Austin, United Staes, Dec. 09, 2024 (GLOBE NEWSWIRE) -- Teleradiology Market Size & Growth Analysis:
“According to SNS Insider, The Global Teleradiology Market, was valued at USD 12.67 Billion in 2023 and is expected to reach USD 96.72 Billion by 2032, growing at a CAGR of 25.36% over the forecast period from 2024 to 2032.”
The rapid adoption of telemedicine, coupled with advancements in AI, high-speed data transmission, and a growing shortage of radiologists, has significantly fueled the expansion of the teleradiology market. The increasing demand for remote diagnostic services, particularly in underserved regions, further accelerates the growth of this market.
Market Overview
The teleradiology market is witnessing significant growth due to rising demand for remote diagnostic imaging, particularly in rural and underserved areas. The increasing pressure on healthcare systems worldwide, driven by a shortage of radiologists, has further fueled the demand for remote services. The integration of advanced technologies such as artificial intelligence (AI) in image interpretation and cloud computing for data storage and transmission is transforming the landscape of teleradiology.
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The teleradiology ecosystem relies on a robust network of healthcare professionals, medical imaging equipment, cloud-based software, and communication platforms to facilitate the transmission and interpretation of diagnostic images remotely. This market benefits from both increased healthcare awareness and the technological advancements that make teleradiology services more efficient and cost-effective. Furthermore, teleradiology platforms are expanding their offerings, allowing healthcare providers to deliver a broader range of services, from routine imaging to emergency diagnostics, with a faster turnaround time.
The supply and demand dynamics are characterized by an ongoing shortage of radiologists in many parts of the world. This gap has intensified the need for teleradiology services to ensure timely and accurate diagnoses. Additionally, the expanding use of mobile and portable imaging devices, along with the rapid adoption of Picture Archiving and Communication Systems (PACS), has helped improve the efficiency of remote radiology services, enhancing their adoption among healthcare providers.
Major Players Analysis Listed in this Report are:
- Virtual Radiologic (vRad)
- Agfa-Gevaert Group
- ONRAD, Inc.
- Everlight Radiology
- 4ways Healthcare Ltd.
- RamSoft, Inc.
- USARAD Holdings, Inc.
- Koninklijke Philips N.V.
- Matrix (Teleradiology Division of Radiology Partners)
- Medica Group PLC
- Teleradiology Solutions
- All-American Teleradiology
- Philips Healthcare
- GE Healthcare
- Mednax Services, Inc
- Cerner Corporation
Teleradiology Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 12.67 Billion |
| Market Size by 2032 | US$ 96.72 billion |
| CAGR | CAGR of 25.36% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East]), Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | Technological advancements, increasing healthcare demands, and evolving regulatory frameworks. |
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Segment Analysis
By Product:
X-ray emerged as the most dominant segment in 2023, accounting for approximately 40.0% of the market share. X-ray imaging remains a cornerstone of diagnostic radiology due to its affordability, versatility, and wide availability. Its usage for diagnosing fractures, respiratory conditions, infections, and musculoskeletal diseases has led to sustained demand in the teleradiology space. The rise in portable X-ray devices and the integration of digital imaging technologies such as PACS have further amplified the adoption of X-ray teleradiology services.
MRI is the fastest-growing segment, experiencing a surge in demand due to its advanced imaging capabilities essential for diagnosing complex medical conditions, such as neurological disorders, cardiovascular diseases, and spinal injuries. MRI teleradiology services benefit from advancements in data transmission technologies that facilitate the efficient transfer of large imaging files for remote analysis. Furthermore, AI-enhanced tools in MRI interpretation are enabling faster and more accurate diagnoses, making MRI a key growth driver in the market.
By Report Type:
Preliminary reports reading were the dominant segment in 2023, holding approximately 55.0% of the market share. These reports provide rapid interpretations, which are critical in emergency care settings, where time-sensitive diagnoses can significantly impact patient outcomes. The adoption of teleradiology services in emergency departments and urgent care centers has bolstered the reliance on preliminary reports, as they ensure timely detection of critical conditions like fractures, hemorrhages, or infections.
Final reports reading are experiencing the fastest growth, driven by increasing demand for detailed, validated radiological interpretations that adhere to clinical and legal standards. These reports are particularly essential in specialized care settings, such as oncology and neurology, where accurate and comprehensive diagnoses are crucial for treatment planning. The use of AI in enhancing the accuracy of final reports is also contributing to this segment's growth, as it helps minimize discrepancies and ensures precise outcomes.
Teleradiology Market Key Segmentation:
By Product
- Computed Tomography (CT)
- Ultrasound
- X-Ray
- Nuclear Imaging
- Magnetic Resonance Imaging (MRI)
By Report Type
- Preliminary Reports
- Final Reports
By End-Use
- Hospital
- Radiology Clinics
- Ambulatory Imaging Center
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Regional Analysis
In 2023, North America held the largest share of the teleradiology market due to its well-established healthcare infrastructure and high adoption of telemedicine technologies. The region continues to lead in terms of technological advancements and integration of AI-powered diagnostic tools. The increasing demand for teleradiology services in rural and underserved areas, combined with the growing need to address the radiologist shortage, drives the market in North America.
Europe is another significant region, with the market being primarily driven by rising investments in digital healthcare solutions and a growing number of healthcare facilities adopting remote radiology services. The UK, Germany, and France are among the leading countries in Europe that are contributing to the market's growth.
Asia Pacific is expected to grow at the highest rate during the forecast period. This growth is due to growing healthcare awareness, increasing health expenditure, and the adoption of telemedicine solutions in countries such as India, China, and Japan. In addition, the significant healthcare challenges from the growing population and insufficient radiologists are driving the adoption of teleradiology services in the region.
Recent Developments
- In November 2024, Apollo Radiology International (ARI), a part of the Apollo Hospitals Group, acquired the radiology reporting division of InHealth Group, the UK's leading provider of diagnostic solutions. The acquisition further cements ARI's presence globally and helps bridge the gap in radiologists, ensuring access to quality diagnostic services across the UK and beyond. With this acquisition, ARI will be reporting over two million scans every year, supporting more than 200 healthcare organizations around the world.
- Experity upgraded its urgent care teleradiology overread services to include FDA-approved artificial intelligence for fracture detection in September 2024. Such AI-assisted technology enables more accurate diagnoses, fast workflow, and optimal turnaround in imaging reading, which ultimately supports providers and leads to improved patient outcomes.
- In August 2024, London-based health tech company Hexarad raised approximately USD 14 million to expand its teleradiology platform. The funding will support the growth of its services, enhancing remote diagnostic capabilities and expanding its reach in the healthcare sector.
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Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Teleradiology Market Segmentation, by Product
8. Teleradiology Market Segmentation, by Report Type
9. Teleradiology Market Segmentation, by End-Use
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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