NEWARK, Del, Oct. 30, 2023 (GLOBE NEWSWIRE) -- The teleradiology service market is projected to surpass US$ 6,980.1 million in 2023 and is likely to attain a valuation of US$ 22,069.5 million by 2033. The teleradiology service market share is expected to rise at a CAGR of 12.20% from 2023 to 2033.
Data security is critical in the teleradiology sector, particularly given the sensitivity of patient health data. Blockchain technology, which provides decentralized, tamper-proof data storage and transfer, is being used by teleradiology providers. This assures regulatory compliance and builds confidence among stakeholders such as patients, healthcare providers, and insurers. The adoption of blockchain-enhanced data security solutions is viewed as a strategic investment in a teleradiology service firm's long-term reputation and reliability. This adoption can lead to a strong market presence.
Teleradiology companies recognize the value of a committed and engaged remote radiologist team. Companies build a healthy company culture by providing flexible work arrangements, wellness programs, and professional development activities. This increases staff retention and productivity and assures good service quality. A motivated team translates directly into improved service performance and client pleasure. In the competitive teleradiology service industry, focusing on the well-being of remote radiologists is a smart investment in human resources.
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Key Takeaways from the Teleradiology Service Market Report:
- In 2018, the global market size stood at US$ 2,354.0 million.
- The market size expanded at a 21.5% CAGR from 2018 to 2022.
- In 2022, the global market size stood at US$ 6,221.2 million.
- The certified reporting services process segment captured 69.78% of market shares in 2023.
- The emergency nighthawk segment occupied 36.8% of market shares in 2023.
- The market size in India will rise at an 18.3% CAGR through 2033.
- The market size in Germany will surge at a 4.4% CAGR through 2033.
- The market size in Japan will flourish at a 7.1% CAGR through 2033.
Note from the Analysts:
“The teleradiology services industry is positioned for further expansion, with limitless opportunities for those that are agile, inventive, and committed to providing services that suit the changing demands of healthcare. Adapting to changing client needs, incorporating sophisticated technology, and addressing environmental issues will all be critical to success in this dynamic and revolutionary context. The teleradiology industry is an important pillar in the ever-changing healthcare ecosystem, and the time has come for stakeholders to capitalize on the benefits it provides,” says Sabyasachi Ghosh, Associate Vice President at Future Market Insights (FMI).
Key Players in the Teleradiology Service Market
- Teleradiology Solutions
- Argus Radiology
- SRL Diagnostics
- USARAD Holdings Inc.
- Vital Radiology Services
- Teleradiology Providers
- Telemedicine Clinic
- TeleDiagnosys Services Pvt. Ltd
- Imaging Advantage
- Foundation Radiology Group
Recent Developments Observed by FMI:
- LevelJump Healthcare Corp., a Canadian pioneer in B2B telehealth solutions, announced in September 2023 that its wholly owned subsidiary, Canadian Teleradiology Services ("CTS"), has acquired a new contract to provide teleradiology services. CTS is expanding its services outside Ontario, now offering remote radiological readings to Circle West Ultrasound Diagnostics and Warman Medical Imaging in Saskatchewan. During the day, the duty entails readings for Ultrasound patients.
- In October 2022, Teleradiology Solutions (TRS) launc its new facility in the Andhra Med Tech Zone (AMTZ). AMTZ and TRS will utilize this hub to connect pan-India government hospitals, state-wide rural health facilities (including those financed by the National Health Mission), and public-private partnerships with hospitals where TRS would provide remote radiological services.
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Teleradiology Service Market Segmentation
By Process Type:
- Certified Reporting Services Process
- Preliminary Reporting
By Service Type:
- Emergency Nighthawk
- Day Time Coverage
- Subspecialty Reading
- Cardiac Imaging
- Neuroradiology
- Nuclear Scans
- Musculoskeleton Studies
- Second Opinion
- Clinical Trials
By Modality:
- X-Ray Scans
- Computerized Tomograph (CT) Scans
- MRI Scans
- Ultrasound Scans
- Nuclear Scans
- Cardiac Echo
- Mammography
- Electromammography
By End-user:
- Hospitals
- Clinics
- Ambulatory Surgical Centres
- Radiology Centres
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa (MEA)
Author:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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