Teleradiology Market Size, Share, Growth Report 2032

Teleradiology Market Overview

The global Teleradiology market size accounted for USD 3.80 Billion in 2020 and is expected to reach USD 7.59 Billion by 2028, growing at a CAGR of around 8.5% between 2021 and 2028.

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The global teleradiology market is majorly enhanced by technological advancements in teleradiology everywhere on the planet. Other major factors are the rising geriatric population base and elevation in healthcare expenditure, paired with an elevated occurrence of chronic disorders. On the opposite hand, technology paired with a possible lack of skilled technicians & radiologists are the main hindering factors which will hamper the event of teleradiology market.

However, high rates of penetration by Internet & smartphones paired with elevated healthcare awareness amongst patients everywhere on the planet are expected to reveal new growth opportunities for the teleradiology market within the forecast period.

In addition to the present, various government initiatives also will support the event of the worldwide teleradiology market. For instance, in May 2018, the Maharashtra Government of India (APAC) roped private companies for development in teleradiology. This boosted the expansion of the worldwide teleradiology market.

COVID-19 Impact Analysis  

With the sudden outbreak of COVID-19 globally, medical practices of all sizes are under huge pressure, and healthcare providers got to believe in teleradiology solutions to read diagnostic reports and treat patients. Teleradiology solutions also help to enhance the efficiency of diagnostic imaging by optimizing and simplifying radiology with accurate reads and reducing human/manual errors. However, this industry is facing monetary, staffing, and logistics challenges as a variety of radiologists are getting into the cluster of telehealth and teleradiology. Also, there are internet bandwidth issues, especially in rural hospital settings, and other people living in rural areas are hesitant to simply accept teleradiology reports due to data breaching issues.

Growth Factors

Due to the outbreak of the coronavirus globally, there's a sudden rise in the demand for teleradiology services. The growth of this market is especially attributed to the increasing geriatric population and therefore the subsequent upsurge in the prevalence of associated diseases, the increasing adoption of cloud-based solutions, and therefore the benefits offered by teleradiology and a shortage of skilled radiologists. However, declining reimbursements and increasing regulatory burden within the US, and data breaching of imaging reports hampered market growth to an extent.

Report Scope:

Category Type Segment Analysis Preview

Based on this, the teleradiology market is classified into category types such as software, hardware, and telecom & networking. The software sector is likely to develop in the teleradiology market at the quickest rate shortly, owing to the increasing demand for healthcare software to improve interoperability, enhance technical capabilities, and enhance data transparency. 

Modality Type Segment Analysis Preview  

Based on modality type, the teleradiology market is divided into CT (computed tomography), X-ray, ultrasound, MRI (magnetic resonance imaging), fluoroscopy, and nuclear imaging. X-ray was the dominant segment owing to high usage in primary diagnosis, economical pricing, and the introduction of innovative systems such as filmless x-ray systems are some of the factors responsible for the segment’s dominance. 

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Regional Analysis Preview  

North America is predicted to remain the ruling area within the teleradiology market in the years to return. Demand for teleradiology was uppermost in North America, particularly within the U.S., boosting the teleradiology market. Europe was the second biggest market chased by the Asia Pacific. Asia Pacific is probably going to be developing at the highest CAGR within the years to return for the teleradiology market. Additionally, Latin America and the Middle East & Africa also are likely to exhibit perceptible development for the teleradiology market within the coming years.

Key Market Players & Competitive Landscape

The key players in the Teleradiology market include 

• Virtual Radiologic
• Agfa-Gevaert Group
• ONRAD, Inc.
• Global Diagnostics Ltd.
• Everlight Radiology
• 4ways Healthcare Limited
• RamSoft, Inc.
• Sectra AB
• HealthWatch TeleDiagnostics Pvt. Ltd.

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The global Teleradiology Market is segmented as follows:

By Category Type

• Hardware
• Software
• Telecom and networking

By Modality Type

• X-ray
• Computed tomography (CT)
• Magnetic resonance imaging (MRI)
• Ultrasound
• Nuclear Medicine
• Fluoroscopy

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa