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Teleradiology Market: Description
Teleradiology is a procedure used in medicine to take pictures of the body's internal structure and function, which aids in making diagnostics or treatments. It is equipped with the capacity to capture medical images in one place and then transmits or transfers it over a range to be read and analysed by a radiologist for diagnostic or consultation purposes. Teleradiology is widely utilized in tele monitoring, teleconsultation, and tele diagnosis. It enables radiologists to efficiently accomplish their work. Teleradiology provides efficient on-site solutions through real-time interpretation as well as cloud networks worldwide. Teleradiology is a major way for healthcare professionals to access patient information regardless of the distance, thus enhancing diagnosis coverage. Teleradiology is a field that has many applications for radiologists using online tools to improve patient medical care and treatment without having to be physically present on site.
Source: WMR
Teleradiology Market: Overview
The global demand for the teleradiology market was estimated at approximately USD 7,300 Million in 2022 and is forecasted to generate revenue worth around USD 18,850 Million by end of 2033, growing at a CAGR of around 7.3% between 2023 and 2033.
The shift to a value based healthcare approach is driving the expansion of the global Teleradiology market. Authorities and regulatory agencies across nations are taking various cost-containment strategies to lessen the burden of healthcare, particularly in advanced economies. The initiatives of the government to encourage digitalization of healthcare are anticipated to help in the expansion of the healthcare market. Additionally, rapid advances in digital image processing technology allow for efficient image distribution at the local, regional and global levels. The hugely enhanced capabilities provided by internet connectivity, along with the fast speed at which it transmits, has enabled an increased utilization of Teleradiology. This is increasing the size of the market. Additionally, the emergence as well as the acceptance and use of technology for mobile (mHealth) to view or interpret images, as well as the rise in aging population and the consequent increase in the number of people suffering from related illnesses, have been positively predicted to propel the growth of the Teleradiology market globally.
Source: WMR
Healthcare is one of the largest and most important areas of government spending, as it directly affects the health and well-being of citizens. In 2019, the United States government spent approximately USD 1.3 trillion on healthcare, which accounted for 7.3% of the country's GDP. This includes spending on Medicare, Medicaid, and other healthcare programs. The UK government spent 140 billion on healthcare, which accounted for 7.7% of the country's GDP. In 2019, the Canadian government spent approximately USD 264 billion on healthcare, which accounted for 10.9% of the country's GDP. This includes spending on the publicly-funded healthcare system. In 2019, the Japanese government spent approximately USD 482 billion on healthcare, which accounted for 10.9% of the country's GDP. And the Australian government spent approximately AUD 88 billion on Medicare program and other healthcare programs, which accounted for 4.6% of the country's GDP.
Thus, government expenditures in the healthcare sector can be substantial and play a critical role in ensuring access to healthcare services for citizens.
Teleradiology Market: Key Trends
Growing Usage in Rural Areas to Boost Market Growth:
The primary reason for market progression of is that Teleradiology is being adopted in rural areas where there is often a scarcity of professional radiologists. Many medical professionals have been facing problems regarding imaging procedures in rural areas in several countries worldwide. As per the report published by the American College of Radiology (ACR), hospitals situated in the countries' rural areas don't have access to a radiologist as well as they don't have access to the subspecialties like neuro radiologists or musculoskeletal radiologists. Therefore, due to this technology, patients situated in rural area have access to the same kind of specialized care that any individual would have in the urban area. This is anticipated to further boost the global market growth over the forecast period.
Software Segment Anticipated to Register the Fastest Growth Over the Forecast Period:
There has been a growing need to make Teleradiology solutions more common among radiologists. These services give radiologists the opportunities to clarify images and communicate with physicians electronically while working remotely. Teleradiology can be used to scan a patient and store the image to show it to the doctor later on in case the doctor is not available at the time, or the images can be sent to the remote areas from the mobile imaging systems to the doctors in the hospitals. Moreover, most of the software uses technology like data compression since most radiologists are able to share detailed HD images. Automation intelligence software is used by direct radiology to enhance its Teleradiology offering. The development of technology includes Automated Uptime, Automated Query Retrieve, as well as Reverse DICOM Report Delivery.
Teleradiology Market: COVID-19 Impact
The COVID-19 pandemic is changing the dynamics of different markets. While certain industries saw an increase in demand, many other markets are likely to be unaffected and offer potential growth opportunities. In the COVID-19 epidemic, Teleradiology systems have been widely used to share research findings and the details of the information collected in the treatment of patients suffering from COVID-19. This has aided in preventing the sharing of documents in the form of hard copies, thus avoiding contact with patients in person. Furthermore, the numerous international teleradiology alliances comprised of radiologists are expected to increase the boost of clinical trials as well as studies on prevention measures.
Teleradiology Market: Segmentation Analysis
Key Players:
eleradiology Solutions
Siemens AG
Global Diagnostics Limited
Mednax, Inc., Onrad, Inc.
Telediagnostics Services Pvt. Ltd.
Everlight Radiology
Agfa-Gevaert Group
Radisphere National Radiology Group, Inc.
Fujifilm Medical Systems, Inc.
Sectra AB
All-American Teleradiology, StatRad
LLC
Task Force Health Care
Envision Healthcare Corporation
4ways Healthcare Limited
InHealth
USARAD Holdings, Inc.
TeleDiagnosys Services Pvt Ltd.
Euro American Tele Radiology
Others
Teleradiology Market by Imaging Technique:
X-Ray
Computed Tomography (CT)
Magnetic Resonance Imaging (MRI)
Ultrasound
Nuclear Medicine
Others (Fluoroscopy, Mammography)
Computed Tomography (CT) led the global Teleradiology market and accounted for a substantial share of the global revenue during the forecast period. This high share is attributed to the rising need for effective and early diagnosis, and an extensive range of applications such as oncology, cardiology, neurology and pelvic and abdomen have been accelerating the demand for computed tomography (CT).
Teleradiology Market by End Users:
Hospitals and Clinics
Diagnostic Imaging Center and Laboratories
Ambulatory surgical centers
Others
The hospital's segment has been dominating the global market and accounted for the largest market share during the forecast period. The factors that can be ascribed to the growing inclination of hospitals towards the digitization and automation of the patient records and growing count of diagnostic imaging procedures performed in the hospitals are boosting the demand for the hospital segment.
Teleradiology Market by Component:
Hardware
Software
o picture archiving and communication systems (PACS)
o radiology information system (RIS)
Services
Among these, the software segment is anticipated to showcase lucrative growth trends over the stipulated timeline ascribing to high demand for radiologists in remote areas and rising needs for cost effective medical treatment and facilities.
Source: WMR
Teleradiology Market: Regional Analysis
North America dominated the market and accounted for the largest market share of global revenue in 2020. North America, followed by Europe and the Asia Pacific Region, is expected to witness substantial growth in the forecast period. The Asia Pacific is anticipated to register the highest CAGR during the forecast period. This growth in the APAC region is attributed to the rising medical tourism market in the APAC countries, surging government initiatives for modernization of the healthcare infrastructure and increasing healthcare expenditure.
Teleradiology market: Competitive ambit
The major players operating in the marketplace are Teleradiology Solutions, Siemens AG, Global Diagnostics Limited, Mednax, Inc., Onrad, Inc., Telediagnostics Services Pvt. Ltd., Everlight Radiology, Agfa-Gevaert Group, Radisphere National Radiology Group, Inc., Fujifilm Medical Systems, Inc., Sectra AB, All-American Teleradiology, StatRad, LLC, Task Force Health Care, Envision Healthcare Corporation, 4ways Healthcare Limited, InHealth, USARAD Holdings, Inc., TeleDiagnosys Services Pvt Ltd., Euro American Tele Radiology, and Others.
Report Scope:
Teleradiology Market Forecast Year: 2023-2033
Teleradiology Market: Historical Year- 2020-2021
Teleradiology Market 2022: USD 7,300 Million
Teleradiology Market 2033: USD 18,850 Million
Teleradiology Market CAGR: 7.3%
Key Regions and Countries: North America, Europe, Asia Pacific, LAMEA
Key Segments: Imaging Technique, Technology, End Users, and Component
1. Global Teleradiology Market Introduction and Market Overview
1.1. Objective of the Market Research Study
1.2. Teleradiology Market Definition & Description
1.3. Research Data Parameters & Reporting Timelines
1.3.1. Historical Data Reporting Years 2020 to 2021
1.3.2. Projected Data Reporting Years 2023 to 2033
1.3.3. Reporting Data Parameters Value (US$ Million)
1.4. Global Teleradiology Market Scope and Market Estimation
1.4.1. Global Teleradiology Overall Market Size (US$ Million), Market CAGR (%), Market Estimates & Forecast (2020 to 2033)
1.4.2. Global Teleradiology Market Revenue Share (%) and Growth Rate (Y-o-Y) from 2020 to 2033
1.5. Teleradiology Market Segmentation
1.5.1. Imaging Technique of Global Teleradiology Market
1.5.2. Component of Global Teleradiology Market
1.5.3. End User of Global Teleradiology Market
1.5.4. Key Regions of Global Teleradiology Market
2. Global Teleradiology Market - Executive Summary
2.1. Global Teleradiology Market Summary & Snapshot
2.2. Global Teleradiology Market, By Imaging Technique (US$ Million)
2.3. Global Teleradiology Market, By Component (US$ Million)
2.4. Global Teleradiology Market, By End User (US$ Million)
2.5. Global Teleradiology Market, By Geography (US$ Million)
2.6. Global Teleradiology Market Outlook & Future Opportunities
3. Teleradiology Market Trends, Outlook, and Factors Analysis
3.1. Global Teleradiology Market Industry Development Trends under COVID-19 Outbreak
3.1.1. Global COVID-19 Status Overview
3.1.2. Influence of COVID-19 Outbreak on Global Teleradiology Market Industry Development
3.1.3. Pre & Post COVID-19 Trends and Scenarios
3.2. Teleradiology Market Dynamics (Growth Impacting Factors & Rationales)
3.2.1. Drivers
3.2.1.1. Increasing demand for specialized modalities
3.2.1.2. Increasing demand for out-of-hours reporting
3.2.1.3. Growing number of imaging procedures
3.2.1.4. Increasing demand for cloud based solutions
3.2.1.5. Growing geriatric population geriatric population and the rising age-associated diseases
3.2.2. Restraints
3.2.2.1. Security Concerns of patient data associated with teleradiology
3.2.2.2. Restraint 2
3.2.3. Opportunities
3.2.3.1. Adoption of CT and MRI 3-D imaging services
3.2.3.2. Advanced technologies such as Artificial intelligence in teleradiology
3.2.3.3. Opportunity 3
3.2.4. Impact Analysis of Drivers and Restraints
3.3. Ecosystem/ Value Chain Analysis
3.4. Porters Five Forces Analysis
3.5. SWOT Analysis
3.6. PEST Analysis
3.7. Average Selling Prices and Pricing Trends Analysis of Teleradiology Market
3.8. Technological Roadmap
3.9. Key Investment Pockets of Teleradiology Market
3.9.1. By Imaging Technique
3.9.2. By Component
3.9.3. By End User
3.9.4. By Regions
4. Global Teleradiology Market: Estimates & Historic Trend Analysis (2020 to 2021)
4.1. Global Teleradiology Market, 2020 2021 (US$ Million)
4.2. Global Teleradiology Market, By Imaging Technique, 2020 to 2021 (US$ Million)
4.3. Global Teleradiology Market, By Component, 2020 to 2021 (US$ Million)
4.4. Global Teleradiology Market, By End User, 2020 to 2021 (US$ Million)
4.5. Global Teleradiology Market, By Region, 2020 to 2021 (US$ Million)
5. Global Teleradiology Market Estimates & Forecast Trend Analysis, by Imaging Technique
5.1. Global Teleradiology Market Share (%) Estimates and Forecasts, by Imaging Technique, 2022 & 2033
5.2. Global Teleradiology Market Revenue (US$ Million) Estimates and Forecasts, by Imaging Technique, 2023 to 2033
5.2.1. X-Ray
5.2.2. Computed Tomography (CT)
5.2.3. Magnetic Resonance Imaging (MRI)
5.2.4. Ultrasound
5.2.5. Nuclear Medicine
5.2.6. Others (Fluoroscopy, Mammography)
6. Global Teleradiology Market Estimates & Forecast Trend Analysis, by Component
6.1. Global Teleradiology Market Share (%) Estimates and Forecasts, by Component, 2022 & 2033
6.2. Global Teleradiology Market Revenue (US$ Million) Estimates and Forecasts, by Component, 2023 to 2033
6.2.1. Hardware
6.2.2. Software
6.2.2.1. Picture Archiving and Communication System (PACS)
6.2.2.2. Radiology Information System (RIS)
6.2.3. Services
7. Global Teleradiology Market Estimates & Forecast Trend Analysis, by End User
7.1. Global Teleradiology Market Share (%) Estimates and Forecasts, by End User, 2022 & 2033
7.2. Global Teleradiology Market Revenue (US$ Million) Estimates and Forecasts, by End User, 2023 to 2033
7.2.1. Hospitals & Clinics
7.2.2. Ambulatory Surgical Centers
7.2.3. Diagnostic Centers
7.2.4. Others
8. Global Teleradiology Market Analysis and Forecast, by Region
8.1. Global Teleradiology Market Share (%) Estimates and Forecasts, by Region, 2022 & 2033
8.2. Global Teleradiology Market Revenue (US$ Million) Estimates and Forecasts, by Region, 2023 to 2033
8.2.1. North America
8.2.2. Europe
8.2.3. Asia Pacific
8.2.4. Middle East and Africa
8.2.5. Latin America
9. North America Teleradiology Market: Estimates & Forecast Trend Analysis
9.1. North America Teleradiology Market Assessments & Key Findings
9.2. North America Teleradiology Market Share (%) Estimates and Forecasts, 2022 & 2033
9.3. North America Teleradiology Market Size Estimates and Forecast (US$ Million) (2023 to 2033)
9.3.1. By Imaging Technique
9.3.2. By Component
9.3.3. By End User
9.3.4. By Major Country
9.3.4.1. The U.S.
9.3.4.2. Canada
10. Europe Teleradiology Market: Estimates & Forecast Trend Analysis
10.1. Europe Teleradiology Market Assessments & Key Findings
10.2. Europe Teleradiology Market Share (%) Estimates and Forecasts, 2022 & 2033
10.3. Europe Teleradiology Market Size Estimates and Forecast (US$ Million) (2023 to 2033)
10.3.1. By Imaging Technique
10.3.2. By Component
10.3.3. By End User
10.3.4. By Major Country
10.3.4.1. Germany
10.3.4.2. The U.K.
10.3.4.3. France
10.3.4.4. Italy
10.3.4.5. Spain
10.3.4.6. Rest of Europe (includes all other European countries)
11. Asia Pacific Teleradiology Market: Estimates & Forecast Trend Analysis
11.1. Asia Pacific Teleradiology Market Assessments & Key Findings
11.2. Asia Pacific Teleradiology Market Share (%) Estimates and Forecasts, 2022 & 2033
11.3. Asia Pacific Teleradiology Market Size Estimates and Forecast (US$ Million) (2023 to 2033)
11.3.1. By Imaging Technique
11.3.2. By Component
11.3.3. By End User
11.3.4. By Major Country
11.3.4.1. China
11.3.4.2. Japan
11.3.4.3. India
11.3.4.4. ASEAN
11.3.4.5. South Korea
11.3.4.6. Rest of Asia Pacific (includes all other Asia Pacific countries)
12. Middle East & Africa Teleradiology Market: Estimates & Forecast Trend Analysis
12.1. Middle East & Africa Teleradiology Market Assessments & Key Findings
12.2. Middle East & Africa Teleradiology Market Share (%) Estimates and Forecasts, 2022 & 2033
12.3. Middle East & Africa Teleradiology Market Size Estimates and Forecast (US$ Million) (2023 to 2033)
12.3.1. By Imaging Technique
12.3.2. By Component
12.3.3. By End User
12.3.4. By Major Country
12.3.4.1. GCC
12.3.4.2. South Africa
12.3.4.3. Egypt
12.3.4.4. Rest of Middle East & Africa (includes all other Middle East & Africa countries)
13. Latin America Teleradiology Market: Estimates & Forecast Trend Analysis
13.1. Latin America Market Assessments & Key Findings
13.2. Latin America Teleradiology Market Share (%) Estimates and Forecasts, 2022 & 2033
13.3. Latin America Teleradiology Market Size Estimates and Forecast (US$ Million) (2023 to 2033)
13.3.1. By Imaging Technique
13.3.2. By Component
13.3.3. By End User
13.3.4. By Major Country
13.3.4.1. Brazil
13.3.4.2. Mexico
13.3.4.3. Rest of Latin America (includes all other Latin America countries)
14. Competitive Landscape
14.1. Teleradiology Market Revenue Share Analysis (%), by Major Players (2021)
14.2. Teleradiology Market Competition Matrix, by Leading Players
14.3. Teleradiology List of Emerging, Prominent and Leading Players
14.4. Major Mergers & Acquisitions, Partnership, Joint Venture, Expansions, Deals, Recent Developments, etc.
15. Company Profiles
15.1. Teleradiology Solutions
15.1.1. Company Overview & Insights
15.1.2. Financial Performance
15.1.3. Product / Service Portfolio
15.1.4. Geographical Footprint & Share
15.1.5. Strategic Initiatives & Key Developments
*Similar details would be provided for all the players mentioned below
15.2. Siemens AG
15.3. Global Diagnostics Limited.
15.4. Mednax, Inc.
15.5. Onrad, Inc.
15.6. Telediagnostics Services Pvt. Ltd.
15.7. Everlight Radiology
15.8. Agfa-Gevaert Group
15.9. Radisphere National Radiology Group, Inc.
15.10. Fujifilm Medical Systems, Inc.
15.11. Sectra AB
15.12. All-American Teleradiology
15.13. StatRad,LLC
15.14. Task Force Health Care
15.15. Envision Healthcare Corporation
15.16. 4ways Healthcare Limited
15.17. InHealth
15.18. USARAD Holdings, Inc.
15.19. TeleDiagnosys Services Pvt Ltd.
15.20. Euro American Tele Radiology
15.21. Cybernet Medical Corporation
15.22. GE Healthcare
15.23. MEDNAX INC.
15.24. Others
16. Assumptions and Research Methodology
16.1. Data Mining
16.2. Secondary Research
16.3. Primary Research
16.4. Subject Matter Expert Advice
16.5. Quality Check
16.6. Final Review
16.7. Data Triangulation
16.8. Bottom-Up Approach
16.9. Top Down Approach
16.10. Research Flow
16.11. Key Insights from Industry Experts
16.12. Data Sources
16.13. Assumptions
16.14. Limitations
17. Conclusions and Recommendations
17.1. Key Research Findings and Conclusion
17.2. Key Insights & Recommendations from Analysts