Global Teleradiology Market

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

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

Global 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.

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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 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. '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.'

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.

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.

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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