Teleradiology involves the transmission of radiological images from one location to another. This process allows for the analysis of medical images by a radiologist who is not physically present in the area where the images are generated. Teleradiology is commonly utilized in hospitals, mobile imaging firms, urgent care clinics, and certain private practices. One of the primary reasons for the adoption of teleradiology is the cost-effectiveness of having a radiologist remotely analyze images.
The main modalities of teleradiology include X-ray, MRI (Magnetic Resonance Imaging), CT scan (Computed Tomography), and ultrasound systems. X-ray teleradiology solutions specifically focus on transmitting X-ray images from one location to another. X-ray is a medical imaging procedure that produces internal structure images of the body, allowing for the visualization of specific organs, blood vessels, cells, or tissues. X-rays are a form of electromagnetic radiation with high energy, capable of passing through most objects, including body organs. Technologies in teleradiology are commonly web-based and cloud-based, utilizing components such as hardware and software. Teleradiology finds extensive use in hospitals, diagnostic centers, and other medical facilities.
The teleradiology market research report is one of a series of new reports that provides teleradiology market statistics, including teleradiology industry global market size, regional shares, competitors with a teleradiology market share, detailed teleradiology market segments, market trends and opportunities, and any further data you may need to thrive in the teleradiology industry. This teleradiology market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The teleradiology market size has grown rapidly in recent years. It will grow from $5.28 billion in 2023 to $6.22 billion in 2024 at a compound annual growth rate (CAGR) of 17.8%. The growth observed during the historic period in teleradiology can be attributed to several factors, including the shortage of radiologists, the focus on improving the quality and speed of diagnosis, healthcare regulations supporting the adoption of teleradiology, advancements in image transmission technology, and progress in medical imaging technology.
The teleradiology market size is expected to see rapid growth in the next few years. It will grow to $11.99 billion in 2028 at a compound annual growth rate (CAGR) of 17.8%. The anticipated growth in the forecast period for teleradiology can be attributed to factors such as the response to global health challenges, the overall growth of telemedicine, the expansion of cross-border radiology services, a focus on patient-centered care, and efforts to improve healthcare access in rural areas. Major trends expected during this period include the incorporation of AI-assisted diagnostics, the adoption of cloud-based teleradiology solutions, the emergence of Radiology-as-a-Service (RAAS) models, the integration of telecardiology services, and the provision of subspecialty teleradiology services.
The teleradiology market is poised for growth due to the increasing number of imaging procedures. These procedures involve tests that generate detailed pictures of internal body areas, aiding healthcare professionals in diagnosis and treatment recommendations. Teleradiology, utilizing internet transmission, plays a crucial role in sharing radiological images for examination by healthcare professionals and radiologists. The demand for teleradiology solutions is driven by the escalating number of imaging procedures, such as computed tomography (CT) examinations, which are growing globally at a rate of 4% annually, reaching around 300 million CT scans per year. In the USA alone, more than 75 million CT scans are performed annually, with projections reaching 84 million procedures by 2022. This trend reflects the necessity for efficient teleradiology solutions to handle the increasing volume of imaging data.
The tele-radiology industry is further fueled by the surging demand for radiological services, primarily driven by the rising prevalence of chronic conditions. Radiological services, a vital component of medical practice, utilize imaging technology for disease diagnosis and treatment. The transmission of radiological images through teleradiology plays a significant role in diagnostic and consultative processes. The global increase in non-communicable diseases (NCDs), responsible for 71% of all deaths worldwide, underscores the importance of radiological services. Chronic diseases like cardiovascular disease, cancer, respiratory disorders, and diabetes contribute significantly to NCD-related deaths. As the incidence of chronic diseases rises globally, the demand for teleradiology services is expected to grow, addressing the need for efficient and timely diagnostic processes.
Collaborations and partnerships emerge as a prominent trend in the teleradiology market. Major companies are actively engaging in partnerships to develop innovative solutions, enhance existing teleradiology services, and strengthen their market position. For instance, Tele-Radiology Solutions (TRS) collaborated with Andhra Med Tech Zone (AMTZ) to establish a hub dedicated to remote radiology image reads supported by artificial intelligence solutions. Such collaborations allow companies to pool resources, expertise, and technology, fostering innovation and competitive advantages in the market. Another example is the partnership between Bleepa and Quest Teleradiology, aiming to expand teleradiology services and explore strategic opportunities in international healthcare markets.
Artificial intelligence (AI) is increasingly integrated into the teleradiology market to interpret radiology images, providing a competitive edge to major companies. AI-powered platforms leverage machine learning and deep learning algorithms to assist radiologists in analyzing and diagnosing medical images. For instance, 5C Network launched Prodigi, an AI-powered platform designed to interpret radiology images directly from the cloud. This platform, a core component of 5C Network's Borderless Radiology service, allows diagnostic centers and hospitals to submit scans and access reports directly on the cloud-based platform. This innovation addresses geographical constraints, offering radiologist interpretation for various scan types, including X-rays, CT, MRI, Mammogram, and Nuclear Medicine.
In April 2021, The Radiology Group LLC, a leading player in teleradiology solutions, acquired Strategic Imaging Consultants, expanding its operations across the United States. This strategic move enhances The Radiology Group's presence in the teleradiology market, demonstrating the industry's ongoing growth and consolidation.
Major companies operating in the teleradiology market include 4ways Healthcare Ltd., Agfa-Gevaert Group, Everlight Radiology Limited, Onrad Inc., RamSoft Inc., RadNet Inc., Virtual Radiologic Corporation, Teleradiology Solutions LLC, NightRays LLC, MEDNAX Inc., Global Diagnostics Ltd., USARAD Holdings Inc., StatRad LLC, Argus Radiology, Direct Radiology LLC, Imaging Advantage LLC, InHealth Group Inc., Imaging On Call Inc., National Teleradiology LLC, Medica Reporting Ltd., Radisphere National Radiology Group, MedWeb, Franklin & Seidelmann Subspecialty Radiology, Telemedicine Clinic ., Aris Radiology, NightShift Radiology, Envision Healthcare Corporation, Vision Radiology
North America was the largest region in the teleradiology market in 2023. The regions covered in the global teleradiology market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the teleradiology market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The teleradiology market includes revenues earned by entities by CTs and MRIs. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
The main modalities of teleradiology include X-ray, MRI (Magnetic Resonance Imaging), CT scan (Computed Tomography), and ultrasound systems. X-ray teleradiology solutions specifically focus on transmitting X-ray images from one location to another. X-ray is a medical imaging procedure that produces internal structure images of the body, allowing for the visualization of specific organs, blood vessels, cells, or tissues. X-rays are a form of electromagnetic radiation with high energy, capable of passing through most objects, including body organs. Technologies in teleradiology are commonly web-based and cloud-based, utilizing components such as hardware and software. Teleradiology finds extensive use in hospitals, diagnostic centers, and other medical facilities.
The teleradiology market research report is one of a series of new reports that provides teleradiology market statistics, including teleradiology industry global market size, regional shares, competitors with a teleradiology market share, detailed teleradiology market segments, market trends and opportunities, and any further data you may need to thrive in the teleradiology industry. This teleradiology market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The teleradiology market size has grown rapidly in recent years. It will grow from $5.28 billion in 2023 to $6.22 billion in 2024 at a compound annual growth rate (CAGR) of 17.8%. The growth observed during the historic period in teleradiology can be attributed to several factors, including the shortage of radiologists, the focus on improving the quality and speed of diagnosis, healthcare regulations supporting the adoption of teleradiology, advancements in image transmission technology, and progress in medical imaging technology.
The teleradiology market size is expected to see rapid growth in the next few years. It will grow to $11.99 billion in 2028 at a compound annual growth rate (CAGR) of 17.8%. The anticipated growth in the forecast period for teleradiology can be attributed to factors such as the response to global health challenges, the overall growth of telemedicine, the expansion of cross-border radiology services, a focus on patient-centered care, and efforts to improve healthcare access in rural areas. Major trends expected during this period include the incorporation of AI-assisted diagnostics, the adoption of cloud-based teleradiology solutions, the emergence of Radiology-as-a-Service (RAAS) models, the integration of telecardiology services, and the provision of subspecialty teleradiology services.
The teleradiology market is poised for growth due to the increasing number of imaging procedures. These procedures involve tests that generate detailed pictures of internal body areas, aiding healthcare professionals in diagnosis and treatment recommendations. Teleradiology, utilizing internet transmission, plays a crucial role in sharing radiological images for examination by healthcare professionals and radiologists. The demand for teleradiology solutions is driven by the escalating number of imaging procedures, such as computed tomography (CT) examinations, which are growing globally at a rate of 4% annually, reaching around 300 million CT scans per year. In the USA alone, more than 75 million CT scans are performed annually, with projections reaching 84 million procedures by 2022. This trend reflects the necessity for efficient teleradiology solutions to handle the increasing volume of imaging data.
The tele-radiology industry is further fueled by the surging demand for radiological services, primarily driven by the rising prevalence of chronic conditions. Radiological services, a vital component of medical practice, utilize imaging technology for disease diagnosis and treatment. The transmission of radiological images through teleradiology plays a significant role in diagnostic and consultative processes. The global increase in non-communicable diseases (NCDs), responsible for 71% of all deaths worldwide, underscores the importance of radiological services. Chronic diseases like cardiovascular disease, cancer, respiratory disorders, and diabetes contribute significantly to NCD-related deaths. As the incidence of chronic diseases rises globally, the demand for teleradiology services is expected to grow, addressing the need for efficient and timely diagnostic processes.
Collaborations and partnerships emerge as a prominent trend in the teleradiology market. Major companies are actively engaging in partnerships to develop innovative solutions, enhance existing teleradiology services, and strengthen their market position. For instance, Tele-Radiology Solutions (TRS) collaborated with Andhra Med Tech Zone (AMTZ) to establish a hub dedicated to remote radiology image reads supported by artificial intelligence solutions. Such collaborations allow companies to pool resources, expertise, and technology, fostering innovation and competitive advantages in the market. Another example is the partnership between Bleepa and Quest Teleradiology, aiming to expand teleradiology services and explore strategic opportunities in international healthcare markets.
Artificial intelligence (AI) is increasingly integrated into the teleradiology market to interpret radiology images, providing a competitive edge to major companies. AI-powered platforms leverage machine learning and deep learning algorithms to assist radiologists in analyzing and diagnosing medical images. For instance, 5C Network launched Prodigi, an AI-powered platform designed to interpret radiology images directly from the cloud. This platform, a core component of 5C Network's Borderless Radiology service, allows diagnostic centers and hospitals to submit scans and access reports directly on the cloud-based platform. This innovation addresses geographical constraints, offering radiologist interpretation for various scan types, including X-rays, CT, MRI, Mammogram, and Nuclear Medicine.
In April 2021, The Radiology Group LLC, a leading player in teleradiology solutions, acquired Strategic Imaging Consultants, expanding its operations across the United States. This strategic move enhances The Radiology Group's presence in the teleradiology market, demonstrating the industry's ongoing growth and consolidation.
Major companies operating in the teleradiology market include 4ways Healthcare Ltd., Agfa-Gevaert Group, Everlight Radiology Limited, Onrad Inc., RamSoft Inc., RadNet Inc., Virtual Radiologic Corporation, Teleradiology Solutions LLC, NightRays LLC, MEDNAX Inc., Global Diagnostics Ltd., USARAD Holdings Inc., StatRad LLC, Argus Radiology, Direct Radiology LLC, Imaging Advantage LLC, InHealth Group Inc., Imaging On Call Inc., National Teleradiology LLC, Medica Reporting Ltd., Radisphere National Radiology Group, MedWeb, Franklin & Seidelmann Subspecialty Radiology, Telemedicine Clinic ., Aris Radiology, NightShift Radiology, Envision Healthcare Corporation, Vision Radiology
North America was the largest region in the teleradiology market in 2023. The regions covered in the global teleradiology market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the teleradiology market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The teleradiology market includes revenues earned by entities by CTs and MRIs. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Tele-Radiology Market Characteristics3. Tele-Radiology Market Trends and Strategies31. Global Tele-Radiology Market Competitive Benchmarking32. Global Tele-Radiology Market Competitive Dashboard33. Key Mergers and Acquisitions in the Tele-Radiology Market
4. Tele-Radiology Market - Macro Economic Scenario
5. Global Tele-Radiology Market Size and Growth
6. Tele-Radiology Market Segmentation
7. Tele-Radiology Market Regional and Country Analysis
8. Asia-Pacific Tele-Radiology Market
9. China Tele-Radiology Market
10. India Tele-Radiology Market
11. Japan Tele-Radiology Market
12. Australia Tele-Radiology Market
13. Indonesia Tele-Radiology Market
14. South Korea Tele-Radiology Market
15. Western Europe Tele-Radiology Market
16. UK Tele-Radiology Market
17. Germany Tele-Radiology Market
18. France Tele-Radiology Market
19. Italy Tele-Radiology Market
20. Spain Tele-Radiology Market
21. Eastern Europe Tele-Radiology Market
22. Russia Tele-Radiology Market
23. North America Tele-Radiology Market
24. USA Tele-Radiology Market
25. Canada Tele-Radiology Market
26. South America Tele-Radiology Market
27. Brazil Tele-Radiology Market
28. Middle East Tele-Radiology Market
29. Africa Tele-Radiology Market
30. Tele-Radiology Market Competitive Landscape and Company Profiles
34. Tele-Radiology Market Future Outlook and Potential Analysis
35. Appendix
Executive Summary
This report provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on tele-radiology market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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Description
Where is the largest and fastest growing market for tele-radiology? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
Report Scope
Markets Covered:
1) By Imaging Technique: CT; MRI; X-Ray; Ultrasound; Nuclear imaging2) By Component Type: Hardware; Software
3) By End User type: Hospitals; Diagnostic Centers; Other End Users
Key Companies Mentioned: Agfa-Gevaert Group; Tele-Radiology Solutions; Koninklijke Philips N.V.; Everlight Radiology Limited; GE Healthcare Company
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes
Delivery Format: PDF, Word and Excel Data Dashboard
Methodology
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