Tele-Radiology
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How Large Will the Tele-Radiology Market Size By 2025?
In recent times, the size of the tele-radiology market has witnessed swift growth. The market, which is estimated to be worth $23.84 billion in 2024, is expected to expand to $28.16 billion in 2025, with a compound annual growth rate (CAGR) of 18.1%. The significant growth during the historical period is a result of various factors such as an increase in quality improvement programs, the digital transformation of medical imaging, the development of the healthcare infrastructure, geographical differences in healthcare, as well as regulatory shifts and standards.
How Big Is the Tele-Radiology Market Size Expected to Grow by 2029?
In the upcoming years, the size of the tele-radiology market is anticipated to experience substantial expansion, with its worth expected to reach $60.44 billion in 2029, growing at a compound annual growth rate (CAGR) of 21.0%. This projected growth during the forecast period can be credited to improved security protocols, an emphasis on patient-oriented care, ongoing scarcity of radiologists, an upswing in virtual consultations, and the global spread of health care services. Significant trends over the forecast duration include changing patient demands, adaptation to regulatory frameworks, an increase in diagnostic imaging studies, and the incorporation of artificial intelligence.
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Which Key Market Drivers Powering Tele-Radiology Market Expansion and Growth?
The tele-radiology field is being propelled forward by the swelling demand for radiological services, a wave triggered by the rampant rise of chronic ailments like orthopedic injuries and congestive heart failure. The growth in geriatric diseases and the rising elderly populace are assuredly among the causes propelling the enlargement of radiological services. It’s these factors that will also stimulate the advancement of teleradiology services. To illustrate, the radiology workforce witnessed a 6.3% uptick in 2023, as reported by the Royal College of Radiologists, a professional body based in England accountable for clinical oncology specialties, in June 2024.
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Which Fast-Growing Trends Are Poised to Disrupt the Tele-Radiology Market?
The emergence of technological progression is a significant trend garnering recognition in the teleradiology market. Numerous leading participants are prioritizing the swift uptake of contemporary technologies along with delivering state-of-the-art AI-backed healthcare solutions in the realm of distant radiology. For example, Tele-Radiology Solutions (TRS), a nationwide teleradiology company in the United States, disclosed in April 2022 that they have entered into a contract with the Andhra Med Tech Zone (AMTZ) from India to set up a center devoted to offering remote radiology image interpretations by proficient radiologists, supplemented by cutting-edge artificial intelligence solutions. Through this partnership, TRS and AMTZ aim to extend their reach across Indian government hospitals, rural health centers across various states (including those under the National Health Mission), and public sector enterprises with hospitals where TRS will deliver off-site radiology services.
What Are the Emerging Segments in the 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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Who Are the Global Leaders in the Tele-Radiology Market?
Major companies operating in the tele-radiology market are 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.
Which are the Top Profitable Regional Markets for the Tele-Radiology Industry?
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.
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