The Teleradiology Market Size was valued at USD 2.70 billion in 2023 and is expected to reach USD 7.17 billion by 2031 and grow at a CAGR of 8.4% over the forecast period 2024-2031.
Teleradiology is a medical procedure for taking pictures of the body structure and function, to aid the diagnostic or therapeutic process. It can take medical imaging in one place and help or spread it widely for viewing and interpretation purposes for diagnostic or consultation with a radiologist. Teleradiology is by and large used in telemonitoring, teleconsultation, and tele-examination, engaging radiologists to finish their everyday work effectively.
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Teleradiology allows efficient local solutions for real-time interpretation and a global network of clouds. Teleradiology greatly helps healthcare professionals to access patient information no matter how far away, which is why they are improving the availability of diagnostics. Teleradiology Services receives extensive requests from radiologists to use online services to improve patient care and treatment without the need for a physical presence on site.
DRIVERS
Imaging Procedures Are Becoming More Common
Increased Healthcare Spending and the Development of IT Infrastructure
Osteoarthritis and chronic diseases are becoming more common.
RESTRAINTS
Telecommunication-Related Safety Concerns
Professionals with specialized knowledge are in short supply.
OPPORTUNITIES
Artificial intelligence is used in teleradiology.
CHALLENGES
Breach of data and cyber-threats
Data imaging is insecure due to a lack of security.
Due to the global outbreak of COVID-19, treatments of all sizes are under tremendous pressure, and healthcare providers need to rely on teleradiology solutions to diagnose and treat patients' reports. Teleradiology arrangements likewise help to work on the effectiveness of indicative imaging by making and improving on radiology with precise perusing and negligibly intrusive blunders. As the fight against COVID-19 returns, there is a creating need to make teleradiology game plans more typical.
However, the industry is facing staffing, financial, and operational challenges as a number of professional radiologists enter the field of telehealth and teleradiology. In radiology, volumes are altogether lower because of the scratch-off or inversion of chosen techniques. In addition, there are Internet bandwidth issues, especially in rural hospital settings, and people living in rural areas are reluctant to accept teleradiology reports due to data breach problems.
By Products and Service Type:
The teleradiology market is divided into teleradiology, software, and hardware services. Part of the teleradiology services had the largest share. The software component is estimated to grow at a very high CAGR during the forecast period. The growing demand for healthcare software has prompted software companies to improve collaboration, improve technical skills, and increase data visibility. What's more, the flare-up of COVID-19 has prompted a rising requirement for better administration of a bigger number of patient information. Accordingly, various facilities are using teleradiology deals with work on the capability of clinical consideration providers and to chip away at tireless outcomes. In addition, part of the software is also categorized as RIS and PACS.
By Imaging Technique Type:
X-ray, computed tomography (CT), ultrasound, magnetic resonance imaging (MRI), nuclear imaging, fluoroscopy, and mammography make up the teleradiology business. Part of computed tomography held the biggest market share by 2023. CT scans are employed in a range of fields, including cardiology, cancer, neurology, abdominal and pelvic imaging, and spinal and musculoskeletal imaging. Factors like the developing requirement for proficient and opportune diagnostics, mechanical advances, and digitalization in the field drive the development of the teleradiology market of this section. According to the WHO, more than 100 million CT scans are performed worldwide each year. The need to forestall symptomatic medical procedures and advances in malignant growth conclusion and therapy have expanded the requirement for CT checks notwithstanding other imaging methods.
By End Users Type:
The teleradiology market is divided into hospitals and clinics; imaging centers and laboratories; long-term care centers, nursing homes and assisted living facilities; and other end users. Part of the hospitals and clinics had the largest share in 2023. A large part of this phase can be attributed to the growing number of diagnostic procedures performed in hospitals, the growing tendency for hospitals to automatically translate and digitize patient records, and the growing need to improve patient care. Furthermore, the deficiency of radiologists because of the COVID-19 pestilence and the rising acknowledgment of cutting-edge imaging procedures to further develop medical clinic effectiveness is supposed to help the development of this portion of end clients.
By Products and Service Type
Teleradiology Services
Software
PACS
RIS
By Imaging Technique Type
CT
MRI
Ultrasound
X-ray
Mammography
Nuclear Imaging
Fluoroscopy
By End Users Type
Hospitals and Clinics
Diagnostic Imaging Center and Laboratories
Long-term care centers, nursing homes, and assisted living facilities.
Others
Teleradiology is partitioned into five locales - North America, Europe, Asia Pacific, Latin America, and the Middle East Africa. These regions are also analyzed at the national level. North America holds the biggest offer in the teleradiology market by 2023, trailed by Europe and Asia Pacific. The Asia Pacific market is expected to grow at a very high CAGR during the forecast period. Market growth in the APAC region is driven primarily by growing awareness of the benefits of early diagnosis, the development of health care systems, a growing tourism market in APAC nations, expanded medical services costs, and expanded government endeavors to modernize medical services infrastructure.
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REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
The Major Players are GE Healthcare, Philips Healthcare, Medica Group Plc., Cerner Corporation., MCKESSON Coporation, AFGA Healthcare, Siemens Healthineers, Fujifilm holding Coporation, 4Ways Healthacre, RamSoft Inc.and Other players.
| Report Attributes | Details |
|---|---|
| Market Size in 2023 | US$ 2.70 Billion |
| Market Size by 2031 | US$ 7.17 Billion |
| CAGR | CAGR of 8.4% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Products and Service Type (Teleradiology Services, Software, PACS, RIS) • By Imaging Technique Type (CT, MRI, Ultrasound, X-ray, Mammography, Nuclear Imaging, Fluoroscopy) • By End Users Type (Hospitals and Clinics, Diagnostic Imaging Center and Laboratories, Long term care centers, nursing homes, assisted living facilities, Others) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | GE Healthcare, Philips Healthcare, Medica Group Plc., Cerner Corporation., MCKESSON Coporation, AFGA Healthcare, Siemens Healthineers, Fujifilm holding Coporation, 4Ways Healthacre, RamSoft Inc. |
| DRIVERS | • Imaging Procedures Are Becoming More Common • Increased Healthcare Spending and the Development of IT Infrastructure • Osteoarthritis and chronic diseases are becoming more common. |
| RESTRAINTS | • Telecommunication-Related Safety Concerns • Professionals with specialized knowledge are in short supply. |
Ans: TheTeleradiology Market is growing at a CAGR of 8.4% over the forecast period 2024-2031.
The challenges faced by Teleradiology is Breach of data and cyber-threats.
The by Products and Service Type is divided into four sub segments is Teleradiology Services, Software, PACS, and RIS.
North America holds the biggest offer in the teleradiology market.
Teleradiology Market is expected to reach USD 7.17 billion by 2031.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia War
4.3 Impact of Ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Teleradiology Market Segmentation, By Products and Service Type
8.1 Teleradiology Services
8.2 Software
8.2.1 PACS
8.2.2 RIS
9. Teleradiology Market Segmentation, By Imaging Technique Type
9.1 CT
9.2 MRI
9.3 Ultrasound
9.4 X-ray
9.5 Mammography
9.6 Nuclear Imaging
9.7 Fluoroscopy
10. Teleradiology Market Segmentation, By End Users Type
10.1 Hospitals and Clinics
10.2 Diagnostic Imaging Center and Laboratories
10.3 Long term care centers, nursing homes, and assisted living facilities.
10.4 Others
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 USA
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 France
11.3.4 Italy
11.3.5 Spain
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4 Asia-Pacific
11.4.1 Japan
11.4.2 South Korea
11.4.3 China
11.4.4 India
11.4.5 Australia
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.1 Israel
11.5.2 UAE
11.5.3 South Africa
11.5.4 Rest
11.6 Latin America
11.6.1 Brazil
11.6.2 Argentina
11.6.3 Rest of Latin America
12. Company Profiles
12.1 GE Healthcare
12.1.1 Financial
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.2 Philips Healthcare
12.3 Medica Group Plc.
12.4 Cerner Corporation
12.5 MCKESSON Corporation
12.6 AFGA Healthcare
12.7 Siemens Healthineers
12.8 Fujifilm holding Corporation
12.9 4Ways Healthcare
12.10 RamSoft Inc.
12.11 Other Players
13. Competitive Landscape
13.1 Competitive Benchmark
13.2 Market Share Analysis
13.3 Recent Developments
14. Conclusion
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