The teleradiology sector is divided into hospitals, ambulatory surgery centers, diagnostic centers, and others based on end user. Ambulatory surgery centers accounted for the most revenue and are expected to expand at the greatest rate during the projected period. This is due to the fact that ambulatory surgery centers increase health care delivery efficiency, allowing patients to spend less time in the health care setting. Furthermore, an increase in patient preference for visiting ambulatory surgical centers for quick and easy diagnosis, together with an increase in the utilization of teleradiology services in these centers, is expected to drive market expansion during the forecast period.
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Data Bridge Market Research analyses that the Teleradiology Market, which was USD 1,520 million in 2021, is expected to reach USD 5,910.05 million by 2029, at a CAGR of 18.50% during the forecast period of 2022-2029. The federal government's increased financing to push the adoption of these solutions has further influenced the industry. Furthermore, the increase in healthcare spending, developments in healthcare infrastructure, and increased demand for expanded care delivery all benefit the teleradiology industry.
Growing awareness about thea pplication of teleradiology is expected to drive the market's growth rate
Teleradiology applications include teleconsultation, tele monitoring, and tele diagnosis, which allow radiologists to execute their duties more successfully. Teleradiology provides effective on-site solutions and real-time interpretation across global cloud networks. Increased prevalence of chronic diseases such as breast cancer, cellulitis, and osteomyelitis, as well as an increase in the number of emergency cases in less developed areas, are likely to propel the market even further. According to the International Agency for Research on Cancer, breast cancer ranked first among all cancers in 2020, with around 2,261,419 new cases.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014- 2019)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Type (Hardware, Systems, Software, Telecom, and Networking Services), Delivery Mode (Web-Based Delivery Mode, Cloud Based Delivery Mode, and On-Premise Delivery Mode), Imaging Technique (Small Matrix Size, and Large Matrix Size), Technology (Advanced Graphics Processing, Volume Rendering, Multiplanar Reconstructions, and Image Compression), Procedure (Tele-Consultation, Tele-Diagnosis, and Tele-Monitoring), Application (Cardiology, Neurology, Oncology, Musculoskeletal, Gastroenterology, Pelvic and Abdominal, Gynecology, Urology, Mammography, Dental, and Others), Site (In-House, Offshore, and Onshore), Age (Pediatric, Geriatric, and Adults), Mode of Purchase (Group Purchase, and Individual Purchase), End User (Hospitals, Ambulatory Surgical Centers, Private Physician Offices, Diagnostics Imaging Centers, and Others)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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Real Rads (U.S.), Teleradiology Solutions (India), RadNet, Inc. (U.S.), Telemedicine Clinic (Spain), Virtual Radiologic (U.S.), RamSoft, Inc. (Canada), Koninklijke Philips N.V. (Netherlands), Everlight Radiology, All-American Teleradiology (U.S.), Medica Group PLC. (U.K.), Vital Radiology Services, PMG Services, Inc. (U.S.), General Electric (U.S.), FUJIFILM Corporation (Japan), Agfa Gevaert Group (Belgium), TeleDiagnosys Services Pvt Ltd. (U.S.), ONRAD, Inc. (U.S.), 4ways (U.K.), Allscripts Healthcare, LLC (U.S.), Redox, Inc (U.S.)
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Data Points Covered in the Report
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In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework
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Segment Analysis:
The global teleradiology market is categorized into five notable segments: type, delivery mode, imaging technique, technology, procedure, application, site, age, purchase, end user.
- On the basis of type, the global teleradiology market is segmented into hardware, system, software, telecom, and networking and services. The services segment is expected to dominate the global teleradiology market. It is expected to reach USD 2683.88 million by 2030 due to the coronavirus outbreak globally, and there is a sudden rise in the demand for teleradiology services.
- On the basis of delivery mode, the global teleradiology market is segmented into the web-based delivery mode, cloud-based delivery mode, and on-premise delivery mode. The cloud-based delivery mode segment is expected to dominate the global teleradiology market. It is expected to reach USD 4469.27 million by 2030 due to advancements in teleradiology.
- On the basis of imaging techniques, the global teleradiology market is segmented into small matrix size and large matrix size. The small matrix segment is expected to dominate the global teleradiology market. It is expected to reach USD 4971.82 million by 2030 due to the increasing number of advanced imaging procedures.
- On the basis of technology, the global teleradiology market is segmented into advanced graphics processing, volume rendering, multiplanar reconstructions, and image compression. The advanced graphics processing segment is expected to dominate the global teleradiology market. It is expected to reach USD 2844.004 million by 2030 due to a rise in the demand for advanced teleradiology products.
- On the basis of procedure, the global teleradiology market is segmented into teleconsultation, telediagnosis, and telemonitoring. The teleconsultation segment is expected to dominate the global teleradiology market. It is expected to reach USD 3847.44 Million by 2030 due to the high level of transparency and competition in the market.
- On the basis of application, the global teleradiology market is segmented into cardiology, neurology, oncology, musculoskeletal, gastroenterology, pelvic and abdominal, gynecology, urology, mammography, dental, and others.
The cardiology segment is expected to dominate the global teleradiology market
The cardiology segment is expected to dominate the global teleradiology market. It is expected to reach USD 1970.82 million by 2030 due to a subsequent increase in the prevalence of associated diseases.
- On the basis of site, the global teleradiology market is segmented in-house, off-shore, and on-shore. The in-house segment is expected to dominate the global teleradiology market. It is expected to reach USD 3686.79 Million by 2030 due to the increasing adoption of cloud-based solutions.
- On the basis of age, the global teleradiology market is segmented into pediatric, geriatric, and adult. The geriatric segment is expected to dominate the global teleradiology market. It is expected to reach USD 4509.90 Million by 2030 due to the rising geriatric population.
- On the basis of mode of purchase, the global teleradiology market is segmented into group purchases and individual purchases. The group purchase segment is expected to dominate the global teleradiology market. It is expected to reach USD 4812.39 Million by 2030, due to improved cost savings, efficiency, and providing more consistent pricing.
- On the basis of end-user, the global teleradiology market is segmented into hospitals, ambulatory surgical centers, private physician offices, diagnostics imaging centers, and others.
Hospital's segment is expected to dominate the global teleradiology market
The hospital's segment is expected to dominate the global teleradiology market. It is expected to reach USD 3139.86 Million by 2030 due to the increasing preferences of the patient toward the hospital.
Major Players
Data Bridge Market Research recognizes the following companies as the major market players: Real Rads (U.S.), Teleradiology Solutions (India), RadNet, Inc. (U.S.), Telemedicine Clinic (Spain), Virtual Radiologic (U.S.), RamSoft, Inc. (Canada), Koninklijke Philips N.V. (Netherlands), Everlight Radiology, All-American Teleradiology (U.S.), Medica Group PLC. (U.K.), Vital Radiology Services, PMG Services, Inc. (U.S.), General Electric (U.S.), FUJIFILM Corporation (Japan), Agfa Gevaert Group (Belgium), TeleDiagnosys Services Pvt Ltd. (U.S.), ONRAD, Inc. (U.S.), 4ways (U.K.), Allscripts Healthcare, LLC (U.S.), Redox, Inc (U.S.).
Market Development
- In 2022, Teleradiology Solutions (TRS) announced that it had signed an agreement with Andhra Med Tech Zone (AMTZ) to establish a hub in the zone dedicated to providing remote radiology image reads by expert radiologists supported by innovative artificial intelligence solutions to both the government and the public sector.
- In 2021, Vesta Teleradiology announced the acquisition of Momentum Healthcare Staffing in January 2021 to provide medical facilities with onsite and remote coverage of well-qualified physicians.
- In 2020, The Yorkshire Imaging Collaborative, a hospital trust project, partnered with Agfa Healthcare to create the XERO Exchange Network, a diagnostic image-sharing network, in. This enabled radiologists to quickly diagnose around 3.0 million patients.
Regional Analysis
Geographically, the countries covered in the market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
As per Data Bridge Market Research analysis:
North America is the dominant region in the teleradiology market during the forecast period 2022-2029
The market is dominated by North America. Increased R&D expenditure and increased acceptance of teleradiology as a treatment regimen formulation option are projected to drive market expansion. Given the large presence of advanced technology providers such as General Electric, Agfa-Gevaert Group, Koninklijke Philips N.V., FUJIFILM Corporation, and others, the United States leads the North American region.
Asia-Pacific is estimated to be the fastest growing region in the teleradiology market in the forecast period 2022-2029
During the forecast period, the Asia-Pacific region is likely to rise at the fastest rate. This rapid expansion can be ascribed to rising demand from emerging markets and the expansion of healthcare businesses. Given a surge in healthcare spending, China now dominates the Asia-Pacific region.
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