The teleradiology market was valued for $8.8 billion in 2022 and is estimated to reach $46.7 billion by 2032, exhibiting a CAGR of 18.1% from 2023 to 2032. Teleradiology is a branch of telemedicine that involves the transmission of radiological images, such as X-rays, CT scans, and MRIs for interpretation and diagnosis across locations. Utilizing secure, high-speed communication channels, medical professionals can remotely analyze these images, offering timely insights to healthcare providers regardless of geographical boundaries. Particularly beneficial in underserved or remote areas, teleradiology provides swift access to specialized diagnostic expertise, significantly improving patient care and outcomes. This technological advancement fosters collaboration among healthcare professionals, streamlining diagnostic processes and expediting decision-making in critical scenarios.
According to Radiological Society of North America, the number of radiologists in the workforce is not growing as fast as the population and the demand for imaging. The global shortage of radiologists amplifies the significance of teleradiology, offering a solution by enabling remote interpretation of medical images. This not only optimizes the use of radiologists but also ensures timely and efficient diagnoses, marking teleradiology as an indispensable tool in advancing and broadening the scope of diagnostic services on a global scale. Thus, the growing shortage of radiologists is contributing to the market growth.
Moreover, the escalating prevalence of targeted diseases, notably cancer and cardiovascular diseases, significantly propels the growth of the teleradiology market. According to the American Cancer Society, an estimated 1,958,310 new cancer cases are projected in the U.S., emphasizing the critical need for advanced diagnostic services. Similarly, the World Heart Federation reports that over half a billion people worldwide are affected by cardiovascular diseases. The surge in these specific health conditions amplifies the demand for medical imaging, wherein teleradiology services play a pivotal role. As the need for accurate and timely diagnoses intensifies with the rising incidence of targeted diseases, teleradiology emerges as a crucial solution, contributing to improved patient outcomes and driving the overall growth of the market.
Furthermore, the growth of the teleradiology market is propelled by the increasing implementation of key strategies among major industry players, including service launches, acquisitions, and agreements. For instance, Everlight Radiology, a prominent teleradiology services provider, introduced an enhanced Acute Stroke reporting service led by experienced neuroradiologists, addressing the rising demand for timely and reliable reporting in determining patient suitability. Additionally, Radiology Partners (RP), a leading U.S. radiology practice, completed the acquisition of MEDNAX Radiology Solutions in December 2020. This strategic move expands service coverage into new areas, incorporating large-scale clinical programs and technology solutions. These initiatives by key players play a pivotal role in driving the sustained growth of the teleradiology market during the forecast period.
The teleradiology market is segmented on the basis of imaging technique, type, end user, and region. On the basis of imaging technique, the market is classified into x-rays, computed tomography (CT), ultrasounds, magnetic resonance imaging (MRI), nuclear imaging, fluoroscopy, mammography, and others. As per type, the market is categorized into teleradiology service and teleradiology hardware & solutions. The teleradiology hardware & solutions segment is further divided into hardware, software, and telecom & networking. The software segment is further divided into picture archiving and communication system (PACS) and radiology information system (RIS). The telecom & networking segment is further bifurcated into web-based teleradiology solutions and cloud-based teleradiology solutions. Depending on end user, market is fragmented into hospital, diagnostic centers, and others. Region-wise, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, and rest of LAMEA).
The major key players that operate in the global teleradiology market are FUJIFILM Corporation, Koninklijke Philips N.V., Siemens AG, Everlight Radiology LLC, Radiology Partners, Compumed Inc, Teleradiology Solutions, imeXHS, Nano X Imaging Ltd., and GE Healthcare.
According to Radiological Society of North America, the number of radiologists in the workforce is not growing as fast as the population and the demand for imaging. The global shortage of radiologists amplifies the significance of teleradiology, offering a solution by enabling remote interpretation of medical images. This not only optimizes the use of radiologists but also ensures timely and efficient diagnoses, marking teleradiology as an indispensable tool in advancing and broadening the scope of diagnostic services on a global scale. Thus, the growing shortage of radiologists is contributing to the market growth.
Moreover, the escalating prevalence of targeted diseases, notably cancer and cardiovascular diseases, significantly propels the growth of the teleradiology market. According to the American Cancer Society, an estimated 1,958,310 new cancer cases are projected in the U.S., emphasizing the critical need for advanced diagnostic services. Similarly, the World Heart Federation reports that over half a billion people worldwide are affected by cardiovascular diseases. The surge in these specific health conditions amplifies the demand for medical imaging, wherein teleradiology services play a pivotal role. As the need for accurate and timely diagnoses intensifies with the rising incidence of targeted diseases, teleradiology emerges as a crucial solution, contributing to improved patient outcomes and driving the overall growth of the market.
Furthermore, the growth of the teleradiology market is propelled by the increasing implementation of key strategies among major industry players, including service launches, acquisitions, and agreements. For instance, Everlight Radiology, a prominent teleradiology services provider, introduced an enhanced Acute Stroke reporting service led by experienced neuroradiologists, addressing the rising demand for timely and reliable reporting in determining patient suitability. Additionally, Radiology Partners (RP), a leading U.S. radiology practice, completed the acquisition of MEDNAX Radiology Solutions in December 2020. This strategic move expands service coverage into new areas, incorporating large-scale clinical programs and technology solutions. These initiatives by key players play a pivotal role in driving the sustained growth of the teleradiology market during the forecast period.
The teleradiology market is segmented on the basis of imaging technique, type, end user, and region. On the basis of imaging technique, the market is classified into x-rays, computed tomography (CT), ultrasounds, magnetic resonance imaging (MRI), nuclear imaging, fluoroscopy, mammography, and others. As per type, the market is categorized into teleradiology service and teleradiology hardware & solutions. The teleradiology hardware & solutions segment is further divided into hardware, software, and telecom & networking. The software segment is further divided into picture archiving and communication system (PACS) and radiology information system (RIS). The telecom & networking segment is further bifurcated into web-based teleradiology solutions and cloud-based teleradiology solutions. Depending on end user, market is fragmented into hospital, diagnostic centers, and others. Region-wise, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, and rest of LAMEA).
The major key players that operate in the global teleradiology market are FUJIFILM Corporation, Koninklijke Philips N.V., Siemens AG, Everlight Radiology LLC, Radiology Partners, Compumed Inc, Teleradiology Solutions, imeXHS, Nano X Imaging Ltd., and GE Healthcare.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the teleradiology market analysis from 2022 to 2032 to identify the prevailing teleradiology market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the teleradiology market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global teleradiology market trends, key players, market segments, application areas, and market growth strategies.
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Key Market Segments
By Imaging Technique
- Ultrasounds
- Magnetic resonance imaging (MRI)
- Nuclear imaging
- Fluoroscopy
- Mammography
- Other imaging techniques
- Computed tomography (CT)
- X-rays
By Type
- Teleradiology service
- Teleradiology hardware and solutions
- Type
- Hardware
- Software
- Telecom and networking
By End User
- Hospitals
- Diagnostic centers
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
- Koninklijke Philips N.V.
- Siemens AG
- GE Healthcare
- imeXHS
- Nano X Imaging Ltd.
- Teleradiology Solutions
- FUJIFILM Corporation
- Radiology Partners
- Everlight Radiology
- Compumed Inc.
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: TELERADIOLOGY MARKET, BY IMAGING TECHNIQUE
CHAPTER 5: TELERADIOLOGY MARKET, BY TYPE
CHAPTER 6: TELERADIOLOGY MARKET, BY END USER
CHAPTER 7: TELERADIOLOGY MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to this report titled,'Teleradiology Market by Imaging Technique, Technology, and End User: Global Opportunity Analysis and Industry Forecast, 2018 - 2025,' the global teleradiology market accounted for $2,709 million in 2017 and is expected to reach $10,621 million by 2025 with a CAGR of 18.4% from 2018 to 2025. North America was the highest revenue contributor in 2017 and is anticipated to maintain the same trend throughout the forecast period.Teleradiology is the branch of telemedicine that involves transmission of radiological images and related data from one location to another for diagnostic and consulting purpose. It is an advanced technology that has emerged due to the imbalance between demand and availability of diagnostic services during emergency situations. Earlier, teleradiology was used only for emergencies; however, with advent of internet and advancements in the IT industry, teleradiology practice has become more common in recent years. The availability of computer programs such as picture archiving & communication system (PACS) and radiological information system (RIS), that are specifically dedicated to sending radiological images has led to the major advancements in teleradiology technologies.
The prime factor that drives the teleradiology market growth includes imbalance between the demand and availability of radiological services. Lack of timely diagnostic services causes a major problem for clinicians during emergencies, especially night hours, which further contributes to fuel the teleradiology market size globally to initiate proper treatment at the earliest.
Based on teleradiology market trends by application, the CT scan segment accounted for the majority of teleradiology market share of the global market in 2017. This is attributed to the surge in number of institutes installing CT scanners and the capability to scan complex body structures such as lungs, brain, and cardiac cavities.
Based on end user, the ambulatory surgical centers segment generated the maximum revenue in 2017, and is anticipated to exhibit prominent growth during the forecast period. This is attributed to the fact that these centers offer improved efficiency in health care delivery, allowing patients to spend less time in the health care setting.
Key Findings of the Teleradiology Market:
The radiology information system (RIS) of software segment is anticipated to grow at the highest rate with a CAGR of 19.2% during the forecast period.
The U.S. was the major shareholder in the North America teleradiology market and accounted for the highest share in 2017.
Based on technology, the software segment is expected to grow at a CAGR of 18.1 % during the forecast period.
Based on end user, the hospitals segment held a remarkable position in 2017, registering a CAGR of 17.0 % from 2018 to 2025.
Asia-Pacific is anticipated to grow at the fastest CAGR of 21.5% and is anticipated to continue this trend during the forecast period, due to increase in adoption of teleradiology technologies such as PACS & RIS, and high prevalence of chronic diseases, specifically in China, India, and the other developing economies. Moreover, rise in investments toward development of healthcare information technology (HCIT) by the key players in the teleradiology field majorly drives the growth of the Asia-Pacific market.
The report provides a comprehensive analysis of the leading companies operating in the global teleradiology market such as Siemens AG, 4ways Limited, Global Diagnostics Limited, Mednax, Inc., Koninklijke Philips N.V., GE Healthcare, Everlight Radiology, Agfa-Gevaert Group, Radisphere National Radiology Group, Inc., and Fujifilm Medical Systems, Inc. The other players in the value chain (not included in the report) include Cybernet Medical Corporation, Spectra AB, Medica Reporting Ltd., Radiology Reporting Online (RRO), Sectra Imtec AB, StatRad, LLC, Ramasift Inc., and Alta Vista Teleradiology.
Companies Mentioned
- Koninklijke Philips N.V.
- Siemens AG
- GE Healthcare
- imeXHS
- Nano X Imaging Ltd.
- Teleradiology Solutions
- FUJIFILM Corporation
- Radiology Partners
- Everlight Radiology
- Compumed Inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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