Teleradiology Market Size To Reach $25,631.2 Million by 2030, says P&S Intelligence

NEW YORK, April 21, 2022 /PRNewswire/ -- The global teleradiology market size was estimated at $7,145.0 million in 2021, which is expected to reach $25,631.2 million by 2030, at a CAGR of over 15%. In teleradiology, radiological scans are transmitted via telecommunication systems to physicians and radiologists. As per the Association of American Medical Colleges, the U.S. will face a physician shortage of almost 122,000 in 2032.

Moreover, Apollo Radiology International reported recently that around 83 countries have fewer than the recommended 22.8 skilled health experts per 10,000 people. Additionally, in India, there were only 10,000 qualified radiologists in 2017 for a population of over 100 billion. To provide radiological consultations remotely, teleradiology services are among the recent approaches for hospitals and clinics.

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Key Findings of Teleradiology Market Report

• The WHO reports that over 3,600 million diagnostic radiological tests are performed per year worldwide, as the occurrence of chronic disorders.
• Moreover, as per Harvard Medical School, more than 80 million CT scans are executed in the U.S. per year.
• Koninklijke Philips N.V. and Akumin Inc. started a partnership in June 2021 to setup Philips' modern radiology command center at the outpatient imaging centers of Akumin and create clinical standards of the latter's MR and CT modalities.
• In 2021, with over 20% revenue share, cardiology applications led the teleradiology market because of the rapid enhancement in the incidence of cardiovascular diseases (CVDs). The WHO says that 32% of all deaths are caused by CVDs each year across the world. Additionally, of all the deaths from CVDs, 85% are because of strokes and heart attacks.
• In the U.K., as per the British Heart Foundation, circulatory and heart diseases are the reason for 460 deaths per day, which is about 160,000 deaths annually. Moreover, around 7.6 million people in the U.K. are living with circulatory or heart disease.
• The hardware and software category is projected to advance at a CAGR of around 17% from 2021 to 2030. It is attributed to the booming need for software in healthcare, which is why IT vendors are working to better technical capabilities, data transparency, and interoperability.

During COVID-19, the global teleradiology market saw a favorable impact; the need for chest X-rays and CT scans rapidly enhanced. This is because almost every COVID patient required a CT scan, which has provided a push to the market. Therefore, the governments of all the countries provided extra funding to the healthcare sector, which led to the wide adoption of telemedicine and other healthcare IT approaches.

Browse detailed report on Teleradiology Market Global Industry Revenue Estimation and Demand Forecast to 2030

The nature of the teleradiology market is fragmented, with the existence of big players. Many key players in the sector have enhanced their offerings with artificial intelligence (AI), which can aid in creating a mechanism that ranks cases according to a protocol condition. Major players include GE Healthcare, ONRAD Inc., Mirada Medical, Agfa Healthcare, Medica Group Plc, FUJIFILM Holdings Corporation, McKesson Corporation, Koninklijke Philips N.V., Cerner Corporation, and Siemens Healthineers.

Teleradiology Market Segmentation Analysis

By Product

• Services
• General consultation
• Nighthawk & emergency
• Specialty
• Second opinion
• Hardware & Software

By End User

• Hospital & Clinics
• Diagnostic Imaging Centers & Laboratories
• Others

By Application

• Cardiology
• Orthopedic
• Oncology
• Neurology
• Gastroenterology
• Dental
• OBG & GYN

By Imaging Technique

• Ultrasound
• X-Ray
• CT Scan
• MRI
• Mammography
• PET/ SPECT

By Region

• North America
• U.S.
• Canada
• Europe
• Germany
• U.K.
• Italy
• France
• Spain
• Russia
• Asia-Pacific (APAC)
• China
• Japan
• India
• Australia
• South Korea
• Latin America (LATAM)
• Brazil
• Mexico
• Argentina
• Middle East and Africa
• U.A.E.
• Saudi Arabia
• South Africa

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SOURCE P&S Intelligence