WASHINGTON, Feb. 16, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Teleradiology Market finds that increasing technologically advanced medical apparatus is expediting market growth. Primarily driven by the limit of skilled and specialized experts specific to teleradiology thus the total Global Teleradiology Market is estimated to reach USD 15.22 Billion by 2028.
The market stood at the revenue of USD 7.13 Billion in the year 2021, and is projected to grow at a Compound Annual Growth Rate (CAGR) of 15.1%.
Furthermore, increasing number of imaging procedures conducted worldwide, and the growing need to limit costs for the interpretation of radiological images aids the growth of the Global Teleradiology Market, states Vantage Market Research, in a report, titled “Teleradiology Market by Imaging Technique (X-rays, Computed Tomography (CT), Ultrasound, Magnetic Resonance Imaging (MRI)), by End User (Hospitals, Diagnostic Centers, Other End Users), by Component (Hardware, Software), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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(Please note that the sample of this report has been updated to include the COVID-19 impact study prior to delivery.)
List of Prominent Players in the Teleradiology Market:
- 4ways Healthcare Ltd. (UK)
- Health Watch Tele Diagnostics Pvt. Ltd. (India)
- Ram Soft Inc. (Canada)
- Everlight Radiology (UK)
- Virtual Radiologic (US)
- Agfa-Gevaert N.V. (Belgium)
- ONRAD (US)
- Teleradiology Solutions (India)
- Global Diagnostics (Australia)
Market Dynamics:
Increasing Medical Imaging Techniques to Fuel Global Teleradiology Market
The major market driver is the significant increase in medical imaging techniques for the diagnosis, therapy, and management of chronic and acute illnesses. According to the Journal of the American Medical Association, it was reported that despite a general campaign by medical professionals to decrease medical imaging procedures, medical imaging experienced substantial growth in procedure rates in the U.S. and some parts of Canada thus, is expected to drive the growth of the global teleradiology market. Furthermore, there is increased adoption of treatment programs that focuses on preventive care of major illnesses, which often uses a collection of imaging procedures for the diagnosis and management of diseases. The increasing prevalence of cancer has led to demand for imaging procedures that function as an important diagnostic method. As per to the American Cancer Society (ACS), new lung cancer cases diagnosed number in the U.S. in 2020 will be around 228,820. This is projected to drive the requirement for this technology which is necessary for the diagnosis and control of many varieties of cancers and boosts the growth of this market size during the projected period.
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Increasing R&D Activity in the Development of Advanced Solutions to Stimulate the Market Growth
There is an increasing R&D activity in the development of advanced solutions for the efficient diagnosis, treatment, and management of several medical conditions. The increasing demand for this technology due to multiple advantages associated with them is anticipated to drive market growth. Some of the advantages of this technology includes better efficiency, lower costs, and quick turnaround times. Due to advancements in this technology, any modality in which the medical images can be digitalized can be paired well with teleradiology. Some of the other technological advancements which includes improved workflow efficiency, and also the usage of cryptocurrency and blockchain in this marketplace. The above factors combined with the increasing need for efficient diagnostics is further projected to fuel the demand for these technologies and boost the market growth.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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The report on Teleradiology Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
North America Dominates the Global Teleradiology Market
North America has dominated the global Teleradiology Market in 2021 and is likely to continue the same trend during the forecast period. This is attributed to raise funding programs by government agencies and the rise in focus toward the use of teleradiology services in diagnostic centres, ambulatory surgical centres, clinics, and others, in this region is expected to support the regional growth of the market.
Asia Pacific is likely to witness fastest growth in the Teleradiology Market during the forecast period. This is attributed to the growth in the key players including GE Healthcare, Philips, and others, which affect the teleradiology market growth. For instance, GE Healthcare adopted a collaboration with Teleradiology Solutions to widen its reach across India with Teleradiology’s proprietary Radiology Workflow Solution, RadSpa to make remote radiology reporting benefits available to healthcare providers thus expected to support the growth of the Teleradiology Market in near future.
Browse market data Tables and Figures spread through 163 Pages and in-depth TOC on "Teleradiology Market by Imaging Technique (X-rays, Computed Tomography (CT), Ultrasound, Magnetic Resonance Imaging (MRI)), by End User (Hospitals, Diagnostic Centers, Other End Users), by Component (Hardware, Software), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)". View detailed Research Report here – https://www.vantagemarketresearch.com/press-release/teleradiology-market-943265
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Teleradiology Market?
- How will the Teleradiology Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Teleradiology Market?
- What is the Teleradiology market drivers and restrictions?
- What will be the CAGR and size of the Teleradiology Market throughout the forecast period?
Recent Developments:
January 2017: MEDNAX, Inc. declared the acquisition of Radiology Alliance, the biggest private practice radiology company in the U.S. Radiology Alliance was the first on-site radiology company to join MEDNAX.
This market titled “Teleradiology Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Report Attribute | Details |
| Market Size in 2021 | USD 7.13 Billion |
| Projected Market Size in 2028 | USD 15.22 Billion |
| CAGR Growth Rate | CAGR of 15.1% From 2022 - 2028 |
| Base Year | 2021 |
| Historic Years | 2016 - 2020 |
| Forecast Years | 2022 - 2028 |
| Segments Covered | Imaging Technique • X-rays • Computed Tomography (CT) • Ultrasound • Magnetic Resonance Imaging (MRI) • Nuclear Imaging • Other Imaging Techniques End User • Hospitals • Diagnostic Centers • Other End Users Component • Hardware • Software |
| Quantitative Data - Units | Revenue in USD Million/Billion and CAGR from 2022 to 2028 |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
| Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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