The delivery of medical imaging services has undergone a paradigm shift recently, which has affected the healthcare sector. The remote transmission of radiological images from one place to another, or teleradiology market, has emerged as a game-changer, revolutionising the effectiveness and accessibility of diagnostic services globally. This blog examines the rapidly growing teleradiology market, highlighting its major forces, advantages, and difficulties as well as the profound effects it has had on patient care.
In teleradiology, medical pictures like X-rays, CT scans, MRIs, and ultrasounds are electronically transferred from a healthcare facility to a radiologist who is situated elsewhere. With the help of technology, medical personnel can now evaluate and interpret photos from a distance, hastening turnaround times and improving patient outcomes.
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The Teleradiology Market is likely to thrive at a CAGR of 9.6% during the forecast period. The market is anticipated to cross a market share of US$ 9.1 billion by 2033, while it holds a revenue of US$ 3.6 billion in 2023.
The teleradiology market has experienced substantial growth over the past decade, and it continues to expand at a rapid pace. Factors such as the increasing demand for efficient and accurate radiological interpretations, rising healthcare costs, and a shortage of radiologists in certain regions have driven the market’s growth.
- The market demand for teleradiology rises with the higher applications of teleradiology in all the prevalent scanning procedures like X-ray, MRI, CT Scan, etc.
- Governments are advancing the healthcare industry while also expanding the research and development programs for smarter, faster, and more advanced telecommunications. This fuels the sales of teleradiology.
- Another factor that is anticipated to support the expansion of the teleradiology market share is the rising number of medical imaging procedures performed to address the rising prevalence of diseases like cancer, cellulitis, arthritis, osteomyelitis, and others around the world.
Key Points:
- The US market for teleradiology holds the biggest market share and is expected to cross the biggest anticipated values of US$ 3.4 Bnby 2033 with a CAGR of 9.6%. The growth rate is rising for the US market as the market thrived on a higher CAGR of 11.3% between 2017 and 2022.
- The Malaysian market for teleradiology thrives at the highest CAGR of 11.4% during the forecast period while expecting revenue of US$ 202.4 million by 2033. The regional market thrived at a slightly higher CAGR of 13.4% during the previous forecast period.
- Research report of FMI states that the CT scan segment continues to lead the modality type category with a CAGR of 11.2% between 2023 and 2033.
- Based on end-user type, the hospital segment thrives at a CAGR of 9.2% between 2023 and 2033 while the segment flourished at a higher CAGR of 11.2% between 2017 and 2022
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Competitive Landscape:
Key players in the teleradiology market are focusing on developing novel products using advanced technologies and receiving approvals from regulatory bodies for product launches. The top 7 players in the sales of teleradiology market landscape are anticipated to account for a substantial share of the market over the next ten years.
To increase their demand for teleradiology positions, industry players release additional features and increase their product line. The sales of teleradiology are dominated by a few prominent players named Teleradiology Solutions, Argus Radiology, SRL Diagnostics, USARAD Holdings Inc., Vital Radiology Services, and Telemedicine Clinic.
Recent Market Developments:
- Argus Radiology has introduced its teleradiology service that comes with a lower cost and high-accuracy model. The brand claims to have a personal touch with the customers and 95% of clients are retained long-term.
- Telemedicine Clinic targets the UK, Denmark, and Sweden with its teleradiology service along with introducing TMC academy, which helps the students learn radiology with the help of over 200 experienced sub-specialists.
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Teleradiology Market by Category:
By Modality:
- X-Ray Scans
- CT Scans
- MRI Scans
- Ultrasound Scans
- Nuclear Scan
- Cardiac Echo
- Mammography
- Electromammography
By End User:
- Hospitals
- Clinics
- Ambulatory Surgical Centres
- Radiology Centres
By Region:
- North America
- Latin America
- Europe
- South Asia & Pacific
- East Asia
- Middle East & Africa (MEA)
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