teleradiology needs through its newly launched service.
- A new AI-powered platform called PRODIGI was launched for radiologists back in 2022. The new offering was launched by 5C Network and it enables the scaling of teleradiology services offered by the company on a cloud-based platform.
- Hexarad, a leading provider of radiology in the United Kingdom is tackling the problem of shortage of skilled radiologist through its specialist remote reporting services. The company works on a teleradiology model to provide a turnaround tome for imaging of around 24 hours. The company recently raised USD 14 million in August 2024 to finance its business efforts.
Teleradiology Key Market Trends
Integration of Artificial Intelligence:
- Teleradiology companies can focus on integration of artificial intelligence with their offerings to promote automation and also improve the efficacy of the service. Use of artificial intelligence will also help in managing the increasing number of diagnostic imaging procedures being performed around the world.
Increase in Healthcare Outsourcing:
- Teleradiology companies can capitalize on the growing popularity of outsourcing in the healthcare industry and provide these services to maximize their business scope in the future. Helping healthcare establishment outsource their radiology needs through teleradiology can pay off big time for teleradiology market players.
Teleradiology Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, growing demand for medical imaging and shortage of skilled radiologists are driving teleradiology market development. On the contrary, stringent regulations and high initial setup costs are slated to slow down teleradiology market growth potential. North America is projected to spearhead the global teleradiology demand outlook owing to the presence of key teleradiology providers in this region. Integration of artificial intelligence and radiology outsourcing can be key opportunities for teleradiology companies in the long run.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 8.30 billion |
| Market size value in 2031 | USD 30.13 billion |
| Growth Rate | 15.40% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Teleradiology Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Teleradiology Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Teleradiology Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Teleradiology Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Teleradiology Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Teleradiology Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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