Market Highlights

The global teleradiology market is expected to grow from 9.8 billion in 2023 to USD 53.42 billion by 2033 at a CAGR of 18.48%.

Teleradiology Market CAGR

2023-2033

CAGR OF

18.48%

Teleradiology Market

Teleradiology is a branch of telemedicine which uses standard network technologies such as internet, telephone lines, wide area network, and local area network for the transmission of radiological images of patients from one location to another for the purpose of discussion with other radiologist and physicians. 
Teleradiology markets are doing great by providing swift solutions for the transmission of radiological images from past few years and is expected to showcase lucrative growth during the forecast period.
Moreover, the recent pandemic outbreak of COVID-19 across the globe poses to have a greater impact in the market.
This market research report provides an in-depth information on trends, dynamics, revenue opportunities, competitive landscape, and recent developments in the market. The historic years considered for the study are 2018-2021, the base year is 2022, the estimated year is 2023, and the forecast period is 2023-2033.

Teleradiology Market: Market Dynamics

Global teleradiology market is anticipated to grow at a significant rate during the forecast period owing to rising demand for teleradiology during emergencies and second opinion, integration of AI technology, increase in prevalence of chronic disease, growing R&D to enhance eHealth, eliminating distance barriers are the major factors driving the growth of the market.
Furthermore, the unprecedented outbreak of COVID 19 pandemic has led a sudden drastic demand for the teleradiology services, globally. The growth of the market is attributed to increase in geriatric population, rise in the prevalence of associated diseases and increase in adoption of cloud-based solutions.
However, high cost of initial stage installation of imaging machines, shortage of skilled healthcare professional are the restraining factors that curtail the growth of the market.

Teleradiology Market: Segmental Analysis

Teleradiology Market

by Products & Services

Services

Hardware

Software (PACS, RIS)

Imaging Technique

The Market will Grow

At the CAGR of:

18.48%

The Forecast Market

Size for 2033 in USD:

$53.42B

The global teleradiology market is classified by products & services, imaging technique, end-user, and region.
Based on products & services, the market is segmented into services, hardware, and software. Teleradiology services segment accounted for the highest revenue share in 2023, however, the software segment is expected to witness growth at the highest CAGR during the forecast period. This is attributed to the rise in demand for healthcare software with high data transparency, increased interoperability, and enhanced technical abilities which will generate great opportunities for software companies and propel the market during the forecast period.

Teleradiology Market

by End User

XX%

Hospitals

Diagnostic Centres

Laboratories

9.8

Total Market Size

USD (Billion), 2023

18.48%

CAGR

2023 - 2033

Based on imaging techniques, the market is segmented into MRI (magnetic resonance imaging), CT (computed tomography), X-ray, Ultrasound, Mammography, and Nuclear imaging. X-ray segment dominated the teleradiology market in 2023 due to its wide application across numerous healthcare sectors such as orthopaedics, chest imaging, dental imaging, cardiovascular imaging, high usage in primary diagnostics, and cost effectiveness.
However, CT scan is anticipated to grow at the highest CAGR during the forecast period owing to clear image formation of complex body organs, increasing technological advancement and digitalization, and wide range of application across numerous health sectors such as cardiology, oncology, neurology, and musculoskeletal imaging.
Based on end-user, the market is segmented into hospitals, diagnostic centres, and laboratories. Hospitals segment dominated the market by holding the largest share and is expected to exhibit an exponential growth during the forecast period. This is attributed to the increase in diagnostics imaging performed in hospital, rising demand to improve the quality of patient care, and rising inclination towards automation and digitization of patient records.

Teleradiology market: Regional Analysis

Teleradiology Market

by Region

The Market will Grow

At the CAGR of:

18.48%

The Forecast Market

Size for 2033 in USD:

$53.42B

Geographically, the teleradiology market is classified into North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.
North America is the leading market for teleradiology followed by Europe due to the presence of well established companies in the region, high awareness about teleradiology solutions, increase in prevalence of chronic diseases, developed healthcare infrastructure, rising government initiatives and expenditure towards healthcare sector.
However, Asia Pacific region is anticipated to account for the highest CAGR during the forecast period owing to increasing awareness among the population of emerging economies such as China and India, increase in disposable income, rising healthcare needs coupled with rapidly developing healthcare infrastructure, increase in government initiatives and expenditure towards technological advancement in healthcare sector.

Teleradiology Market: Competition Scenario 

Key players operating in the global teleradiology market are Philips Healthcare, Cerner Corporation, Siemens Healthineers, McKesson Corporation, FUJIFILM Holdings Corporation, Agfa Healthcare, MEDNAX Services, Inc., ONRAD Inc., RamSoft Inc., Novarad Corporation, TeleDiagnostic Solutions Pvt. Ltd., Teleradiology Solutions, Telerad Tech, StatRad LLC, MedWeb LLC, WebRad TeleRadiology, Nautilus Medical, Carestream Health Inc., USARAD Holdings, Inc., and Everlight Radiology.

Critical Questions Answered in the Report

•    What are the key trends in the market?
•    How the market (and its various sub segments) has grown in last four years and what would be the growth rate in next five years?
•    What are the key strategies adopted by the major vendors to lead in the market?
•    What is the market share of the top players?

Research Methodology

The research study extensively uses both secondary and primary research methodologies. More than 200 industry leaders from various phases of the value chain (demand side, supply side, resellers/distributors, and other independent consultants) were interviewed to gain crucial insights about this market and validate the research findings. Secondary sources referred for the research study include company websites, annual reports, paid database tools, investor presentations, webinars, blogs, news/journals, whitepapers, survey papers, associations, and government websites. All the collected data and insights were then processed using our proprietary data mining software that executes various algorithms to make projections for the forecast period.

Teleradiology Market Scope: