PUBLISHER: The Business Research Company | PRODUCT CODE: 1425866
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425866
Tele-Radiology Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on tele-radiology market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for tele-radiology? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The tele-radiology market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Teleradiology is a branch of telemedicine that involves transmitting radiological images from one location to another using telecommunication technology. This method facilitates the interpretation of various noninvasive imaging studies remotely.
The primary imaging modalities used in teleradiology include CT (Computed Tomography), MRI (Magnetic Resonance Imaging), X-ray, ultrasound, and nuclear imaging. CT scans utilize detailed scans generated by a computer connected to x-ray equipment, providing in-depth views of internal body parts. They are instrumental in diagnosing diseases or injuries and in planning medical, surgical, or radiation-based treatments. Components of teleradiology encompass both hardware and software utilized in hospitals, diagnostic centers, and other end-user facilities to facilitate the transmission and interpretation of radiological images remotely.
The tele-radiology market research report is one of a series of new reports from The Business Research Company that provides tele-radiology market statistics, including tele-radiology industry global market size, regional shares, competitors with a tele-radiology market share, detailed tele-radiology market segments, market trends and opportunities, and any further data you may need to thrive in the tele-radiology industry. This teleradiology market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The tele-radiology market size has grown rapidly in recent years. It will grow from $20.00 billion in 2023 to $23.70 billion in 2024 at a compound annual growth rate (CAGR) of 18.5%. The growth observed in the historical period can be attributed to several factors, including initiatives aimed at enhancing the quality of healthcare, the increasing digitalization of medical imaging processes, development in healthcare infrastructure, addressing geographical disparities in access to healthcare services, and changes in regulatory standards within the healthcare industry.
The tele-radiology market size is expected to see rapid growth in the next few years. It will grow to $49.02 billion in 2028 at a compound annual growth rate (CAGR) of 19.9%. Anticipated growth in the forecast period can be attributed to several key factors, including an increased emphasis on enhanced security measures for medical data, a dedicated focus on patient-centric care approaches, continued challenges related to the shortage of radiologists, a surge in virtual consultations, and the globalization of healthcare services. Key trends expected in the forecast period encompass the evolving expectations of patients regarding healthcare services, adaptations in regulatory frameworks to accommodate technological advancements, a rise in diagnostic imaging studies leveraging advancements in medical imaging technologies, and the integration of artificial intelligence (AI) into radiological practices to enhance diagnostic accuracy and efficiency.
The tele-radiology industry is experiencing significant growth, propelled by an increased demand for radiological services due to the rising prevalence of chronic conditions such as congestive heart failure and orthopedic injuries. The aging global population and the higher incidence of geriatric diseases further contribute to the expansion of radiological services, driving the growth of teleradiology services. In 2021, the World Health Organization reported that non-communicable diseases (NCDs), or chronic diseases, accounted for 71% of all deaths worldwide, with more than 15 million people aged 30 to 69 succumbing to NCDs annually. The most common chronic diseases include cardiovascular disease, cancer, respiratory disorders, and diabetes. This global increase in chronic diseases is a significant factor propelling the teleradiology market forward.
The growth of the optical imaging market is expected to be fueled by an increasing healthcare expenditure. Healthcare expenditure encompasses the total resources, typically measured in monetary terms, spent on healthcare-related goods and services within a specific period. The rising healthcare expenditure allows for the adoption of advanced technologies and infrastructure required for teleradiology services, facilitating prompt and efficient diagnostic processes. According to CMS (The Centers for Medicare & Medicaid Services), the National Health Expenditure Projections for 2023-2024 in the United States project growth rates of 5% in the current year and 5.1% in the next year. Therefore, the escalating healthcare expenditure is a driving force behind the growth of the teleradiology market.
Technological advancement is a prominent trend in the teleradiology market, with key players focusing on the rapid adoption of current technologies and providing innovative AI-based healthcare solutions in remote radiology. For example, in April 2022, Tele-Radiology Solutions (TRS), a national tele-radiology company in the United States, announced an agreement with India-based Andhra Med Tech Zone (AMTZ) to establish a hub dedicated to providing remote radiology image reads by expert radiologists supported by innovative artificial intelligence solutions. Through this collaboration, TRS and AMTZ aim to reach pan-India government hospitals, state-wide rural health centers, and public-sector undertakings with hospitals, offering remote radiology services enhanced by AI solutions. This reflects the industry's commitment to leveraging advanced technologies for improved healthcare outcomes.
Major companies in the teleradiology market are strategically pursuing partnerships and collaborations with start-ups and mid-sized companies as part of their growth strategy. These alliances are aimed at expanding the range of products and services offered by the companies, facilitating portfolio diversification and geographical expansion. For example, in April 2022, Teleradiology Solutions (TRS), a US-based provider of teleradiology services, entered into a strategic partnership with Andhra Med Tech Zone (AMTZ), an India-based modern healthcare devices manufacturing company. This collaboration resulted in the establishment of a hub in the AMTZ zone dedicated to providing remote radiology image reads focused on the government and public sectors. Expert radiologists supported by innovative artificial intelligence (AI) solutions enhance the services provided. Through this partnership, AMTZ and TRS aim to reach pan-India government hospitals, state-wide rural health centers, and public-sector undertakings with hospitals, expanding the reach of remote radiology services.
In an instance, in July 2021, RAYUS Radiology, a US-based radiology company, acquired Foundation Radiology Group for an undisclosed amount. This strategic acquisition allowed RAYUS Radiology to broaden its portfolio of radiologist networks by integrating highly skilled, subspecialized radiologists. The move also resulted in an expansion of the company's hospital partnerships. Foundation Radiology Group, a US-based teleradiology company, brought its expertise and capabilities into the RAYUS Radiology network.
Major companies operating in the tele-radiology market report are Agfa-Gevaert Group, Tele-Radiology Solutions, Koninklijke Philips N.V., Everlight Radiology Limited, GE Healthcare Company, ONRAD Inc., RamSoft Inc., USARAD Holdings, Mednax Inc., Medica Reporting Ltd., Cerner Corporation, MedWeb LLC, WebRad Tele-radiology Services Inc., Nautilus Medical Inc., SRL Limited, Vital Radiology Services Private Limited, Telemedicine Clinic S.L., HealthWatch TeleDiagnostics Pvt. Ltd., Envision Healthcare Corporation, Global Diagnostics Australia Pty. Ltd., Radiology Reporting Online Limited, Imaging Advantage LLC, Siemens Healthineers AG, Fujifilm Holdings Corporation, Virtual Radiologic Corporation, McKesson Corporation, NightHawk Radiology Services LLC, Teleradiology Solutions Pvt. Ltd., Aris Radiology, International Teleradiology Corp.
North America was the largest region in the tele-radiology market share in 2023. The regions covered in the tele-radiology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the tele-radiology market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The teleradiology market consists of revenues earned by entities by providing radiology services such as on-call and off-call systems. The market value includes the value of related goods sold by the service provider or included within the service offering. Teleradiology market also includes sales of medical radiology equipment. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.