Teleradiology Markets 2024-2029 with Koninklijke Philips, Radiology Partners, Teleradiology Solutions, Everlight Radiology, Agfa-Gevaert, and 4ways Healthcare Dominating the $36.67 Billion Market - ResearchAndMarkets.com

The "Teleradiology Market - Focused Insights 2024-2029" report has been added to ResearchAndMarkets.com's offering.

The Teleradiology Market was valued at USD 9.40 billion in 2023, and is expected to reach USD 36.67 billion by 2029, rising at a CAGR of 25.47%

The global teleradiology market report consists of exclusive data on 36 vendors. Major players dominate the market; however, there are moderate growth opportunities for new entrants. Though the market is dominated by major players, many investigational and small companies are coming into existence with teleradiology services and platforms.

Koninklijke Philips, Radiology Partners, Teleradiology Solutions, Everlight Radiology, Agfa-Gevaert Group, and 4ways Healthcare Limited are some of the leading companies dominating the teleradiology market. These players accounted for a significant market share in the global teleradiology market. These vendors are continuously developing and investing in teleradiology services and solutions and are expected to dominate the market with continued engagement.

North America dominates the global teleradiology market share, and the market is growing due to multiple factors, including the availability of sophisticated healthcare infrastructure, reimbursement coverage for telehealth, and favorable government initiatives and reforms supporting digital health.

In addition, technological advancements in mobile health technology, increasing awareness about the benefits of telehealth, and a growing focus on value-based healthcare and population health management are the other factors contributing to the growth of the telehealth market in this region.

MARKET TRENDS & DRIVERS

Rising Cloud and Artificial Intelligence Integration

AI integration in teleradiology is making a significant impact. This intersection of cloud and AI across teleradiology workflow provides immense potential and promises to improve patient care, diagnosis accuracy, and streamline workflow. AI and cloud services enhance the speed of teleradiology applications with advanced algorithms and help expedite medical image interpretation.

Another major factor is that these technologies in teleradiology provide decision support to radiologists. Advanced AI algorithms can assist in differential diagnosis by suggesting potential diagnoses. It can increase radiologist's confidence and aid in developing personalized treatments plans for patients. Furthermore, these advanced technologies assist in prioritizing cases based on urgency and ensure that patients receive complete attention regardless of location.

Teleradiology Expansion in Emergency Management

Teleradiology applications in in-patient and outpatient management have proven significantly effective. However, in recent years, the expansion of teleradiology in emergency cases, disaster management, mass casualty, and other cases has become more popular. The American Journal of Roentgenology 2020 stated that teleradiology applications are rapidly increasing in emergency management, such as in war situations and disaster management, and one of the biggest examples is the COVID-19 pandemic. Through teleradiology, in emergencies and disasters, radiologists deliver access to timely and accurate medical imaging, which is crucial.

Increasing Volume of Diagnostic Imaging

Worldwide, diagnostic medical imaging is the cornerstone of modern healthcare. Medical imaging is developing rapidly across the world and plays a central role in supporting the diagnosis and treatment of a disease. Medical imaging includes X-ray, ultrasound, mammography, CT, and nuclear medicine. The increasing volume of medical imaging across the world and the rising associated burden on health professionals are accelerating the demand for teleradiology.

INDUSTRIAL RESTRAINTS

Lack of Standard Interoperability in Teleradiology Infrastructure

Teleradiology is transforming healthcare globally, which allows providers to deliver medical imaging services immediately according to the patient's need and convenience, thereby lowering costs and improving outcomes. Regulatory and legal roadblocks, however, still hinder teleradiology providers' overall effectiveness. Though teleradiology is in its early growth phase and has tremendous potential to grow further in the coming years, uncertainty regarding the establishment of standard regulations and legal barriers is hindering the growth prospects of teleradiology to some extent globally.

Also, the lack of uniformity among various developed countries and national regulations poses challenges to the teleradiology market. It is evident that without a clear regulatory framework, teleradiology will not meet its full potential in the coming years. The fate of teleradiology growth largely rests on establishing an improved policy framework and growing cooperation among policymakers, companies, and providers.

SEGMENTATION INSIGHTS

INSIGHTS BY PRODUCT TYPE

The global teleradiology market by product type is segmented into services (general consultations, nighthawk & emergency, specialty/elective, and second opinions) and hardware & software. The service segment dominates with the largest market share and shows highest growth during the forecast period. Worldwide, radiologists often face burdens due to various factors inherent to their profession, including high workload, managing and interpreting complex cases, irregular work hours in emergencies, and their work professional shortages are some of the factors that drive the demand for teleradiology services.

In the service segment, general consultations accounted for the major market share due to the rising patient population and unmet need for care requiring more attention and access. Consultations during the daytime are mostly general consultations. The first consultations, which are made with the radiologists, are included in the general consultations. The general consultation services are available 24/7 and 365 days, which increases the efficiency of radiology services. Due to the shortage of radiologists and lack of expertise, the demand for general consultations is required in radiology.

INSIGHTS BY IMAGING TECHNOLOGY

The global teleradiology market by imaging technology is categorized into ultrasound, radiography, CT, MRI, mammography, PET/SPECT, and others. The ultrasound segment holds the largest market share. The use of primary care ultrasound has become increasingly common across the globe. General practitioners are also increasing the use of ultrasound. Tele-ultrasound is widely used across the globe to provide better healthcare diagnostics.

High-income countries are also facing a shortage of trained clinicians, so the adoption of tele-ultrasound is higher among developed countries. In the case of many low-income countries, there is a shortage of subspecialties, and procedurally trained physicians face a shortage of resources due to poor economic conditions. These factors are increasing the demand for tele-ultrasound usage.

INSIGHTS BY APPLICATION

Based on the application, the neurology segment showcases prominent growth, with the fastest-growing CAGR during the forecast period. Neurology diseases are highly complex, and imaging diagnosis procedures are also challenging. MRI is the most used medical imaging procedure in neurology disease diagnosis. Apart from that, CT and PET are also becoming popular in the field of neurology.

There is an increase in the usage of medical imaging in the neurology segment. Teleradiology has helped people manage stroke very effectively through stroke management. Similarly, the neurology department is widely adopting teleradiology services to provide better treatment management. Various advancements are happening in medical imaging, specifically in neurology. When these advancements are made available for every person through the teleradiology concept, it will help people access better treatments.

INSIGHTS BY END-USER

The hospital segment accounted for the largest global teleradiology market share based on the end-user. The disease management and post-acute-care management programs are more efficient and effective with the help of teleradiology. This helps healthcare providers provide more accurate and better treatment for patients. Many prestigious hospitals in the US have started to implement teleradiology.

These hospitals are facing a large number of urgent issues. They are pressurized to increase patient satisfaction, expand revenue sources, bridge gaps in care, and make it more convenient for the patients. Hospitals are the major end-users of teleradiology platforms to improve the quality of healthcare for patients. Among all healthcare providers, hospitals are the largest revenue contributors to the teleradiology market as most of the teleradiology services are provided through them, thus helping segmental growth.

KEY QUESTIONS ANSWERED

• How big is the global teleradiology market?
• What is the growth rate of the global teleradiology market?
• What are the key opportunities in the global teleradiology market?
• Which region dominates the global teleradiology market?

Key Attributes:

Recent Vendors Activities

• In 2024, Australia and New Zealand's I-med Radiology acquired StatRad, one of the largest teleradiology service providers in the US. This acquisition will help I-Med to enter the US teleradiology market.
• In 2024, HealthEdge announced an investment in Redsource, LLC, to enter the teleradiology market.

Key Vendors

• Koninklijke Philips
• Radiology Partners
• Teleradiology Solutions
• Everlight Radiology
• Agfa-Gevaert Group
• 4ways Healthcare Limited

Other Prominent Vendors

• Cloudex Radiology
• Cerner
• FUJIFILM Corporation
• ONRAD
• RamSoft
• Telediagnosis Solutions
• Telerad Tech
• StatRad
• MedWeb
• WebRad
• 5C Network
• Doctor-NET
• Telemedicine Clinic
• NightHawk Radiology
• Vesta Teleradiology
• IK Partners
• Myfair
• Voyager Imaging
• Radmedic Group
• Specialty Teleradiology
• Real Rads
• NEXTRAD
• Matrix Imaging Solutions
• I-MED Radiology Network
• Radsource
• Rology
• Experity
• USRAD.COM
• Sirona Medical
• Siemens Healthineers (Siemens Healthcare GmbH)

For more information about this report visit https://www.researchandmarkets.com/r/49ooz7

About ResearchAndMarkets.com

ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241118647496/en/