Teleradiology Market to Reach Valuation of USD 15.22 Billion by 2028 - Rising Geriatric Population as well as Increasing Number of Advanced Imaging Procedures and a Shortage of Skilled Radiologists to Flourish Market

Vantage Market Research

Feb 09, 2022

In terms of revenue, the Global Teleradiology Market is expected to reach USD 15.22 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 15.00% in the forecast period from the year 2022 till 2028. The Global Teleradiology Market growth is attributed to the factors such as, rising geriatric population as well as increasing number of advanced imaging procedures and a shortage of skilled radiologists, and increase in the prevalence of associated diseases.

Additionally, increasing adoption of cloud-based solutions is further propelling the market growth.

Key Findings:

  • Under the products and services segment, software sub-segment is anticipated to dominate the segment for Teleradiology Market and growing at a substantial C Compound Annual Growth Rate (CAGR). The growth is attributed to increasing demand for healthcare software.
  • Computed tomography (CT) sub-segment held a market significant share in 2021 of imaging technique segment for Teleradiology Market. Growing need for effective and early diagnosis, technological advancements is propelling the market growth.
  • North America is the largest regional segment. The market growth in the region is attributed to, high adoption of new technologies, as well as increase in demand for teleradiology services in region.

Some of key players in Teleradiology Market include - 4ways Healthcare Ltd. (UK), HealthWatch TeleDiagnostics Pvt. Ltd. (India), RamSoft Inc. (Canada), Everlight Radiology (UK), Virtual Radiologic (US), Agfa-Gevaert N.V. (Belgium), ONRAD (US), Teleradiology Solutions (India), and Global Diagnostics (Australia)..

Technological advancements have been revolutionized the way diseases are diagnosed and treated now than earlier in the healthcare industry. Teleradiology is the practice of radiologist to interpret medical images while not physically present in the location where the images are generated. Several facilities using teleradiology are hospitals, mobile imaging companies, urgent care facilities as well as some private practices. Additionally, Rise in prevalence of chronic diseases across the globe is leading to increase in demand for healthcare facilities as well as novel treatment for diagnosis of several chronic as well as infectious diseases. Moreover, worldwide constant increase in the geriatric population as well as rising awareness among people regarding early diagnosis for severe clinical disorders are the other factors which are supporting the market growth during the forecast period.

North America is expected to emerge as potential market for Teleradiology Market. The market growth is attributed to high adoption of new technologies, as well as increase in demand for teleradiology services in region. Asia Pacific is anticipated to grow at substantial CAGR over the forecast period. Market growth is attributed to growing awareness about the benefits of early disease diagnosis as well as presence of emerging economies along with large base of population.

Teleradiology Market by Imaging Technique (X-rays, Computed Tomography (CT), Ultrasound, Magnetic Resonance Imaging (MRI)), by End User (Hospitals, Diagnostic Centers, Other End Users), by Component (Hardware, Software), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)