The teleradiology market is estimated to grow at a CAGR of 13.81% to reach US$9.049 billion in 2026 from US$3.658 billion in 2019. Teleradiology is the ability to obtain images of the internal body in one location and their transmission over a distance so that they can be viewed and interpreted for diagnostic or consultative purposes by a radiologist. This recent practice is being implemented widely by hospitals, urgent care clinics, and specialist imaging companies.
Impact of COVID on teleradiology
The teleradiology market has been on an upward trend and it will continue to grow in the coming years. During the period of the COVID-19 outbreak, there was an increase in the demand for teleradiology services. The COVID-19 pandemic has increased the understanding of the people working from home. Teleradiology providers deliver a scalable, flexible quality with assured reporting service which can respond to geography, reporting demand, time constraints, and various subspecialty constraints. It is estimated that post-crisis teleradiology will become a part of the daily routine of radiology services. It is estimated that the teleradiology market will witness lucrative growth in the coming years.
North America to witness lucrative growth in the market
North America region is estimated to hold the largest share in the market. The factors attributing to this greater share are the rising geriatric population, prevalence of high chronic diseases, a large number of diagnostic imaging procedures, increase in awareness among individuals about teleradiology and technological advancements in this region will drive the growth in the market.
The Asia Pacific region is estimated to be the fastest-growing region in the teleradiology market. This growth will be driven by rapidly expanding healthcare infrastructure and growing unmet healthcare needs. China and India will hold a large proportion in the Asia Pacific region. A large population in the developing nations reside in the rural areas where the healthcare facilities are very limited. The demand for teleradiology services is estimated to increase because of its cost-effective diagnostic interventions.
The major players in the market of teleradiology are Sectra AB, All-American Teleradiology, Everlight Radiology, StatRad, LLC, 4ways Limited, Task Force Health Care, and Telemedicine Clinic. These companies compete with each other by making huge investments in R&D, entering into a partnership, mergers, and acquisitions.
Teleradiology Market Scope:
|Market size value in 2019||US$3.658 billion|
|Market size value in 2026||US$9.049 billion|
|Growth Rate||CAGR of 13.81% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Product, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Sectra AB, All-American Teleradiology, Everlight Radiology, StatRad, LLC, 4ways Limited, Task Force Health Care, and Telemedicine Clinic.|
|Customization scope||Free report customization with purchase.|
Frequently Asked Questions (FAQs)
Q1. What are the growth prospects for teleradiology market?
A1. The global teleradiology market is estimated to grow at a CAGR of 13.81% during the forecast period.
Q2. What will be the teleradiology market size by 2026?
A2. The teleradiology market is estimated to reach a market size of US$9.049 billion by 2026.
Q3. What is the size of global teleradiology market?
A3. Teleradiology market was valued at US$3.658 billion in 2019.
Q4. Which region holds the maximum market share in the teleradiology market?
A4. North America region is estimated to hold the largest share in the teleradiology market.
Q5. What factors are anticipated to drive the teleradiology market growth?
A5. The market of teleradiology is estimated to be driven by a shortage of radiologists in certain countries.