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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 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.', '', '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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Global Teleradiology Market

Product ID: SQMIG35A2511