Teleradiology Market to Surpass USD 30 Billion by 2031 | SkyQuest Technology
Westford, USA, Nov. 13, 2024 (GLOBE NEWSWIRE) -- Global Teleradiology Market size to grow from USD 9.58 billion in 2023 to USD 30.13 billion by 2031, growing at a CAGR of 15.40% during the forecast period (2024-2031).
In recent times, the Teleradiology Market is witnessing as surge due to the increasing prevalence of target diseases and growing demand for teleradiology to get second opinions during emergencies. Furthermore, the incidence of COVID-19 has also emphasized on the significance of teleradiology. The lack of medialprofessionals, particularly in the sub-specialist segment, like paediatric, neurology, and musculoskeletal radiology are resulting in the increasing adoption of teleradiology services. This is primarily because teleradiology assists the medical providers is accessing patient information regardless of the distance, enhancing the diagnostic coverage. Therefore, the increasing adoption of teleradiology for early diagnosis is boosting the market growth.
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The teleradiology applications consists of tele-consultation, tele-monitoring, and tele-diagnosis. These devices help radiologists to efficiently conduct their regular work. Teleradiology offers efficient on-site solutions through cloud networks worldwide and real-time interpretation. The rising incidences of chronic diseases like breast cancer, cellulitis, and osteomyelitis combines with increasing number of emergency cases in developing regions are positively influencing the growth of the market.
Teleradiology Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 8.42 Billion |
| Estimated Value by 2031 | $ 30.31 Billion |
| Growth Rate | Poised to grow at a CAGR of 15.3% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Imaging Technique, Component, End-User, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Increasing cloud-based teleradiology solutions |
| Key Market Opportunities | Incorporation of AI in teleradiology |
| Key Market Drivers | Development of mobile teleradiology applications |
Increasing Number of Advanced Imaging Procedure to Boost the Popularity of Teleradiology in Medical Sector
The increase in various types of imaging procedure is boosting the popularity of teleradiology solutions among medical professionals. These solutions are mostly known for their dependability and efficiency. Advanced diagnostic imaging like diagnostic magnetic resonance imaging (MRI) and computed tomography (CT) have also attracted many providers. Furthermore, many companies are also providing advanced nuclear medicine imagine like positron emission tomography (PET) so that medical providers can increase the efficiency of diagnosis. There has been an increase in the amount of diagnostic medical imaging services that are being prescribed by medical practitioners and radiologists, driving the growth of the teleradiology market.
Increasing Adoption of Artificial Intelligence to Increase Speed in Diagnosis Medical Images
The incorporation of artificial intelligence in teleradiology has immense potential in the medical sector. Artificial intelligence is mostly used for image analysis and interpretation. This advanced technology has the potential to improve efficiency, accuracy, and speed in diagnosis medical images. It is being estimated that the number of publications related to AI in radiology have increased from an average of 100-500 research publications per year to 700-800. CT scan and MRI have the maximum adoption rate among all the other vital imaging models that are used in medical. Many companies in this market are also investing in AI to increase their offerings in medical sectors, leading to an expansion of the market.
Increasing Use of Advanced Technology to Offer Faster and Better Diagnosis to Boost Market in North America
North America is dominating the teleradiology market with maximum share. This is because this region is technological progressed, and it has enabled them to increase technological advancement in medical imaging. This has helped the medical providers to get access to radiological expertise remotely, leading to an increase in adoption of teleradiology services by medical facilities, boosting market growth. Furthermore, the region is also witnessing a shift towards value-based care and patient-centric models, which emphasizes on efficiency, accessibility, and quality of the care. Teleradiology combines with these goals by providing timely and remote access to radiological professionals. This has helped medical providers to offer fasters and better diagnosis and treatment plans. These benefits of teleradiology are increasing its demand and market growth.
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Teleradiology Market Insights
Drivers
- Increasing Incidences of Chronic Diseases
- High Demand for remote patient monitoring
- Globalization of healthcare services
Restraints
- High expense of initial setup
- Lack of standardized protocols for practising teleradiology
- Increasing regulatory challenges
Key Players Operating in Teleradiology Market
The following are the Top Teleradiology Companies:
- vRad (Virtual Radiologic)
- Agfa-Gevaert S.A.
- ONRAD
- Global Diagnostics
- Everlight Radiology
- 4ways
- RamSoft
- SECTRA IMAGING IT SOLUTIONS AB
- Healthwatch Telediagnostics
- Medica Group plc
- Mednax Services, Inc.
- USARAD Holdings, Inc.
- Telemedicine Clinic (UNILABS)
- Teleradiology Solutions
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Key Questions Answered in Teleradiology Market Report
- Who are the key players in teleradiology market?
- What is the major restraint in the teleradiology market?
- What are the latest trends in the teleradiology market?
This report provides the following insights:
Analysis of key drivers (High demand for remote patient monitoring, globalization of healthcare services, and increasing technological advancements), restraints (Increasing data security concerns and growing regulatory challenges), opportunities (Emerging market penetrations and increasing emphasis on subspeciality teleradiology services), and challenges (High initial cost of setup and lack of standardization) influencing the growth of teleradiology market
- Market Penetration: Comprehensive information on the product offered by the top players in the teleradiology market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the teleradiology market
- Market Development: Comprehensive information on emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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