Teleradiology Market Size: Set to Reach USD 30.13 Billion by 2031| SkyQuest Technology

Teleradiology Market size was valued at USD 9.58 billion in 2023 to USD 30.13 billion by 2031, growing at a CAGR 15.40% during the forecast period (2024-2031).

WESTFORD, MA, UNITED STATES, September 25, 2024 /EINPresswire.com/ -- Global Teleradiology Market size was valued at USD 8.30 billion in 2022 and is poised 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).

The increasing use of digital technologies in the healthcare industry is projected to primarily set the tone for teleradiology market growth going forward. The rising use of telemedicine and teleconsultation practices in the healthcare industry is also boosting the adoption of teleradiology. The surge in the number of medical imaging diagnostic procedures around the world is also driving up the demand for teleradiology.

Teleradiology market players are projected to invest heavily in the research and development of novel products and services to enhance their business scope. Teleradiology providers are focusing on fulfilling the massive surge in demand for medical imaging around the world through their offerings to boost revenue.

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Teleradiology Market Segmental Analysis
Global Teleradiology Market is segmented by Product & Service, Imaging Technique, End User, and region.

Based on Product & Service, the market is segmented into Teleradiology Services, Software, and Hardware.
Based on Imaging Technique, the market is segmented into computed tomography, Magnetic Resonance Imaging (MRI), Ultrasound, X-ray, Mammography, Nuclear Imaging, Fluoroscopy. Based on End User, the market is segmented into Hospitals And Clinics, Diagnostic Imaging Centers and Laboratories, Long-term Care Centers, Nursing Homes, & Assisted Living Facilities, and Other End Users.
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.

Partnerships and Acquisitions Remain Preferred Strategies for Teleradiology Companies
Back in August 2023, a medical imaging SaaS organization known as OnePacs was acquired by Experity. The move helped Experity strengthen its teleradiology portfolio and cements its high market share as a top teleradiology provider in the United States. OnePacs’ leading PACS platform will help Experity offer a fully tech-enabled teleradiology solution for users.

Recently in January 2024, Radsource LLC, a renowned name in orthopedic and neurological MRI interpretations received investment from HealthEdge Investment Partners LLC. This move helped HealthEdge mark its entry into the teleradiology market to capitalize on the rising demand for medical imaging around the world.

Teleradiology companies are leveraging collaborations and acquisitions to improve their market share and presence around the world. These strategies are especially beneficial for established teleradiology companies as they have the resources and capital to make the most out of them. However, new companies with innovative approaches can also benefit from these strategies if they play their cards right.

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This report covers the following players:
• GE Healthcare (US)
• Medica Group PLC. (UK)
• Cerner Corporation (US)
• McKesson Corporation (US)
• Agfa Healthcare (Belgium)
• Siemens Healthineers (Germany)
• Fujifilm Holdings Corporation (Japan)
• 4Ways Healthcare (UK)
• Teleradiology Solutions (India)
• ONRAD (US)
• RamSoft, Inc. (Canada)
• Novarad Corporation (US)
• TeleDiagnostic Solutions Pvt. Ltd. (India)
• StatRad LLC (US)
• Medweb LLC (US)
• Nautilus Medical (US)
• Mirada Medical (UK)
• Telerad Tech (India)
• USARAD Holdings, Inc. (US)
• Koninklijke Philips N.V. (Netherlands)
• InHealth Group Ltd. (UK)

Addressing Shortage of Radiologists through Teleradiology - Key Opportunity Over the Decade
Yellowcross Healthcare Commerce, a new company focused on practice management for healthcare professionals and organizations launched a new service to streamline teleradiology service management in February 2024. The company works with different healthcare establishments to understand and meet their teleradiology needs.

Insightiv Technologies, a technology start-up from Rwanda is leveraging the use of artificial intelligence (AI) to address the shortage of radiologists. The company is achieving this by combining AI with teleradiology to provide insights into radiology reports for hospitals without radiologists. The images are sent to remote radiologists for insights and help in promoting better diagnosis for patients.

Addressing the shortage of radiologists around the world will be a key opportunity for teleradiology companies. The use of artificial intelligence and other technologies will provide a highly rewarding new business scope for teleradiology providers as they work towards resolving the issue pertaining to the absence of skilled radiologists amid growing demand for medical imaging.

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This report covers the following segments:
A. Product & Service
1. Teleradiology Services
2. Software [Picture Archiving & Communication Systems (PACS), Radiology Information Systems (RIS)]
3. Hardware
4. Others
B. Imaging Technique
1. Computed Tomography
2. Magnetic Resonance Imaging (MRI)
C. End User
1. Hospitals And Clinics
2. Diagnostic Imaging Centers and Laboratories
3. Long-term Care Centers
4. Nursing Homes & Assisted Living Facilities
5. Other End Users

Teleradiology companies have multiple opportunities to explore as the demand for medical imaging increases. The simplest way to maximize business growth for market players would be to address the challenges in radiology and solve them using teleradiology. The use of advanced technologies will be an unmissable trend for teleradiology of the future.

Related Report:
Mammography Market is growing at a CAGR of 10.1% in the forecast period (2024-2031).

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