2022 Statistics: U.S. and Global Teleradiology Market Will Surpass USD 15.22 Billion at 15.1% CAGR Growth: Vantage Market Research


WASHINGTON, Sept. 26, 2022 (GLOBE NEWSWIRE) -- A Comparative research study carry out by Vantage Market Research is database of 163 pages, titled as “Teleradiology Market” with graphs & figures spread through pages, 105+ market data Tables, Pie Charts, and simple to understand comprehensive analysis. Teleradiology Market research report is delivered with commitment depending upon the reader needs. With the defined historic year and the base year, assessments and calculations are performed in this market report. Market size and share analysis and key trend analysis are the prime accomplishing factors in this market research report. In addition to the market insights such as market value, growth rate, geographical coverage, market segments, market players, and competitive scenario, pipeline analysis, the market report curated by our experienced team also includes detailed expert analysis, patient epidemiology, pricing analysis, and regulatory framework.

Vantage Market Research analyses that the Teleradiology Market revenue was valued at USD 7.13 Billion in 2021, would soar up to USD 15.22 Billion by 2028, is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 15.1% during the forecast period 2022 to 2028; in a report, titled “Teleradiology Market by Imaging Technique (X-rays, Computed Tomography (CT), Ultrasound, Magnetic Resonance Imaging (MRI), by End User (Hospitals, Diagnostic Centers, Other End Users), by Component (Hardware, Software), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.

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List of Prominent Players in the Teleradiology Market:

  • 4ways Healthcare Ltd. (UK)
  • Health Watch Tele Diagnostics Pvt. Ltd. (India)
  • Ram Soft Inc. (Canada)
  • Everlight Radiology (UK)
  • Virtual Radiologic (US)
  • Agfa-Gevaert N.V. (Belgium)
  • ONRAD (US)
  • Teleradiology Solutions (India)
  • Global Diagnostics (Australia)

Key Industry Findings & Insights from the report:    

  • The Global Teleradiology Market was valued USD 7.13 Billion in 2021 and is all set to surpass USD 15.22 Billion by 2028, exhibiting a CAGR of 15.1% during the forecast period 2022-2028.           
  • In terms of revenue, the application segment held the largest revenue share of in 2021 and is estimated to maintain its dominance for the forecast period.
  • In terms of revenue, the product segment held the second largest market share of in 2021 and is estimated to grow rapidly during the forecast period.
  • The growth can be attributed to rapid urbanization, technological advancement, an increase in investment by developing countries.
  • North America captured the lion share in 2021 and is projected to retain its position over the forecast period. This can be attributed to the existence of a significant number of Teleradiology industry companies and the high adoption rate owing to government measures that stimulate this industry in this region. The growth is primarily due to the increasing collaborations.

Market Dynamics:

Increasing Medical Imaging Techniques to Fuel Global Teleradiology Market

The major market driver is the significant increase in medical imaging techniques for the diagnosis, therapy, and management of chronic and acute illnesses. According to the Journal of the American Medical Association, it was reported that despite a general campaign by medical professionals to decrease medical imaging procedures, medical imaging experienced substantial growth in procedure rates in the U.S. and some parts of Canada thus, is expected to drive the growth of the global teleradiology market. Furthermore, there is increased adoption of treatment programs that focuses on preventive care of major illnesses, which often uses a collection of imaging procedures for the diagnosis and management of diseases. The increasing prevalence of cancer has led to demand for imaging procedures that function as an important diagnostic method.  As per to the American Cancer Society (ACS), new lung cancer cases diagnosed number in the U.S. in 2020 will be around 228,820. This is projected to drive the requirement for this technology which is necessary for the diagnosis and control of many varieties of cancers and boosts the growth of this market size during the projected period.

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Increasing R&D Activity in the Development of Advanced Solutions to Stimulate the Market Growth

There is an increasing R&D activity in the development of advanced solutions for the efficient diagnosis, treatment, and management of several medical conditions. The increasing demand for this technology due to multiple advantages associated with them is anticipated to drive market growth. Some of the advantages of this technology includes better efficiency, lower costs, and quick turnaround times. Due to advancements in this technology, any modality in which the medical images can be digitalized can be paired well with teleradiology. Some of the other technological advancements which includes improved workflow efficiency, and also the usage of cryptocurrency and blockchain in this marketplace. The above factors combined with the increasing need for efficient diagnostics is further projected to fuel the demand for these technologies and boost the market growth.

COVID-19 Impact Analysis:

The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:

  1. Impact Assessment of COVID-19 Pandemic
    1. North America
    2. Europe
    3. Asia Pacific
    4. Latin America
    5. Middle East & Africa
  2. Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
  3. Key Strategies Undertaken by Companies to Tackle COVID-19
  4. Long Term Dynamics
  5. Short Term Dynamics

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The report on Teleradiology Market highlights:

  • Assessment of the market
  • Premium Insights
  • Competitive Landscape
  • COVID Impact Analysis
  • Historic Data, Estimates and Forecast
  • Company Profiles
  • Global and Regional Dynamics

Regional Analysis:

North America Dominates the Global Teleradiology Market

North America has dominated the global Teleradiology Market in 2021 and is likely to continue the same trend during the forecast period. This is attributed to raise funding programs by government agencies and the rise in focus toward the use of teleradiology services in diagnostic centres, ambulatory surgical centres, clinics, and others, in this region is expected to support the regional growth of the market.

Asia Pacific is likely to witness fastest growth in the Teleradiology Market during the forecast period. This is attributed to the growth in the key players including GE Healthcare, Philips, and others, which affect the teleradiology market growth. For instance, GE Healthcare adopted a collaboration with Teleradiology Solutions to widen its reach across India with Teleradiology’s proprietary Radiology Workflow Solution, RadSpa to make remote radiology reporting benefits available to healthcare providers thus expected to support the growth of the Teleradiology Market in near future.

Browse market data Tables and Figures spread through 163 Pages and in-depth TOC on "Teleradiology Market by Imaging Technique (X-rays, Computed Tomography (CT), Ultrasound, Magnetic Resonance Imaging (MRI), by End User (Hospitals, Diagnostic Centers, Other End Users), by Component (Hardware, Software), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".

Recent Developments:

January 2017: MEDNAX, Inc. declared the acquisition of Radiology Alliance, the biggest private practice radiology company in the U.S. Radiology Alliance was the first on-site radiology company to join MEDNAX.

Key Questions Answered in The Report:

  • Which region will show the fastest and highest growth in the near future?
  • Which are the top five players and their weakness and strength of the Market?
  • What will be the future innovation in the upcoming six years?
  • Which application and product will lead the largest share of the Market?
  • What are the growth drivers, restraints and challenges of the industry?
  • What will be the CAGR and size of the Teleradiology Market for the base year and forecast period?                          

This market titled “Teleradiology Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:

Report AttributeDetails
Market Size in 2021USD 7.13 Billion
Projected Market Size in 2028USD 15.22 Billion
CAGR Growth RateCAGR of 15.1% From 2022 - 2028
Base Year2021
Historic Years2016 - 2020
Forecast Years2022 - 2028
Segments CoveredImaging Technique

  • X-rays
  • Computed Tomography (CT)
  • Ultrasound
  • Magnetic Resonance Imaging (MRI)
  • Nuclear Imaging
  • Other Imaging Techniques
End User

  • Hospitals
  • Diagnostic Centers
  • Other End Users
  • Hardware
  • Software
Quantitative Data - UnitsRevenue in USD Million/Billion and CAGR from 2022 to 2028
Regions CoveredNorth America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
Countries CoveredU.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Report CoverageMarket growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.

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