Product ID: SQSG35A2078
Report ID: SQSG35A2078 | Region: Global | Published Date: April, 2023 | Pages: 157 | Tables: 91 | Figures: 76
Global Teleradiology Market size was valued at USD 7.3 billion in 2021 and is poised to grow from USD 8.42 billion in 2022 to USD 30.31 billion by 2030, growing at a CAGR of 15.3% in the forecast period (2023-2030).
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 imagine 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 2035. 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.
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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.
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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.
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Teleradiology Market Drivers
Teleradiology Market Restraint
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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
Teleradiology Market Recent Developments
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.
|Market size value in 2021||USD 7.3 billion|
|Market size value in 2030||USD 8.42 billion|
|Forecast Unit (Value)||USD Billion|
|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)|
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For the Global 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 Global 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.
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