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Teleradiology Market Expected to Reach $46.8 Billion by 2032—Allied Market Research

 
2022
Teleradiology Market

Report Code : A01693

quote The growing awareness and adoption of the teleradiology services. In addition, the growing prevalence of chronic diseases and technological advancements imaging techniques are the factors that are driving the teleradiology market growth. quote

Roshan Deshmukh - Manager
Life Sciences at Allied Market Research

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According to a new report published by Allied Market Research, titled, “Teleradiology Market," The teleradiology market was valued at $8.8 billion in 2022, and is estimated to reach $46.8 billion by 2032, growing at a CAGR of 18.1% from 2023 to 2032. Teleradiology involves transmission of radiological images and related data from one location to another for diagnostic and consulting purpose. It is an advanced technology that has emerged due to the imbalance between demand and availability of diagnostic services during emergency situations. Earlier, teleradiology was used only for emergencies; however, with advent of internet and advancement in IT industry, teleradiology industry became more common in recent years. The availability of computer programs such as picture archiving & communication system (PACS) and radiological information system (RIS) that are specifically dedicated to sending radiological images has led to the major advancements in teleradiology technologies. This has made teleradiology industry a common practice in medicine for accurate diagnosis, interpretation, and proper treatment of patients. 

The key factors driving the teleradiology market trends includes the growing prevalence of chronic diseases and the growing awareness and education initiatives spearheaded by major industry players like Siemens Healthineers, Philips Healthcare, Agfa Healthcare, and others, which play a pivotal role in propelling the market growth of teleradiology. These companies actively engage in organizing workshops, webinars, and training programs specifically tailored for radiologists, technologists, and healthcare administrators. By providing comprehensive educational resources, these initiatives aim to bridge knowledge gaps, disseminate information about the latest advancements in teleradiology, and highlight best practices in its implementation. 

The commitment of key players to enhancing the understanding of teleradiology's capabilities contributes to a more informed healthcare ecosystem. Radiologists and healthcare professionals, through these educational programs, gain proficiency in utilizing advanced teleradiology solutions effectively. As a result, the industry witnesses increased adoption of these technologies, leading to improved diagnostic accuracy, streamlined workflows, and ultimately better patient outcomes. 

Furthermore, the presence of favorable reimbursement policies are further driving the  teleradiology market analysis. For instance, according to the latest policy, covered patients only have to pay 20% of the costs related to receiving telehealth services, and the rest is covered by Medicare insurance. This policy substantially reduces financial barriers for patients, making teleradiology services more accessible and affordable. As a result, healthcare providers are incentivized to integrate and expand their teleradiology offerings, knowing that a larger portion of the population can benefit from remote diagnostic services without incurring prohibitive expenses. Such reimbursement policies not only improve patient access but also contribute to the broader acceptance and utilization of teleradiology solutions. 

However, the teleradiology market share is anticipated to face constraints due to the limited availability of broadband networks and concerns regarding data security. In regions with insufficient broadband infrastructure, the efficiency of transmitting medical images for remote interpretation may be compromised. Additionally, the potential risk of unauthorized access and breaches raises apprehensions about data security, hindering the widespread adoption of teleradiology solutions and impeding their overall market expansion. 

On the basis of imaging technique, the market is bifurcated into x-rays, computed tomography (CT), ultrasounds, magnetic resonance imaging (MRI), nuclear imaging, fluoroscopy, mammography, and others. The computed tomography (CT) segment accounted for the largest share in terms of revenue in 2022 and is expected to maintain its lead during the forecast period owing to its versatility in diagnosing a wide range of conditions, including trauma, cancer, and vascular diseases. The technology's ability to provide three-dimensional images with high resolution has made it a cornerstone in various medical specialties. However, the nuclear imaging segment is expected to exhibit the fastest CAGR growth during the teleradiology market forecast period owing to continuous technological breakthrough in the nuclear medicine sector by development of new radiotracers and investment for the modernization of diagnostic imaging centers. 

On the basis of type, the market is segmented into teleradiology service and teleradiology hardware & solutions. The teleradiology service segments accounted for the largest  teleradiology market share in terms of revenue in 2022 and is expected to exhibit the fastest CAGR growth during the forecast period owing to the ongoing global shift towards teleradiology and the need for efficient and rapid healthcare solutions which further fuel the demand for teleradiology services. However, the software segment of teleradiology hardware & solutions is expected to register the fastest growing CAGR in the forecast period owing to the rapidly growing IT sector with novel software development and increase in number of advanced software solutions that enable quick transfer of images and their retrieval. 

On the basis of end user, the market is classified into hospital, diagnostic centers, and others. The hospital segment accounted for the largest teleradiology market size in terms of revenue in 2022 and is expected to maintain its lead during the forecast period owing to the growing reliance on teleradiology services in hospitals. The increased demand for timely and accurate diagnostic imaging, coupled with the efficiency and accessibility offered by teleradiology, positions hospitals as key contributors to the market's revenue. However, the diagnostic centers segment is expected to exhibit the fastest CAGR growth during the forecast period. Diagnostic centers play a crucial role in offering a wide range of medical tests and imaging services, including radiology, pathology, and other diagnostic procedures.  

On the basis of region, North America has the largest teleradiology market size in terms of revenue in 2022 and is expected to maintain its lead during the forecast period owing to growing access to advanced medical technologies and a well-developed network of healthcare facilities. Additionally, the high incidence of chronic conditions and the aging population contribute to the sustained demand for healthcare services and medical products. However, Asia-Pacific is expected to exhibit the fastest growth during the forecast period, owing to increase in adoption of teleradiology technologies such as PACS & RIS and high prevalence of chronic diseases. Moreover, rise in investments and presence of key players in the teleradiology field majorly drives the growth of the market in Asia-Pacific. 

Key Findings of the Study 

  • On the basis of imaging technique, the computed tomography (CT) segment dominated the market in terms of revenue in 2022. However, the nuclear imaging segment is anticipated to grow at the fastest CAGR during the forecast period.  
  • On the basis of type, the teleradiology service segment dominated the market in terms of revenue in 2022 and is anticipated to grow at fastest CAGR during the forecast period. 
  • On the basis of end user, the hospital segment dominated the market in terms of revenue in 2022. However, the diagnostic centers segment is anticipated to grow at the fastest CAGR during the forecast period.  
  • Region wise, North America generated the largest revenue in 2022. However, Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.

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quote Teleradiology Market by Imaging Technique (Computed tomography (CT), X-rays, Ultrasounds, Magnetic resonance imaging (MRI), Nuclear imaging, Fluoroscopy, Mammography, Other imaging techniques), by Type (Teleradiology service, Teleradiology hardware and solutions), by End User (Hospitals, Diagnostic centers, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032 quote

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