Teleradiology Market worth $14.8 billion by 2026
The report "Teleradiology Market Size, Growth by Product & Service (Services, Hardware, Software (PACS, RIS)), Imaging Technique (MRI, CT, X-ray, Ultrasound, Mammography, Nuclear Imaging), End User (Hospitals, Diagnostic Centers& Laboratories) - Forecast to 2026", is projected to reach USD 14.8 billion by 2026, at a CAGR of 15.3%.
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Rise in the shortage of skilled radiologists to drive the demand for teleradiology.
Based on product and service, the teleradiology market is segmented into teleradiology services, software, and hardware. The teleradiology services segment accounted for the largest share of 67.7% of the global teleradiology market in 2020. The large share of this segment can be attributed to the growing demand for faster and accurate diagnosis, shortage of skilled radiologists.
The hospitals and clinics segment accounted for the largest market share
Based on end users, the teleradiology market is segmented into hospitals and clinics; diagnostic imaging centers and laboratories; long-term care centers, nursing homes, and assisted living facilities; and other end users. The hospitals and clinics segment accounted for the largest share. The large share of this segment can be attributed to the rising number of diagnostic imaging procedures performed in hospitals, the growing inclination of hospitals towards the automation and digitization of patient records, and the growing need to improve the quality of patient care. Diagnostic imaging centers and laboratories are expected to witness the highest growth during the forecast period, mainly due Factors such as the growing number of private imaging centers due to the rising demand for early diagnosis and a lack of imaging modalities in small and medium-scale hospitals.
North America was the largest regional market for teleradiology market
The teleradiology market is segmented into five major regions, namely, North America, Europe, Asia Pacific, Latina America, and the Middle East and Africa. North America accounted for the largest share. The large share of North America in the global market is attributed to the rising geriatric population, high incidence of chronic diseases, a large number of diagnostic imaging procedures, increasing awareness about the benefits of early diagnosis of diseases, and the rapid adoption of technologically advanced imaging systems in this region. Players in this and adjacent, or even non-related, markets have focused on or collaborated for expanding the services of teleradiology.
Some of the prominent players in this market are Cerner Corporation (US), Phillips Healthcare (Netherlands), Siemens Healthineers (Germany), McKesson Corporation (US), FUJIFILM Holdings Corporation (Japan), Agfa HealthCare (Belgium), Medica Group Plc. (UK), ONRAD, Inc. (US), RamSoft Inc. (Canada), NovaRad Corporation (US), TeleDiagnostic Solutions Pvt. Ltd. (India), 4ways Healthcare (UK), Teleradiology Solutions (India), TeleRad Tech (India), StatRad LLC (US), MedWeb LLC (US), WebRad TeleRadiology (India), Nautilus Medical (US), GE Healthcare (US), USARAD Holdings, Inc. (US), Everlight Radiology (Australia), and Mirada Medical (US).
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