Global Teleradiology Market to Reach US$ 18.8 Billion by 2032, Stimulated by Rising Advancements in Medical Imaging Techniques

October 10, 2023 | Healthcare

According to the latest report by IMARC Group, titled “Teleradiology Market Report by Component (Software and Services, Hardware), Imaging Technique (X-rays, Computed Tomography (CT), Ultrasound, Magnetic Resonance Imaging (MRI), Nuclear Imaging, and Others), End User (Hospitals and Clinics, Ambulatory Surgical Centers, Diagnostic Centers, and Others), and Region 2024-2032,” the global teleradiology market size reached US$ 5.8 Billion in 2023. Teleradiology can be defined as the practice of electronically transmitting radiological images and clinical information between healthcare facilities or professionals for the purpose of diagnosis, consultation, and treatment planning. It relies on secure and high-speed data transmission networks to send images and patient data between locations. It involves various technologies, such as picture archiving and communication systems (PACS) and secure messaging platforms. It bridges geographical and temporal gaps, enabling radiologists to provide their expertise remotely, even across different time zones. It enables healthcare facilities in remote or underserved areas to access specialized radiological expertise, reducing disparities in healthcare services. It expedites the process of obtaining image interpretations, leading to faster diagnoses and timely treatment decisions, which can be critical in emergency situations. Teleradiology contributes to better patient outcomes by providing access to timely and accurate diagnoses, leading to appropriate treatment plans.

Global Teleradiology Market Trends:

At present, the increasing demand for teleradiology to obtain second opinions from expert radiologists, helping to ensure accurate diagnoses and treatment plans, especially in complex cases, represents one of the crucial factors impelling the growth of the market. Besides this, the rising advancements in digital technology, particularly in the field of medical imaging, are contributing to the growth of the market. In addition, the growing emergence of artificial intelligence (AI) and machine learning (ML) in radiology for enhancing diagnostic accuracy and efficiency is offering a favorable market outlook. Apart from this, the increasing collaboration and partnerships between healthcare organizations, radiology centers, and technology companies to leverage expertise and resources to enhance teleradiology services, expand access to specialized radiologists, and streamline the workflow for healthcare professionals are supporting the growth of the market. Additionally, the rising transition from traditional analog radiology to digital radiology is opening new avenues for teleradiology services, as digital images are more easily transmitted and analyzed remotely. Moreover, the increasing need for cost-effective healthcare solutions is bolstering the growth of the market. Looking forward, the market value is projected to reach US$ 18.8 Billion by 2032, expanding at a CAGR of 13.8% during 2024-2032.

Market Summary:

  • Based on the component, the market has been bifurcated into software and services and hardware. Software and services currently dominate the market.
  • On the basis of the imaging technique, the market has been divided into X-rays, computed tomography (CT), ultrasound, magnetic resonance imaging (MRI), nuclear imaging, and others. At present, X-rays holds the biggest share in the market.
  • Based on the end user, the market has been segregated into hospitals and clinics, ambulatory surgical centers, diagnostic centers, and others. Hospitals and clinics exhibit a clear dominance in the market.
  • Region-wise, the market has been segmented into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. Amongst these, North America enjoys the leading position in the market.
  • The competitive landscape of the market has also been examined, with some of the key players being 4ways Healthcare Limited, Agfa-Gevaert Group, Carestream Health, FUJIFILM Corporation, General Electric Company, Koninklijke Philips N.V., ONRAD Inc., Oracle Corporation, RamSoft Inc., Siemens AG, Teleradiology Solutions, and USARAD Holdings Inc.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Component, Imaging Technique, End User, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered 4ways Healthcare Limited, Agfa-Gevaert Group, Carestream Health, FUJIFILM Corporation, General Electric Company, Koninklijke Philips N.V., ONRAD Inc., Oracle Corporation, RamSoft Inc., Siemens AG, Teleradiology Solutions and USARAD Holdings Inc.
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Global Teleradiology Market to Reach US$ 18.8 Billion by 2032, Stimulated by Rising Advancements in Medical Imaging Techniques
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