|Market Size in 2020||Market Forecast in 2028||CAGR (in %)||Base Year|
|USD 3.80 Billion||USD 7.59 Billion||8.5%||2021|
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.
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.
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.
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.
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.
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.
The key players in the Teleradiology market include
By Category Type
By Modality Type
The global Teleradiology Market was valued at USD 3.80 billion in 2020.
The global Teleradiology Market is expected to reach USD 7.59 billion by 2028, growing at a CAGR of 8.5% between 2021 to 2028.
Increasing demand for teleradiology in cases of second opinion and emergencies is one of the high-impact rendering drivers of the market.
The North America is projected to account for the largest share in the Teleradiology market during the forecast period. China, India, South Korea, and Japan are the major contributors to the growth of the Teleradiology industry in APAC.
The key players of Teleradiology market include Virtual Radiologic, Agfa-Gevaert Group, ONRAD, Inc., Global Diagnostics Ltd., Everlight Radiology, 4ways Healthcare Limited, RamSoft, Inc., Sectra AB and HealthWatch TeleDiagnostics Pvt. Ltd. among others.
Teleradiology is a subspecialty of telemedicine that involves the remote transmission of radiographic images, such as X-rays, CT scans, and MRIs, from one site to another for the purposes of interpretation and diagnosis by a radiologist or another qualified medical expert. It makes it possible for healthcare providers, irrespective of where they are physically located, to acquire expert comments on diagnostic images in a timely and effective manner. The method of teleradiology often involves the utilization of safe, web-based technologies that make it possible to send digital images and information about patients from one location to another.
Once the photos have been sent, a remote radiologist is able to access them and go through them, after which they can make a diagnosis and treatment suggestions depending on what they see in the images. The application of teleradiology can be found in many different kinds of healthcare facilities, such as hospitals, clinics, and emergency rooms. It is especially helpful in circumstances in which there is a shortage of local radiologists, as well as in circumstances in which professional consultation is required for difficult cases.