How Will The Teleradiology Market Globally Expand In 2023?
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The Business Research Company’s teleradiology market report forecasts the teleradiology market size to grow to $9.8 Billion by 2027, with a CAGR (compound annual growth rate) of 17%.
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Teleradiology Market Size Forecast
The global teleradiology market is expected to grow from $4.5 billion in 2022 to $5.23 billion in 2023 at a compound annual growth rate (CAGR) of 16.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The teleradiology market size is expected to grow to $9.8 billion in 2027 at a CAGR of 17.0%.
North America held the largest teleradiology market share.
Key Teleradiology Market Driver – Rise In Number Of Imaging Procedures
For instance, according to an article published in September 2020 by the US National Library of Medicine, the number of computed tomography (CT) examinations is increasing by 4% per year worldwide, for a total of around 300 million CT scans per year. In addition, according to a Canadian market research company iData Research medical imaging procedures analysis, more than 75 million CT scans were performed each year in the USA, which is projected to reach 84 million procedures by 2022. Therefore, the rising number of imaging procedures will drive the growth of the teleradiology market.
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Key Teleradiology Market Trend – Collaborations And Partnerships
Major companies operating in the teleradiology market are focused on collaborations and partnerships to develop new solutions, enable/enhance teleradiology solutions and strengthen their position in the market. Collaborations and partnerships help companies to share resources, expertise, and technology to innovate and gain a competitive edge in the market. For instance, in April 2020, Life Image, a US-based medical evidence and image exchange network provider, and Dicom Systems, a US-based software company collaborated to enable the Alaska Native Medical Center in enhancing telehealth and teleradiology throughout Alaska and beyond. Furthermore, in October 2021, Bleepa, a product of Feedback Medical Ltd., a UK-based medical equipment manufacturer announced a partnership with Quest Teleradiology, an Indian radiology services provider to develop strategic opportunities for Bleepa in the Indian, UK, and other international healthcare markets. Bleep will offer an opportunity to expand Quest’s existing teleradiology service by enabling direct case discussion between requesting clinicians and reporting radiologists.
Teleradiology Market Segment
1) By Modality: X-Ray, MRI, CT Scan, Ultrasound Systems
2) By Technology: Web Based, Cloud Based
3) By Component: Hardware, Software
4) By End User: Hospitals, Diagnostic Centres, Other End Users
Teleradiology Market Major Players and Strategies
Major players in the teleradiology market are 4ways Healthcare, Agfa Healthcare, Everlight Radiology, Onrad Inc., RamSoft Inc., Teleradiology Solutions, Tele Diagnostic Solutions Pvt. Ltd., USARAD Holdings, HealthWatch TeleDiagnostics Private Limited, Cybernet Medical Corporation, GE Healthcare, MEDNAX Services, Cerner Corporation, Mckesson Corporation, MedWeb LLC, Novarad Corporation, Siemens Healthineers, and StatRad LLC.
In April 2021, The Radiology Group LLC, a US-based company specializing in teleradiology solutions acquired Strategic Imaging Consultants for an undisclosed amount. As a result of this acquisition, The Radiology Group will expand its operations in teleradiology solutions across the United States of America. Strategic Imaging Consultants is a US-based company that provides teleradiology and PAC (participant assistance and care) services.
The Teleradiology Global Market Report 2023 covers regional data on teleradiology market size, teleradiology market trends and drivers, opportunities, strategies, and teleradiology market competitor analysis. The countries covered in the teleradiology market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Teleradiology refers to the transmission of radiological pictures from one site to another. Teleradiology is the process of analyzing medical pictures while a radiologist is not physically present in the area where the images are created. It is used in hospitals, mobile imaging firms, urgent care clinics, and even certain private practices. The main reason for using teleradiology is that having a radiologist on-site is expensive.
View More Reports Related To The Teleradiology Market –
Telehealth Global Market Report 2023
Telemedicine Services Global Market Report 2023
Radiology As A Service Global Market Report 2023
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