Teleradiology Market Size, Share, Growth Analysis, By Imaging Technique(X-Ray, Computed Tomography, Ultrasound, others), By Components(Services, Products), By End-User(Diagnostic Centers, Hospitals, Clinics, others), By Region - Industry Forecast 2024-2031


Report ID: SQMIG35A2511 | Region: Global | Published Date: February, 2024
Pages: 157 |Tables: 91 |Figures: 77

Teleradiology Market Insights

Teleradiology Market size was valued at USD 7.3 billion in 2019 and is poised to grow from USD 8.42 billion in 2023 to USD 30.31 billion by 2031, growing at a CAGR of 15.3% in the forecast period (2024-2031).

The continuously growing prevalence of several chronic diseases, introduction to advanced technologies in diagnoses, and growing demand for teleradiology for second opinions and emergencies as well are the major factors projected to drive the growth of global teleradiology market over the forecast period. Furthermore, growing need for advanced imaging procedures especially in developed economies including United States and Germany is also anticipated to have positive impact on the global market in the coming years.

In addition, various government initiatives and legislative amendments by government bodies globally for the growth of diagnostic imaging services and healthcare infrastructure coupled with the rising spending on healthcare in developed countries are likely to propel the growth of the global teleradiology market during the forecast period. For instance, according to US Centers for Medicare & Medicare Services, the average spending on healthcare in the United States was nearly USD 12,530 per person or USD 4.1 trillion overall in the year 2020. Similarly, according to the American College of Cardiology, about 130 million people in the United States are estimated to have some cardiovascular disease by 2031. This is expected to drive the growth and demand for telecardiology in the coming years.

US Teleradiology Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Market Size

USD 7.3 billion

Largest Segment

Service

Fastest Growth

Growth Rate

15.3% CAGR

Global Teleradiology Market, 2021-2028 ($ Bn)
Country Share for North AmericaRegion- 2021 (%)

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Teleradiology Market Segmental Analysis

Global teleradiology market is segmented on the basis of imaging technique, component, end-user, and region. By imaging technique, the market is segmented into x-ray, computed tomography, ultrasound, and others. By component, the market is categorized into services and products. By end-user, the market is classified into diagnostic centers, hospitals, clinics, and others. By region, the market is divided into North America, Europe, Asia Pacific, Latin America, and MEA.

Teleradiology Market Analysis by Components

By components, the services segment dominated the market with a holding of significant market share in 2021. High usage of interpretation of medical images and continuously growing adoption of advanced services worldwide are the major factors driving the segment growth. Furthermore, increasing need for healthcare facilities at low costs and the rising demand for well-trained radiologists in the several remote locations globally, is also likely to be key reasons for the growth of the segment during the forecast period. For instance, according to the World Health Organization, over 100 million CT scans have been performed every year around the world.

Teleradiology Market Analysis by End-User

By end-user, the hospitals segment held the largest market share and accounted for a healthy growth rate in 2021 and is expected to maintain its dominance over the forecast period owing to the continuously rising numbers of equipment installed in hospitals coupled with the growing number of patients admitting every year. Furthermore, increased consumer disposable income and availability of advanced technology in many developed and developing nations is also driving the growth of the segment.

Global Teleradiology Market By End-User, 2021 (%)

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Teleradiology Market Regional Insights

Globally, North America dominated the teleradiology market with a holding od significant market share in 2021 owing to the early adoption of advanced technologies, rising number of chronic and medical emergencies, and rising healthcare spending among consumers in the region. Moreover, the high concentration of key players along with the increasing numbers of product launches and several strategic alliances for the expansion of market demand and consolidate their market position are further expected to boost the growth and demand for teleradiology in the region. For instance, in December 2021, Mckesson Corporation, United States, launched its new Straus Imaging PACS, a cloud-native, and zero footprint picture archiving system.

Furthermore, Asia Pacific region is anticipated to witness fastest CAGR during the forecast period. Growing awareness regarding benefits of early diagnosis of disease, rapid industrialization, and continuously improving healthcare infrastructure are the major factors projected to drive the growth of the market in the region during the forecast period. In addition, growing number of favourable government initiatives for the development and rising investment in healthcare sectors mainly in developing nations such as India and China are also likely to be a driving factor propelling market growth in the region.

Global Teleradiology Market By Geography, 2021-2028
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Teleradiology Market Dynamics

Teleradiology Market Drivers

  • The major factors expected to drive the global teleradiology market during the forecast period are an increase in the number of medical imaging procedures and an increase in the prevalence of chronic disorders globally. Furthermore, increased global adoption of various treatment plans for the prevention of various types of illness, which frequently use imaging procedures for the management and diagnosis of disorders, is expected to be another major driver of global market growth in the coming years.

Teleradiology Market Restraint

  • Incomplete and insufficient integration of patient health history along with the rising data security concerns around the globe are the major factors expected to restrain the global teleradiology market throughout the forecast period. Due to the rising prevalence of various diseases such as lung cancer, breast cancer, and others, the demand for medical imaging is rapidly growing, which requires patient integration of patient history and issues in data security is hampering the demand for teleradiology.

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Teleradiology Market Competitive Landscape

The global teleradiology market is fairly fragmented due to the presence of many well-known international and regional players operating around the globe. The major key players of the market are focusing on several business strategies including new product innovation, technological advancements, collaboration, and strategic partnerships for expanding their geographical presence and product portfolio.

Teleradiology Market Top Player’s Company Profiles

  • vRad (Virtual Radiologic)
  • Agfa-Gevaert S.A.
  • ONRAD
  • Global Diagnostics
  • Everlight Radiology
  • 4ways
  • RamSoft
  • SECTRA IMAGING IT SOLUTIONS AB
  • Healthwatch Telediagnostics
  • Medica Group plc
  • Mednax Services, Inc.
  • USARAD Holdings, Inc.
  • Telemedicine Clinic (UNILABS)
  • Teleradiology Solutions
  • StatRad (NucleusHealth)
  • TeleConsult Europe (TCE)
  • Real Radiology, LLC
  • Specialty Teleradiology, Inc.
  • Qure.ai
  • Africa Telerad Limited
  • CARPL.AI, Inc.

Teleradiology Market Recent Developments

  • In April 2022, Teleradiology Solutions, a leading player in advanced radiology solutions has announced the agreement with Andhra Med Tech Zone for the launching of a hub in the zone with the dedication to provide remote radiology image in both government and private sector by various expert radiologist with the help of artificial intelligence.
  • In January 2021, Vesta Technology announced their new acquisition of Momentum Healthcare Staffing for bring new and improved onsite and remote coverage of well-qualified and trained physicians to medical facilities.

Teleradiology Key Market Trends

  • Increasing usage of advanced and latest radiology technologies in rural areas across the globe is anticipated to augment the global market growth in the coming years. The rising adoption of teleradiology systems in rural areas due to an extensive rise in the awareness of benefits and accessibility of these advanced systems in that areas is creating lucrative growth opportunities and propelling the global demand for teleradiology services.

Teleradiology Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.

According to our analysis, the global teleradiology market is witnessing a significant growth during the forecast period owing to increased consumer disposable income, high prevalence of various chronic diseases, and improved and developed healthcare infrastructure in countries like United States, Canada, France, and Japan. Moreover, increasing accessibility of these advanced imaging procedures in low and medium-sized economies is likely to fuel the demand for teleradiology in the coming years. However, lack of standard reporting format and difficulty in maintaining quality are the few major challenges for the global market, which is likely to hamper the growth for teleradiology market over the forecast period.

Report Metric Details
Market size value in 2023 USD 7.3 billion
Market size value in 2031 USD 30.31 billion
Growth Rate 15.3%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Imaging Technique
    • X-Ray, Computed Tomography, Ultrasound, others
  • Components
    • Services, Products
  • End-User
    • Diagnostic Centers, Hospitals, Clinics, others
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • vRad (Virtual Radiologic)
  • Agfa-Gevaert S.A.
  • ONRAD
  • Global Diagnostics
  • Everlight Radiology
  • 4ways
  • RamSoft
  • SECTRA IMAGING IT SOLUTIONS AB
  • Healthwatch Telediagnostics
  • Medica Group plc
  • Mednax Services, Inc.
  • USARAD Holdings, Inc.
  • Telemedicine Clinic (UNILABS)
  • Teleradiology Solutions
  • StatRad (NucleusHealth)
  • TeleConsult Europe (TCE)
  • Real Radiology, LLC
  • Specialty Teleradiology, Inc.
  • Qure.ai
  • Africa Telerad Limited
  • CARPL.AI, Inc.
Customization scope

Free report customization with purchase. Customization includes:-

  • Segments by type, application, etc
  • Company profile
  • Market dynamics & outlook
  • Region

Historical Year 2019

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Teleradiology Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Teleradiology Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Teleradiology Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Teleradiology Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Teleradiology Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Teleradiology Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Teleradiology Market size was valued at USD 7.3 billion in 2019 and is poised to grow from USD 8.42 billion in 2023 to USD 30.31 billion by 2031, growing at a CAGR of 15.3% in the forecast period (2024-2031).

The teleradiology market is fairly fragmented due to the presence of many well-known international and regional players operating around the globe. The major key players of the market are focusing on several business strategies including new product innovation, technological advancements, collaboration, and strategic partnerships for expanding their geographical presence and product portfolio. 'vRad (Virtual Radiologic)', 'Agfa-Gevaert S.A.', 'ONRAD', 'Diagnostics', 'Everlight Radiology', '4ways', 'RamSoft', 'SECTRA IMAGING IT SOLUTIONS AB', 'Healthwatch Telediagnostics', 'Medica Group plc', 'Mednax Services, Inc.', 'USARAD Holdings, Inc.', 'Telemedicine Clinic (UNILABS)', 'Teleradiology Solutions', 'StatRad (NucleusHealth)', 'TeleConsult Europe (TCE)', 'Real Radiology, LLC', 'Specialty Teleradiology, Inc.', 'Qure.ai', 'Africa Telerad Limited', 'CARPL.AI, Inc.'

The major factors expected to drive the teleradiology market during the forecast period are an increase in the number of medical imaging procedures and an increase in the prevalence of chronic disorders globally. Furthermore, increased adoption of various treatment plans for the prevention of various types of illness, which frequently use imaging procedures for the management and diagnosis of disorders, is expected to be another major driver of market growth in the coming years.

Increasing usage of advanced and latest radiology technologies in rural areas across the globe is anticipated to augment the market growth in the coming years. The rising adoption of teleradiology systems in rural areas due to an extensive rise in the awareness of benefits and accessibility of these advanced systems in that areas is creating lucrative growth opportunities and propelling the demand for teleradiology services.

Globally, North America dominated the teleradiology market with a holding od significant market share in 2021 owing to the early adoption of advanced technologies, rising number of chronic and medical emergencies, and rising healthcare spending among consumers in the region. Moreover, the high concentration of key players along with the increasing numbers of product launches and several strategic alliances for the expansion of market demand and consolidate their market position are further expected to boost the growth and demand for teleradiology in the region. For instance, in December 2021, Mckesson Corporation, United States, launched its new Straus Imaging PACS, a cloud-native, and zero footprint picture archiving system.

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