Teleradiology Market to be Worth $6.28 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, July 12, 2023 /PRNewswire/ -- The global teleradiology market size is expected to reach USD 6.28 billion by 2030 registering a CAGR of 12.9% from 2023 to 2030,  according to a new report by Grand View Research, Inc. The growing prevalence of chronic disorders, the introduction of technologically advanced diagnoses, and an increasing need for teleradiology for emergencies and second opinions are stimulating demand for teleradiology services.

Key Industry Insights & Findings from the report:

• X-ray held the largest market share in 2022 owing to its wide applications, such as in the detection of dental injuries and fractures in bones.
• Based on report type, the preliminary reports segment held the largest market share in 2022.
• Based on end-use, hospitals held the largest market share in 2022, owing to large patient base, building financial capacity, and receptivity to advanced technology.
• North America held the largest teleradiology market share in 2022 due to wide usage of the advanced technologies and the presence of key companies along with established healthcare infrastructure in the region.
• Asia Pacific is expected to be the fastest-growing region during the forecast period due to the supportive government regulations for the expansion of teleradiology and the quick adoption of the new technologies.
• Most of the manufacturing companies focus on expanding their product portfolios and entering untapped markets, such as Asia Pacific.

Read 120-page market research report, "Teleradiology Market Size, Share & Trends Analysis Report By Product (Ultrasound, MRI, CT, X-ray), By Report (Preliminary, Final), By End-use (Hospital, Ambulatory Imaging Center, Radiology Clinics), By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.

Teleradiology Market Growth & Trends

The shortage of radiologists coupled with a continuously rising demand for imaging procedures is also expected to drive market growth. Although, the number of radiology equipment installed in the countries such as the U.K., U.S., and Singapore has increased over years; however, it is unable to meet the rising demand for diagnostics imaging. For instance, as per the NHS report, the average waiting time for an MRI test is reported to be 22 days in England in the year 2021.

In addition, legislative amendments made by the various governments worldwide for diagnostic imaging services will enhance the growth of this market during the forecast period. For instance, amendments in Australia's Health Insurance Act 1973 for diagnostic imaging have enabled Medicare funding for these diagnostic imaging services since March 2008. This has allowed better access to diagnostic imaging for various conditions. North America was the major regional market in 2021 and accounted for 39.09% of the global share due to the factors, such as the higher amount of funding for R&D, patient awareness levels, and cancer prevalence.

Aging is considered as the greatest risk factor for developing degenerative disorders of the joints, such as osteoporosis. Thus, the growing geriatric population, globally, is expected to be a high-impact rendering driver of the market. Osteoarthritis and osteoporosis are some of the most common disorders in the population aged over 70 years. The growing prevalence of these disorders is leading to an increase in the economic burden on many countries, thereby growing demand for teleradiology.

Teleradiology Market Report Scope

Teleradiology Market Segmentation

Grand View Research has segmented the global teleradiology market based on the product, report type, end-use, and region

Teleradiology Market - Product Outlook (Revenue in USD Million, 2018 - 2030)

• X-ray
• Ultrasound
• Magnetic Resonance Imaging (MRI)
• Computed Tomography (CT)
• Nuclear Imaging

Teleradiology Market - Report Outlook (Revenue in USD Million, 2018 - 2030)

• Preliminary reports
• Final reports

Teleradiology Market - End-use Outlook (Revenue in USD Million, 2018 - 2030)

• Hospitals
• Ambulatory Imaging Center
• Radiology Clinics

Teleradiology Market - Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America
• U.S.
• Canada
• Europe
• Germany
• UK
• France
• Italy
• Russia
• Switzerland
• Netherland
• Sweden
• Spain
• Belgium
• Asia Pacific
• China
• Japan
• India
• Thailand
• South Korea
• Singapore
• Australia
• Taiwan
• Indonesia
• Malaysia
• Latin America
• Brazil
• Mexico
• Argentina
• Colombia
• Chile
• Middle East & Africa
• South Africa
• Saudi Arabia
• UAE
• Kuwait
• Israel

List Of Key Players Of Teleradiology Market

• Virtual Radiologic (vRad)
• Agfa-Gevaert Group
• ONRAD, Inc.
• Everlight Radiology;
• 4ways Healthcare Ltd.
• RamSoft, Inc.
• USARAD Holdings, Inc.
• Koninklijke Philips N.V.
• Matrix (Teleradiology Division of Radiology Partners)
• Medica Group PLC

Check out more related studies published by Grand View Research:

• Portable Ultrasound Devices Market - The global portable ultrasound devices market size is expected to reach USD 3.15 billion by 2030, based on a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.6% from 2022 to 2030. Increased advancements in medical technology, a rise in a patient's preference for minimally invasive treatments, and extensive adoption of imaging systems in emergency care are some of the key factors driving the market.
• Intravascular Ultrasound Market - The global intravascular ultrasound market size is anticipated to reach USD 1.14 billion by 2030, according to a new report by Grand View Research, Inc., registering a CAGR of 5.1% from 2023 to 2030. The rising prevalence of cardiovascular disorders coupled with the increasing demand for effective diagnostic techniques is the key factor driving the market. Moreover, consistent technological advancements are further expected to boost market growth during the forecast period. Intravascular ultrasound (IVUS) is an effective intravascular imaging modality as this technology overcomes numerous disadvantages of angiography, which utilizes X-ray technology to create images.
• Ophthalmic Ultrasound Devices Market - The global ophthalmic ultrasound devices market size is expected to reach USD 787.7 million by 2028, registering a CAGR of 8.36% over the forecast years, according to a new report by Grand View Research, Inc. Increasing incidence of diabetes, rising prevalence of ophthalmic disorders, such as cataract and proliferative diabetic retinopathy, growing awareness about cataract surgeries, and the introduction of technologically advanced ophthalmic ultrasounds are among the major factors anticipated to drive the market during the forecast period.

Browse through Grand View Research's Medical Devices Industry Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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