What Has Been the Growth Trajectory for the Tele-Radiology Market in Recent Years?
The tele-radiology market has seen considerable growth due to a variety of factors.
• The size of the tele-radiology market has seen substantial growth in the recent past. There is a projected escalation from $23.84 billion in 2024 to $28.16 billion in 2025, accompanied by a compound annual growth rate (CAGR) of 18.1%. The expansion in the past years can be accredited to the enhancement in quality measures, the transition of medical imaging to digital, the progression of healthcare infrastructure, regional discrepancies in health care provision, as well as changes and standards in regulations.
What Is The Expected Growth In The Tele-Radiology Market in the Coming Years?
The Tele-Radiology market is expected to maintain its strong growth trajectory in upcoming years.
• The size of the tele-radiology market is predicted to skyrocket in the coming years, achieving a valuation of $60.44 billion in 2029, with a compound annual growth rate (CAGR) of 21.0%.
Factors leading to this growth in the forecast timeframe include the strengthening of security protocols, increased emphasis on patient-oriented care, ongoing scarcity of radiologists, increase in virtual consultations, and the worldwide expansion of healthcare services. Some of the predominant trends during the forecast period are changing patient demands, adjustments in the regulatory framework, an increase in diagnostic imaging procedures, and the incorporation of artificial intelligence.
What Main Forces Are Fueling Expansion In The Tele-Radiology Market?
The escalation in demand for radiological services, attributed to the surge in chronic illnesses such as congestive heart failure and orthopedic injuries, is propelling the tele-radiology sector ahead. A rise in the geriatric population and the occurrence of diseases associated with old age are undeniably contributing to the expansion of radiological services. These variables will also stimulate the development of teleradiology services. For example, as reported by the Royal College of Radiologists, a UK-based professional organization overseeing clinical oncology specialties, the radiology workforce saw a growth of 6.3% in 2023 announced in June 2024.
What Are The Primary Segments In The Global Tele-Radiology Market?
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
Subsegments:
1) By CT (Computed Tomography): Routine CT Imaging, CT Angiography, CT Colonography
2) By MRI (Magnetic Resonance Imaging): Brain MRI, Spinal MRI, Functional MRI (FMRI)
3) By X-Ray: Digital X-Ray, Fluoroscopy, Mammography
4) By Ultrasound: Doppler Ultrasound, 3D Or 4D Ultrasound, Echocardiography
5) By Nuclear Imaging: Positron Emission Tomography (PET), Single Photon Emission Computed Tomography (SPECT), Bone Scintigraphy
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Which Key Trends Are Driving Changes In The Tele-Radiology Market?
The rising trend of technological progression is becoming increasingly prevalent within the realm of the teleradiology market. Numerous market leaders are adopting the latest technologies at a swift pace while also offerings unique solutions driven by AI in the sphere of remote radiology. As an example, in April 2022, Tele-Radiology Solutions (TRS), a prominent United States tele-radiology firm, declared that they have entered a pact with Andhra Med Tech Zone (AMTZ), located in India, to create a dedicated center for providing remote radiology image readings conducted by expert radiologists and aided by groundbreaking artificial intelligence solutions. This collaboration between TRS and AMTZ aims to extend services to government hospitals across India, state-operated rural health centers (including those part of the National Health Mission), and public sector companies with hospitals where TRS will dispense remote radiology services.
Who Are the Key Players In The Tele-Radiology Market?
Major companies operating in the tele-radiology market include:
• Agfa-Gevaert Group
• 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.
What Is The Most Dominant Region In The Tele-Radiology Market?
North America was the largest region in the tele-radiology market share in 2024. The regions covered in the tele-radiology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
