Global Teleradiology Market Size is Estimated to Reach $14.8 billion by 2026 – Exclusive Report by MarketsandMarkets™

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Chicago, Oct. 28, 2022 (GLOBE NEWSWIRE) — According to the new market research report Teleradiology Market by Product & Service (Services, Hardware, Software (PACS, RIS)), Imaging Technique (MRI, CT, X-ray, Ultrasound, Mammography, Nuclear Imaging), End User (Hospitals, Diagnostic Centers & Laboratories), COVID-19 Impact – Forecast to 2026″, published by MarketsandMarkets, the global teleradiology market is expected to reach USD 14.8 billion by 2026 from USD 7.3 billion in 2021, at a CAGR of 15.3% during the forecast period of 2021 to 2026.

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Scope of the Report:

Report Coverage Details
Market Size USD 14.8 billion by 2026
CAGR 15.3%
Historical Data 2019-2026
Base Year 2020
Forecast Period 2021-2026
Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered By Products and Services, By Imaging Technique, By End User
Geographies Covered North America, Europe, Asia Pacific, Latin America, Middle East and Africa
Key Companies Profiled/Vendors The major market players include Philips Healthcare (Netherlands), Cerner Corporation (US), Siemens Healthineers (Germany), McKesson Corporation (US), FUJIFILM Holdings Corporation (Japan), Medica Group Plc. (UK), Agfa Healthcare (Belgium), Mirada Medical (US), ONRAD Inc. (US), RamSoft Inc. (Canada), NovaRad Corporation (US), TeleDiagnostic Solutions Pvt. Ltd. (India), Teleradiology Solutions (India), Telerad Tech (India), StatRad LLC (US), MedWeb LLC (US), WebRad TeleRadiology (India), Nautilus Medical (US), 4ways Healthcare (UK), USARAD Holdings, Inc. (US), and GE Healthcare (US).
Key Market Opportunities Adoption of artificial intelligence in teleradiology
Key Market Drivers Growing number of advanced imaging procedures and a shortage of skilled radiologists

Due to the outbreak of coronavirus globally, there is a sudden rise in the demand for teleradiology services. The growth of this market is mainly attributed to the rising geriatric population and the subsequent increase in the prevalence of associated diseases; the increasing number of advanced imaging procedures and a shortage of skilled radiologists; advancements in teleradiology the increasing adoption of cloud-based solutions. However, declining reimbursements and the increasing regulatory burden in the US are factors expected to restrain the market growth. Moreover, the increasing adoption of artificial intelligence and blockchain technology in teleradiology is expected to provide lucrative opportunities for the growth of the teleradiology market in the coming years.

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Based on product and services, the teleradiology market is segmented into teleradiology services, software and hardware. In 2020, the teleradiology services segment accounted for the largest share of the teleradiology market. The large share of this segment is attributed to factors such as the growing demand for faster and exact diagnosis, shortage of skilled radiologists. The COVID-19 outbreak has significantly increased the demand for teleradiology services. The market for software segment is expected to grow at the highest rate.

Based on imaging techniques, the teleradiology market is segmented into X-ray, computed tomography (CT), ultrasound, magnetic resonance imaging (MRI), nuclear imaging, fluoroscopy, and mammography. In 2020, the computed tomography segment accounted for the largest market share. The large share of this segment can be attributed to the growing need for effective and early diagnosis and technological advancements. This segment is also expected to show the highest growth in the market, followed by ultrasound.

Based on end users, the teleradiology market is segmented into hospitals and clinics; diagnostic imaging centers and laboratories; long-term care centers, nursing homes and assisted living facilities; and other end users. The hospitals and clinics segment accounted for the largest share of in 2020. The large share of this segment can be attributed to the rising number of diagnostic imaging procedures performed in hospitals, the growing inclination of hospitals towards the automation and digitization of patient records, and the growing need to improve the quality of patient care.

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Geographical Growth Scenario:

The global teleradiology market is segmented into five major regions—North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2020, North America accounted for the largest share of this market. The large share of North America region is mainly attributed to the rising geriatric population, high incidence of chronic diseases, a large number of diagnostic imaging procedures, increasing awareness about the benefits of early diagnosis of diseases, and the rapid adoption of technologically advanced imaging systems in the region.

The Asia Pacific market is projected to grow at the highest CAGR during the forecast period, due to growing awareness about the benefits of early disease diagnosis, improvements in healthcare systems, growing medical tourism market in APAC countries, increasing healthcare expenditure, and increasing government initiatives for modernizing the healthcare infrastructure.

Key Players:

Some of the prominent players in this market are Cerner Corporation (US), Phillips Healthcare (Netherlands), Siemens Healthineers (Germany), McKesson Corporation (US), FUJIFILM Holdings Corporation (Japan), Agfa HealthCare (Belgium), Medica Group Plc. (UK), ONRAD, Inc. (US), RamSoft Inc. (Canada), NovaRad Corporation (US), TeleDiagnostic Solutions Pvt. Ltd. (India), 4ways Healthcare (UK), Teleradiology Solutions (India), TeleRad Tech (India), StatRad LLC (US), MedWeb LLC (US), WebRad TeleRadiology (India), Nautilus Medical (US), GE Healthcare (US), USARAD Holdings, Inc. (US), Everlight Radiology (Australia), and Mirada Medical (US).

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