According to the research report published by Credible Markets, global Teleradiology Market is currently valued at USD 29.53 million and is expected to grow at a CAGR of 16.8% over the forecast duration of 2022-2030.
Teleradiology Market Overview
Teleradiology solutions have demonstrated benefits as they have the ability to enhance health outcomes and reduce costs. Telemedicine has decreased the cost of healthcare and increased efficiency through improved management of chronic diseases, reduction in travel times, and fewer and shorter hospital stays.
Teleradiology also allows trained professionals a 24/7 service and is easily accessible to the rural population. Specific software has enabled patients to transmit images that allows the radiologist to analyse the case study effectively. There are many benefits of using teleradiology services, such as reduced cost, increased coverage, and timely interpretations that help in the growth of the market.
Key Market Trends- Growth Determinants and Challenges
The global Teleradiology Market is being fuelled by factors such as the rising number of imaging procedures and a shortage of skilled radiologists. The rise in imaging procedures is expected to drive the growth of the market for reliability and efficiency.
Also, the adoption of teleradiology solutions have significantly helped to bridge the rural-urban disparity in many emerging countries and developed economies. These solutions are more cost-effective and convenient and help to fuel the market growth.
On the Flip side, limited access to high speed internet in the rural areas acts as a restraint to the teleradiology market. As the radiologists working remotely need a good internet connection but the lack of high speed broadband connections affects the expanding access to teleradiology services in the rural areas.
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Segmental Analysis of the Teleradiology Market
Based on Product
• Teleradiology services
• Software
• Hardware
The software segment is expected to grow at the highest CAGR during the forecast period. The increasing demand for healthcare software is because of the software companies that improves interoperability, enhances technical capabilities, and also increases data transparency. The COVID-19 outbreak has also led to an increase in need for better management of large amounts of patient data.
Based on Imaging Technique
• X-Ray
• CT
• Ultrasound
• MRI
• Nuclear Imaging
The CT, Computed Tomography segment has the highest revenue share in the market. It is used in a wide range of applications. Some factors, such as, increase in need for effective and early diagnosis, technological advancements, and digitalization are driving the growth of this segment in the market.
Based on End-User
• Hospitals and clinics
• Diagnostic imaging centre
• Long term care centers
• Nursing homes
The hospitals and Clinics hold the largest market share in the end user segment. The large share of this segment is because of the rise in number of diagnostic imaging procedures performed in hospitals and the rise in needs to improve the quality of patient care.
Asia Pacific is expected to witness the highest growth rate during the forecast year of the market
North America, Europe, Asia Pacific, Latin America, and Middle east and Africa are the major regions constituting the geographical landscape of worldwide teleradiology market. Among these, Asia Pacific is expected to witness the highest growth rate revenue in the market during the forecast year.
The growth in the APAC region is because of the growing awareness about the benefits of early disease diagnosis, improvement in the healthcare sector, and increase in the government initiatives for modernizing the healthcare infrastructure.
Competitive Landscape
The prominent players influencing the competitive hierarchy of the market sphere are Philips Healthcare (Netherlands), Nines, GE Healthcare (US), Medica Group Plc. (UK) and Cerner Corporation (US), MEDNAX Inc., Agfa- Gevaert Group.
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Major Developments
• In March 2021, Nines had announced the 510 (k) FDA clearance for NinesMeasure, which is an innovative lung nodule measurement tool that helps to accelerate diagnoses of certain respiratory diseases.
• In January 2021, the Vesta Teleradiology had announced the acquisition of Momentum Healthcare Staffing for bringing onsite and remote coverage of well-qualified physicians to medical facilities.
Major questions answered in this report
• What is the growth rate of teleradiology market?
• What are the primary growth determinants of the teleradiology market?
• Which are the major regions constituting the geographical landscape of the teleradiology market?
• Which are the prominent companies operating in teleradiology market?
Key Takeaway from the report
• Teleradiology Market is projected to register a CAGR of 16.8% over 2022-2030.
• The rising number of imaging procedures and a shortage of skilled radiologists are aiding market progression.
• CT segment is poised to expand significantly and have the highest revenue share in the market.
• Asia Pacific is anticipated to witness the highest growth rate during the forecast year of the market.
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