Teleradiology Market is predicted to grow at 9.6% CAGR through 2033 | Says FMI Analyst

The Teleradiology Market is likely to thrive at a CAGR of 9.6% during the forecast period. The market is anticipated to cross a market share of US$ 9.1 billion by 2033, while it holds a revenue of US$ 3.6 billion in 2023.

–         The market demand for teleradiology rises with the higher applications of teleradiology in all the prevalent scanning procedures like X-ray, MRI, CT Scan, etc.

–         Governments are advancing the healthcare industry while also expanding the research and development programs for smarter, faster, and more advanced telecommunications. This fuels the sales of teleradiology.

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–         An increasing number of medical imaging procedures undertaken to address the rising prevalence of diseases such as cancer, cellulitis, arthritis, osteomyelitis, and others across the globe is also forecasted to contribute to the growth of the teleradiology market share.

Key Points

1. The US market for teleradiology holds the biggest market share and is expected to cross the biggest anticipated values of US$ 3.4 Bn by 2033 with a CAGR of 9.6%. The growth rate is rising for the US market as the market thrived on a higher CAGR of 11.3% between 2017 and 2022.
2. The Malaysian market for teleradiology thrives at the highest CAGR of 11.4% during the forecast period while expecting revenue of US$ 202.4 million by 2033. The regional market thrived at a slightly higher CAGR of 13.4% during the previous forecast period.
3. Research report of FMI states that the CT scan segment continues to lead the modality type category with a CAGR of 11.2% between 2023 and 2033.
4. Based on end-user type, the hospital segment thrives at a CAGR of 9.2% between 2023 and 2033 while the segment flourished at a higher CAGR of 11.2% between 2017 and 2022

Competitive Landscape

Key players in the teleradiology market are focusing on developing novel products using advanced technologies and receiving approvals from regulatory bodies for product launches. The top 7 players in the sales of the teleradiology market landscape are anticipated to account for a substantial share of the market over the next ten years.

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To increase their demand for teleradiology positions, industry players release additional features and increase their product line. The sales of teleradiology are dominated by a few prominent players named Teleradiology Solutions, Argus Radiology, SRL Diagnostics, USARAD Holdings Inc., Vital Radiology Services, and Telemedicine Clinic.

Recent Market Developments

• Argus Radiology has introduced its teleradiology service that comes with a lower cost and high-accuracy model. The brand claims to have a personal touch with the customers and 95% of clients are retained long-term.
• Telemedicine Clinic targets the UK, Denmark, and Sweden with its teleradiology service along with introducing TMC academy, which helps the students learn radiology with the help of over 200 experienced sub-specialists.

Key Companies Profiled:

• Cerner Corporation,
• Siemens Healthineers
• McKesson Corporation
• Agfa Healthcare
• MEDNAX Services, Inc.
• ONRAD Inc.
• Novarad Corporation
• TeleDiagnostic Solutions Pvt. Ltd.
• Teleradiology Solutions
• Telerad Tech
• StatRad LLC
• MedWeb LLC
• USARAD Holdings, Inc.
• Everlight Radiology
• SRL Diagnostics,
• Vital Radiology Services
• Telemedicine Clinic.

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Teleradiology Market by Category

By Modality:

• X-Ray Scans
• CT Scans
• MRI Scans
• Ultrasound Scans
• Nuclear Scan
• Cardiac Echo
• Mammography
• Electromammography

By End User:

• Hospitals
• Clinics
• Ambulatory Surgical Centres
• Radiology Centres

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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