The Tele-Radiology Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Tele-Radiology Global Market Report 2024, The tele-radiology market size has grown rapidly in recent years. It will grow from $20 billion in 2023 to $23.7 billion in 2024 at a compound annual growth rate (CAGR) of 18.5%. The growth in the historic period can be attributed to quality improvement initiatives, digitalization of medical imaging, healthcare infrastructure development, geographical disparities in healthcare, regulatory changes and standards..
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%. The growth in the forecast period can be attributed to enhanced security measures, focus on patient-centric care, continue shortage of radiologists, rise in virtual consultations, globalization of healthcare services.. Major trends in the forecast period include evolving patient expectations, regulatory framework adaptation, rise in diagnostic imaging studies, integration of artificial intelligence..
Increased demand for radiological services due to the rising prevalence of chronic conditions including congestive heart failure and orthopedic injuries is driving the tele-radiology industry forward. An increase in the elderly population and the incidence of geriatric diseases are certainly one of the reasons behind the growth of radiological services. These factors will also lead to the growth of teleradiology services. For instance, in 2021, according to the World Health Organization, non-communicable diseases (NCDs), also known as chronic diseases, kill 41 million people each year, accounting for 71% of all deaths worldwide. More than 15 million people aged between 30 and 69 die every year from an NCD, with 85% of these “premature”” deaths occurring in low- and middle-income countries. The most common chronic disease is cardiovascular disease, which kills 17.9 million people each year, followed by cancer (9.3 million), respiratory disorders (4.1 million), and diabetes (1.5 million). Therefore, an increase in chronic diseases globally is driving the teleradiology market forward.
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The tele-radiology market covered in this report is segmented –
1) By Imaging Technique: CT, MRI, X-Ray, Ultrasound, Nuclear imaging
2) By Component Type: Hardware, Software
3) By End User type: Hospitals, Diagnostic Centers, Other End Users
Technological advancement is a key trend gaining popularity in the teleradiology market. Many key players in the market are focusing on the faster adoption of current technologies while also providing innovative AI-based healthcare solutions in the field of remote radiology. For instance, in April 2022, Tele-Radiology Solutions (TRS), National tele-radiology company in the United States, announced that it had signed 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 association, TRS and AMTZ will reach out to pan-India government hospitals, state-wide rural health centers (including those under the National Health Mission), and public-sector undertakings with hospitals where TRS will provide remote radiology services.
The tele-radiology market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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