The Teleradiology Global Market Report 2023 by The Business Research Company, provides teleradiology market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Teleradiology Global Market Report 2023, the market size is expected to grow from $4.5 billion in 2022 to $5.23 billion in 2023 at a compound annual growth rate (CAGR) of 16.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The teleradiology market size is expected to grow to $9.8 billion in 2027 at a CAGR of 17.0%.
The rising number of imaging procedures is expected to propel the growth of the teleradiology market. An imaging procedure is a type of test that makes detailed pictures of areas inside the body that a healthcare professional can examine and suggest treatment. Imaging in teleradiology is used to diagnose symptoms and causes of disease and monitor patient health through the transmission of radiological images from one place to another using internet. The rising number of imaging procedures require the imaging copies to be transferred to healthcare professionals/radiologists for examination, in turn, driving demand for teleradiology solutions.
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The teleradiology market is segmented:
1) By Modality: X-Ray, MRI, CT Scan, Ultrasound Systems
2) By Technology: Web Based, Cloud Based
3) By Component: Hardware, Software
4) By End User: Hospitals, Diagnostic Centres, Other End Users
Collaborations and partnerships are a key trend gaining popularity in the teleradiology market. Major companies operating in the teleradiology market are focused on collaborations and partnerships to develop new solutions, enable/enhance teleradiology solutions and strengthen their position in the market. Collaborations and partnerships help companies to share resources, expertise, and technology to innovate and gain a competitive edge in the market. For instance, in April 2020, Life Image, a US-based medical evidence and image exchange network provider, and Dicom Systems, a US-based software company collaborated to enable the Alaska Native Medical Center in enhancing telehealth and teleradiology throughout Alaska and beyond. Furthermore, in October 2021, Bleepa, a product of Feedback Medical Ltd., a UK-based medical equipment manufacturer announced a partnership with Quest Teleradiology, an Indian radiology services provider to develop strategic opportunities for Bleepa in the Indian, UK, and other international healthcare markets. Bleep will offer an opportunity to expand Quest’s existing teleradiology service by enabling direct case discussion between requesting clinicians and reporting radiologists.
The teleradiology market report table of contents includes:
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Top Major Players
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