Number of pages: 100 | Report Format: PDF | Published date: 07 October, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
The global teleradiology market was valued at US$ 5.3 billion in 2021 and is expected to witness a CAGR of 14.2% during the forecast period from 2022 to 2030.
Teleradiology is an area of telemedicine deployed to transmit radiological images from one location to another using telecommunication services. Growing urbanization and rapid adoption of advanced technology are the major factors that significantly impact the teleradiology market globally. The teleradiology market is expected to progress at a rapid CAGR during the forecast period from 2022 to 2030.
The growing demand for teleradiology services can be attributed to the increasing population of aged people, the rising prevalence of chronic disease, and growing urbanization. Additionally, rapid technological innovation, such as the introduction of AI, telecommunication systems, and cloud technologies, further contributes to the expansion of the teleradiology market globally. However, some obstructing factors in the market can restrain the market, such as chances of data loss, lack of skilled professionals, internet outreach, and poor security.
The global teleradiology market has been analyzed from four perspectives: imaging techniques, mode of delivery, end-users, and region.
Teleradiology Market by Imaging Techniques
Based on imaging techniques, the teleradiology market has been segmented into ultrasound, MRI (Magnetic Resonance Imaging), X-ray, CT-scan (Computed Tomography), and others (PET (Positron Emission Tomography), SPECT (Single photon emission computerized tomography), mammography, etc.). X-ray dominates the market with the largest revenue share and is a primary imaging method in diagnostics. The dominance of this segment can be owed to various benefits such as extensive utilization in the medical practice and greater affordability. CT-scan (Computed Tomography) segment is expected to experience significant growth in the forecast period due to its growing demands. CT scans provide better image quality with faster and more precise images.
Teleradiology Market by Mode of Delivery
The delivery modes in the global teleradiology market can be bifurcated into on-cloud delivery and on-premise delivery. The on-cloud delivery segment leads the market with the largest revenue share. On-cloud delivery services offer benefits such as convenient access and a simple interface. Additionally, it also provides enhanced mobility & flexibility and is economically affordable. Thus, these reasons further accelerate the market expansion. At the same time, the on-premise delivery segment is expected to grow steadily owing to the advantage of high privacy and security in patient data transmission and personal information.
Teleradiology Market by End-Users
The global teleradiology market has been segmented based on end-users into hospitals, diagnostic centers, and ambulatory imaging centers. The hospital segment leads the market and is expected to show constant dominance, with the largest revenue share in the forecast period. The use of teleradiology services in this segment is high due to its utilization in emergency care, and can be used for primary diagnosis. Furthermore, a large footfall of patients in this segment also contributes to driving the market. Whereas ambulatory imaging centers are the second largest shareholder in this market as they have skilled professionals who can provide efficient outcomes.
Teleradiology Market by Region
The global teleradiology market has been segmented based on North America, Europe, Asia Pacific, and the Rest of the World. North America dominates the global teleradiology market with the largest revenue share. It is also expected to retain its lead in the forecast period. North America has an enormous base of market players, a large base of the targeted population, and a developed healthcare infrastructure that contributes to the growth of the teleradiology market in North America. Additionally, the rapid increase in government initiatives and escalating demand for teleradiology further help broaden the market scope in this region. Europe holds the second position in terms of revenue share. The market growth in Europe can be attributed to increased awareness of teleradiology and constant innovation and technological advancement.
While the Asia Pacific is an emerging region in the market owing to various factors such as the growing adoption of advanced technologies, developing healthcare infrastructure, and increasing healthcare expenditure.
Some of the prominent players operating in the global teleradiology market are: