Teleradiology Market To Be Driven At A CAGR Of 22% In The Forecast Period Of 2023-2028
The new report by Expert Market Research titled, ‘Global Teleradiology Market Size, Share, Price, Trends, Report and Forecast 2023-2028’, gives an in-depth analysis of the global teleradiology market, assessing the market based on its segments like component, imaging technique, end use, and major regions like Asia Pacific, Europe, North America, Middle East and Africa and Latin America.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2020): USD 6.6 Billion
• Forecast CAGR (2023-2028): 22%
• Forecast Market Size (2028): USD 21.8 Billion
The global teleradiology is driven by factors such as growing prevalence of chronic diseases, demand for rapid diagnostics and increasing advancements by the major market players. Additionally, factors like rising geriatric population, increasing awareness for advantages of teleradiology, growing healthcare infrastructure, and initiatives by the government pushes the growth further. Additionally, the rapid developments in the field of eHealth aids to the market growth in the forecast period.
Industry Definition and Major Segments
Teleradiology is a branch of telemedicine which involves transmission of medical images such as MRIs, CAT Scan, X-Rays. It utilizes network technologies such as WAN, LAN, internet, cloud storage etc. It allows radiologists and physicians to study images without having to be at patients’ location.
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Based on component, the market is divided into:
Based on imaging technique, it can be segmented into:
• Computed Tomography
• Magnetic Resonance Imaging
• Nuclear Imaging
By end use, it is categorised as:
• Hospitals and Clinics
• Diagnostic Imaging Centres and Laboratories
The regional markets for teleradiology include:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Regionally, North America is the largest shareholder in global teleradiology market. This can be attributed to the increasing R&D activities, penetration of key players, and integration of artificial intelligence (AI) into teleradiology. Meanwhile, the Asia Pacific region is expected to show fastest growth owing to growing investments in the healthcare industry, and the increasing medical tourism in emerging countries such as China and India within the region.
Moreover, the rising government initiatives for developing advance healthcare facilities and infrastructure are projected to aid the growth of the teleradiology industry in the forecast period.
Key Market Players
The major players in the market are Koninklijke Philips N.V., Mednax Services, Inc., USARAD Holdings, Inc., Teleradiology Solutions, Onrad, Inc., TeleDiagnosys Services Pvt Ltd, and a few others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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