Teleradiology Services Market Overview
Teleradiology Services Market is projected to be worth USD 19.78 Billion by 2028, registering a CAGR of 15.3 % during the forecast period (2022-2028), the market was valued at USD 7.30 Billion in 2021. Software leads the product and service segment due to its enhanced technical capabilities and increased data transparency and others. CT scan is dominating the application segment due to increasing applications of CT scan in oncology, cardiology, and others. North America held the largest share of the teleradiology market due to the presence of major key players.
Teleradiology Services Market Size, Share & Trends Analysis Report by Product & Service (Hardware, Software), by Imaging Technique (MRI, Ultrasound, Mammography), End-Use (Hospitals, Diagnostic Centers& Laboratories), and Segment Forecast Period- 2022- 2028
Teleradiology is the type of medical image interpretation technique that is practiced by the radiologist for remote treatment and diagnosis. The teleradiology services are used by emergency care centers, hospitals, clinics, and others.
Teleradiology Services Market Dynamics
The shifting of the healthcare sector towards a value-based model is driving the growth of the teleradiology services market.
Discrepancies in medical images transferred during patient monitoring via internet may affect the treatment option. This in turn hampers the growth of IV Equipment Market.
Government investments for healthcare interoperability globally are providing a lucrative opportunity for teleradiology services market growth.
COVID-19 Analysis of Teleradiology Services Market
The detrimental effects of COVID-19’s global expansion on numerous countries have shocked governments around the world, prompting them to act decisively to stop COVID-19. The first strain of Coronavirus was identified in Wuhan, China in December 2019 which affected the entire world. On a rise in infection across various nations, around 212 countries were infected by the pandemic. Most companies in numerous nations have been severely impacted by the global crisis COVID-19 pandemic. However, teleradiology solutions provided remote treatment to the patients and helped to improve the efficacy of diagnostic imaging. Thus, growing the teleradiology services market during the pandemic had a positive impact.
Teleradiology Services Market Report Coverage
|Report Attributes||Report Details|
|Market Size in 2028 (USD Billion)||19.78|
|CAGR (2022-2028)||15.3 %|
|By Product & Service||Hardware, Software|
|By Imaging Technique||MRI, CT scan, X-ray, Ultrasound, Mammography, Nuclear Imaging|
|By End-Use||Hospitals, Diagnostic Centers& Laboratories, Others|
|By geography||North America: U.S., Canada, Mexico|
Europe: Germany, France, U.K., Russia, Italy, Spain, BENELUX, Rest of Europe
Asia Pacific: China, Japan, India, South Korea, Australia, ASEAN, Rest of Asia Pacific
Latin America: Brazil, Argentina, Chile, Rest of Latin America
The Middle East and Africa: GCC, Turkey, Israel, Rest of MEA
Teleradiology Services Market Segment Analysis
By Product & Service
The segment is bifurcated into hardware and software. Software leads the product and service segment of the teleradiology service market. Enhanced technical capabilities, increased data transparency, and improved interoperability are factors responsible for the growth of the teleradiology service market. Moreover, post-pandemic hospitals are installing teleradiology solutions to improve patient outcomes and increase the efficiency of healthcare providers.
The application segment includes MRI, CT scan, X-ray, ultrasound, mammography, and nuclear imaging. CT scan is dominating the application segment of the teleradiology services market. Increasing applications of CT in oncology, cardiology, neurology, pelvic, spine, abdomen, and musculoskeletal imaging are contributing to the teleradiology service market growth. Moreover, the rising demand for CT scans in cancer diagnosis are driving the market growth.
The end-user segment is categorized into hospitals, diagnostic centers& laboratories, and others. Hospitals are leading the end-use segment of the teleradiology services market. The growth can be attributed to the increasing applications of teleradiology services in hospital ICUs and CCUs. Moreover, the rising number of diagnostic imaging procedures and the rising adoption of advanced imaging modalities to increase workflow proficiency in hospitals are driving the teleradiology market growth.
The regional segment is divided into Asia Pacific, Europe, North America, Middle East and Africa, and Latin America. North America held the largest share of the teleradiology market in 2021 followed by Europe and the Asia Pacific. The dominance is due to the advanced healthcare infrastructure and presence of key players such as Teleradiology Solutions, Real Radiology is others.
Teleradiology Services Market Competitive Landscape:
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Further, a surge in Research and Development (R&D), product innovation, and various business strategies have accelerated the growth of the market. Some of these players in the teleradiology services market are as follows.
- Teleradiology Solutions
- Real Radiology
- SRL Diagnostics
- USARAD Holdings Inc.
- Vital Radiology Services
- Teleradiology Providers
- Telemedicine Clinic
- TeleDiagnosys Services Pvt. Ltd
- Imaging Advantage
- Foundation Radiology Group
- Direct Radiology
- Imaging On Call LLC
- ONRAD Inc.
- Rays (Envision Healthcare Company)
- StatRad LLC
- ARIS Radiology
- NightShift Radiology
- Mednax Inc.
- Alta Vista TeleRadiology
- Quality Nighthawk
What is the scale of Teleradiology Services Market?
The scale of Teleradiology Services Market is USD 19.78 billion.
Who are the extensive players operating in this industry?
Teleradiology Solutions, Real Radiology, SRL Diagnostics, USARAD Holdings Inc., Vital Radiology Services are the extensive players operating in this market.
Which region contributed the largest share of the market growth?
North America contributed the largest share of the market growth.
What is the major market-driving factor?
The shifting of the healthcare sector towards a value-based model is driving the growth of the Teleradiology Services Market.
Which is the leading product & service segment in this market?
Hardware is the leading product & service segment in this market.
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