The teleradiology market demand is projected to register a CAGR of 15.3% during the forecast period, up from US$ 7.3 Bn in 2021 to reach a valuation of US$ 14.8 Bn by 2026.
Sales of teleradiology are expected to rise as several industry players are increasingly adopting cloud-based solutions to provide secure distribution of full-fidelity medical diagnostics images and offer real-time access to multiple radiologists or medical personnel at the same time.
In addition, the demand for teleradiology is rising due to the growing radiology procedures, such as MRI, CT, and X-ray, in remote locations to receive specialist therapy.
An increasing number of medical imaging procedures undertaken to address the rising prevalence of diseases such as cancer, cellulitis, arthritis, osteomyelitis, and others across the globe is also forecasted to contribute to the growth of the teleradiology market share.
The report sheds light on the factors improving the sales of teleradiology and, in turn, the opportunities for the market players. However, the teleradiology market also faces some challenges, limiting the market share from reaching its potential.
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Some of the key teleradiology market trends promoting the demand for teleradiology include increasing research and development activities about eHealth, which are estimated to propel the teleradiology solutions over the assessment period.
What are the Key Contributors to the Teleradiology Market Share?
The introduction of reverse digital imaging and communication of medicine (DICOM) report delivery, automated query retrieve, monitoring, and automated uptime in the healthcare sector and increased investments in research and development (R&D) activities for innovating advanced teleradiology technologies to improve workflow efficiency, are all contributing to
The increasing demand for teleradiology systems across the hospitals and medical institutions in rural areas is one of the key market trends prevailing in the teleradiology market in recent times.
However, increasing cases of a data breach of imaging reports, decline in reimbursements, and rising regulatory burden in several countries are hampering the sales of teleradiology to an extent.
Nevertheless, the rising elderly population and an increasing number of imaging procedures are expected to propel sales of teleradiology solutions.sales of teleradiology.
However, the demand for teleradiology is hampered by the lack of internet networks and a scarcity of competent radiologists. Furthermore, ongoing improvements in medical diagnostic technologies are projected to create profitable prospects for the teleradiology market to expand in the near future.
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Which is the Leading Region in the Teleradiology Market?
Geographically, the North American teleradiology market dominates the sales of teleradiology and is expected to develop even more over the forecast period, owing to the rising incidence of chronic illnesses and multi-speciality healthcare facilities in the United States and Canada.
The Asia Pacific market accounts for a considerable portion of worldwide revenue. Due to the vast patient base, quickly expanding healthcare sector owing to technological improvements, and increasing economies of emerging nations such as India and China, the demand for teleradiology in the region is expected to grow at the highest CAGR over the forecast period.
Due to its quickly expanding healthcare infrastructure and rising need for novel and sophisticated medical platforms, Asia Pacific is expected to be the fastest-growing region in the sales of teleradiology.
Furthermore, the demand for teleradiology is fueled by the large base of the target population, increased government efforts, and smart worldwide expansions conducted by major competitors.
Who are the Key Players in the Teleradiology Market?
Key players in the teleradiology market are focusing on developing novel products using advanced technologies and receiving approvals from regulatory bodies for product launches.
The top 7 players in the sales of teleradiology market landscape are anticipated to account for a substantial share of the market over the next ten years.
To increase their demand for teleradiology positions, industry players release additional features and increase their product line.
The sales of teleradiology are dominated by a few prominent players named Teleradiology Solutions, Argus Radiology, SRL Diagnostics, USARAD Holdings Inc., Vital Radiology Services, and Telemedicine Clinic.
Organizations are also adopting other expansion strategies such as collaborations, acquisitions, mergers, and partnerships with other industry players to demand for teleradiology lead position.
- In September 2020, Radiology Partners announced acquiring a healthcare solution company based in America named, MEDNAX, Inc. The acquisition will assist the company in becoming one of the biggest providers of comprehensive teleradiology and radiology services in the U.S.
- In August 2018, REAL Radiology, LLC, an America-based teleradiology services provider, announced a complete acquisition of a provider of 24/7 teleradiology services named Argus Radiology Consultants, LLC. The strategy will help REAL Radiology, LLC strengthens its market footprint.
The report consists of key players contributing to the teleradiology market share. It also consists of organic and inorganic growth strategies adopted by market players to improve their market positions. This exclusive report analyses the competitive landscape and teleradiology market share acquired by players to strengthen their market position.
Scope of Report
Growth Rate
CAGR of 15.3% from 2022 to 2032
Base Year for Estimation
2021
Historical Data
2015-2020
Forecast Period
2022-2032
Quantitative Units
Revenue in USD Billion, Volume in Kilotons and CAGR from 2022-2032
Report Coverage
Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis
Segments Covered
- Modality
Key Companies Profiled
- 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.
- Others
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