With 23.8% CAGR, Teleradiology Market Size Hit USD 65.21 Billion in 2026
According to Fortune Business Insights, The global teleradiology market size is predicted to reach USD 65.21 billion by 2026, exhibiting a CAGR of 23.8% during the forecast period. the market size stood at USD 11.84 billion in 2018.
Pune, India, Dec. 06, 2022 (GLOBE NEWSWIRE) — The global teleradiology market size is predicted to reach USD 65.21 billion by 2026, exhibiting a CAGR of 23.8% during the forecast period. The rising number of imaging procedures by radiologists will contribute positively to the growth of the market. Moreover, the necessity to lower cost of radiological images for interpretation will spur business opportunities for the teleradiology market in the forthcoming years. In addition, the growing accessibility of radiology equipment for patients will boost the teleradiology market trends in the foreseeable future, mentioned in a report “Teleradiology Market Size, Share & Industry Analysis, By Imaging Technique (X-Ray, Computed Tomography (CT), Magnetic Resonance Imaging (MRI), Ultrasound, Nuclear Medicine, and Others), By Component (Services & Software, and Product), By End User (Hospitals & Clinics, Diagnostic Centers and Others), and Regional Forecast, 2019-2026” the market size stood at USD 11.84 billion in 2018.
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Teleradiology Market Report Scope & Segmentation :
| Report Coverage | Details |
| Forecast Period | 2019 to 2026 |
| Forecast Period 2019 to 2026 CAGR | 23.8% |
| 2029 Value Projection | USD 65.21 Billion |
| Base Year | 2018 |
| Market Size in 2018 | USD 11.84 Billion |
| Historical Data for | 2015 to 2017 |
| No. of Pages | 125 |
Incidence of Cancer to Spur Demand for Teleradiology
The increasing prevalence of cancer have led to the demand for imaging procedures in cancer diagnosis, which in turn, will aid the growth of the market. According to the American cancer Society (ACS), approximately 228,820 new cases of lung cancer will diagnosed in the U.S by 2020. The rising cases of oncological disorders will contribute positively to the teleradiology market share during the forecast period. For instance, various types of imaging procedures such as computed tomography (CT) scans, X-ray, and magnetic resonance imaging (MRI) are used for the diagnosis of several oncological disorders. The growing number of cancer patients in rural areas will spur demand for effective diagnosis, which, in turn, will augur well for the market. In addition, the surging cases of chronic and acute diseases will facilitate the market growth for teleradiology in the forthcoming years. Moreover, the rising technological advancements in this such as improved workflow efficiency will contribute positively to the growth of the market. Nonetheless, the increasing need for efficient diagnostics will offer lucrative business for the market.
Robust Distribution Network of Agfa-Gevaert will Enhance Market Competition
The key players operating in the market as Agfa-Gevaert Group are focused on enriching its product portfolio to strengthen its position in the market. The international presence of Agfa-Gevaert is due to its diversified and strong product portfolio. The emergence of regional players such as Everlight Radiology and Medica Reporting Ltd. will spur competition in the forthcoming years. In addition, the launch of cloud-based radiology will enable speedy growth of the market. Nonetheless, the rising focus towards deals and partnerships will create new business opportunities for the market in the foreseeable future.
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Competitive Landscape:
Collaboration between Zebra Medical Vision and Medsynaptic to Elevate Market
Zebra Medical Vision, an All-In-One imaging analytics platform company announced that it has collaborated with Medsynaptic Pvt Ltd, a pioneering medical informatics and teleradiology company. The integration of the companies will enable Zebra-Med’s all-in-one AI1 solution to support and care for over 40 million people, covered by Apollo Hospital. The partnership can be vital factor in accelerating the teleradiology market revenue during the forecast period owing to the introduction of new technologies in PACS (Picture Archival & Communications System) and Teleradiology space across India. Furthermore, Dr. Ashish Dhawad, Co-Founder and CEO of Medsynaptic, said in a statement, “Medsynaptic is proud to work with Zebra Medical Vision team to enable such a large scale, cloud-first AI deployment, Zebra-Med’s AI1 cloud based offering is the perfect fit for us as it leverages many of our core technologies such as zero footprint PACS and RIS and smart worklist.” Furthermore, CEO Eyal Gura, Co-Founder and Chairman of Zebra Medical Vision, said in a statement, “We’re honored to join forces with Dr. Ashish Dhawad and the Medsynaptic team in our mission to make AI accessible for patients across India, and to offer our scalable cloud-based solution to one of the largest hospital networks in the world at once.” In addition, the rising number of diagnostic centers in the developing nations will drive the teleradiology market during the forecast. Nevertheless, the high requirement for radiologists with sub-specialties will escalate teleradiology market share.
Regional Analysis:
Rising Awareness about Telemedicine Solutions to Foster Growth in North America
The market in North America accounted for USD 5.00 billion in 2018 and is predicted to grow radically during the forecast period owing to the adoption of advanced teleradiology solutions. The growing cases of chronic diseases and medical emergencies of patients will encourage growth in the region. The growing awareness regrading telemedicine solutions among patient population to create business opportunities for the market in North America. The rising number of medical imaging procedures will have a positive impact on the market in the forthcoming years. Europe is expected to account for the highest share in the forthcoming years owing to the increasing usage of teleradiology services in the region. In addition, the rising demand for on-site radiologist in rural areas will promote healthy growth of the market in the foreseeable future.
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The Report Lists the Key Companies in the Teleradiology Market:
- Agfa-Gevaert Group
- Teleradiology Solutions
- Koninklijke Philips N.V.
- Everlight Radiology
- GE Healthcare (GENERAL ELECTRIC COMPANY)
- MEDNAX Services, Inc.
- ONRAD, Inc.
- RamSoft, Inc.
- USARAD Holdings Inc
- Medica Reporting Ltd.
- Others
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Table Of Contents :
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Technological Advancements in Teleradiology
- Key Industry Developments
- Regulatory Scenario – by Key Regions
- Overview of Imaging Procedures – by Key Countries – 2018
- Reimbursement Scenario – by Key Regions
- Global Teleradiology Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Imaging Technique
- X-Ray
- Computed Tomography (CT) Scan
- Magnetic Resonance Imaging (MRI)
- Ultrasound
- Nuclear Medicine
- Others
- Market Analysis, Insights and Forecast – By Component
- Services & Software
- Product
- Market Analysis, Insights and Forecast – By End User
- Hospitals & Clinics
- Diagnostic Centers
- Others
- Market Analysis, Insights and Forecast – By Country
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Teleradiology Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis – By Imaging Technique
- X-Ray
- Computed Tomography (CT) Scan
- Magnetic Resonance Imaging (MRI)
- Ultrasound
- Nuclear Medicine
- Others
- Market Analysis – By Component
- Services & Software
- Product
- Market Analysis – By End User
- Hospitals & Clinics
- Diagnostic Centers
- Others
- Market Analysis – By Country
- U.S.
- Canada
- Europe Teleradiology Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis – By Imaging Technique
- X-Ray
- Computed Tomography (CT) Scan
- Magnetic Resonance Imaging (MRI)
- Ultrasound
- Nuclear Medicine
- Others
- Market Analysis – By Component
- Services & Software
- Product
- Market Analysis – By End User
- Hospitals & Clinics
- Diagnostic Centers
- Others
- Market Analysis – By Country/sub-region
- U.K.
- Germany
- France
- Spain
- Italy
- Scandinavia
- Rest of Europe
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