NEWARK, Del, Nov. 07, 2023 (GLOBE NEWSWIRE) -- In 2023, the teleradiology market is projected to be valued at US$ 7,567.50 million. In 2022, the market was valued at US$ 6,489.20 million. The market is expected to grow at a CAGR of 18.4% during the forecast period. By 2033, the market value is projected to reach US$ 40,873.30 million.
The growing population around the world is turning into a growing number of patients. As a result, doctors and radiology experts are often unavailable for physical study and scanning. Teleradiology plays an important role in such cases as scans are done from long distances without the help of medical personnel. Thus, the market for teleradiology is expected to boom.
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Teleradiology had only been used in emergency cases earlier, but the advance of technology has made it more common. Improvements in resolutions of images and better transmission have made radiotechnology become widely accepted. Benefiting from the all-around adoption of technology in the healthcare sector, teleradiology is subject to constant innovations in a bid to be further effective. AI, cloud-based platforms, and 3D report viewing are some examples of technologies that are improving the outlook on the market.
Market players are bundling radiology equipment with teleradiology. The overall adoption of advanced technological equipment is seeing teleradiology become more common. Further, government aid is increasing the financial capacity of the market players.
“Patients in rural and remote areas often struggle due to a lack of proper medical help. The problem often crops up in a developing and vast country like India. Teleradiology helps in this regard, as medical experts need not to be physically present to diagnose scans. Thus, vast infiltration of teleradiology is an opportunity for market players,” opines Sabyasachi Ghosh, Associate Vice President at Future Market Insights (FMI).
Key Takeaways:
- The teleradiology market is estimated to be US$ 7,567.50 million in value in 2023.
- X-ray scans are the most common type of scan in teleradiology. For 2023, X-ray holds 23.1% of the market share by modality.
- Scans of the brain are the lead in the organ segment. For 2023, the brain segment holds 28.2% of the market share by organ.
- India is on course to become a behemoth in the market. The CAGR for the Indian market over the forecast period is expected to be 27.6%.
- China is not far behind India in terms of growth. The CAGR for the market in China is expected to be 23.9% over the forecast period.
- The United Kingdom and Germany are the European countries with potential. For the forecast period, the CAGR for the United Kingdom and Germany is 11.9% and 11.0% respectively.
Teleradiology Market Size:
| Attributes | Details | |
| Teleradiology Market Value in 2023 | US$ 7,567.50 million | |
| Projected Market Value by 2033 | US$ 40,873.30 million | |
| Value-based CAGR from 2023 to 2033 | 18.4 | % |
Competition Analysis of the Teleradiology Market
Big-name companies have carved out a significant portion of the market. However, on the other end, startups, too, are flourishing in the market. Technological innovation is considered a must by the players. Some of the significant countries in the market are Cerner Corporation, Siemens Healthineers, McKesson Corporation, and Agfa Healthcare.
Key Players:
- Cerner Corporation
- Siemens Healthineers
- McKesson Corporation
- Agfa Healthcare
- MEDNAX Services, Inc.
- ONRAD Inc.
- Novarad Corporation
- TeleDiagnostic Solutions Pvt. Ltd.
- Teleradiology Solutions
- Telerad Tech
- StatRad LLC
- MedWeb LLC
- USARAD Holdings, Inc.
- Everlight Radiology SRL
- Diagnostics, Vital Radiology Services
- Telemedicine Clinic
Recent Developments:
- In October 2023, the iQ-ROUTER, developed jointly by IMAGE Information Systems and Aycan Medical Systems, got a new 5.0 version.
- Also, in October 2023, the US Food and Drug Administration (FDA) approved the teleradiology platform of the Egyptian company Rology.
- In July 2022, Unilabs and Qure.ai established a partnership to help with teleradiological analysis of chest X-rays.
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Teleradiology Market Segmentation:
By Modality:
- X-Ray Scans
- CT Scans
- MRI Scans
- Ultrasound Scans
- Nuclear Scan
- Cardiac Echo
- Mammography
- Electromyography
By Organ:
- Brain
- Lung
- Heart
- Liver
- Bones
- Pancreas
- Spleen
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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