The global teleradiology market is experiencing an unprecedented surge, poised to expand from USD 7,567.50 million in 2023 to an impressive USD 40,873.30 million by 2033. This growth marks a robust Compound Annual Growth Rate (CAGR) of 18.4%, highlighting the escalating demand for medical imaging services in the face of a burgeoning global population and a significant rise in patient numbers.
This remarkable expansion in the teleradiology sector is largely driven by the critical shortage of radiologists and medical imaging experts. The increasing volume of physical examinations and scans required globally has intensified the need for efficient solutions to manage and analyze these images. Teleradiology addresses this gap by leveraging advanced telecommunication technologies to transmit radiological images from one location to another. This enables medical experts to analyze and interpret these images regardless of their physical location, ensuring timely and accurate diagnoses for patients worldwide.
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The growth trajectory of the teleradiology market underscores its vital role in the healthcare industry, providing an essential service amidst the rising demand for medical imaging. As the global population continues to grow, the need for scalable and efficient radiology solutions becomes more critical, further propelling the market forward.
Key Takeaways from the Teleradiology Industry:
- The teleradiology market is estimated to be USD 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.
“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,” Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.).
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.
Recent Developments in the Teleradiology Market:
- 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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Key Companies in the Teleradiology Market:
- 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
Key Segments:
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)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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