The size of the North America Teleradiology Market has been estimated at USD 0.66 billion in 2023. It is expected to grow at a CAGR of 18.3% between 2022 to 2027 and be worth USD 1.53 billion by 2028. It captures 40% of the global market.
Teleradiology improves radiology coverage by transmitting a patient's images to the most advanced radiologist in a small town who is perfectly prepared to interpret the specific radiologic test.
Due to the shortage of radiologists, there is an increase in demand for radiologists. The rise in radiology services includes computed tomography (CT), X-ray, and many more. Also, the adoption of teleradiology for rapid diagnosing is expected to drive the North American teleradiology market. The other elements driving the market growth are the market players, increasing the prevalence of chronic diseases, government initiatives, emergencies, and illness with consistent changes in the lifestyle of the people.
The increasing prevalence of chronic diseases, rising demand for teleradiology, and the government initiatives, emergencies, and illness with consistent changes in the lifestyle of the people are a few of the key factors expected to be driving the Teleradiology market in North America. Also, the substantial increase in medical imaging procedures for diagnosis is boosting the market growth.
In addition, low-income healthcare facilities may only have one radiologist or none in remote locations. In such instances, the radiologist's availability throughout the day is nearly impossible. Therefore, having the help of a teleradiology reporting system can improve both the individual radiologist's quality of life and the quality of treatment that radiologist overwork can potentially reduce.
Furthermore, factors such as technological advancements in the healthcare sector and the rising adoption of teleradiology for rapid diagnosing, initiatives taken by the Latin American governments to create awareness among the people about teleradiology through medical tourism are estimated to favor the growth rate of the Latin American market. Key market participants are implementing novel technologies such as Artificial Intelligence, image archiving and communication systems, and cloud-based solutions to gain a competitive advantage.
However, competition is also increasing in these sectors due to the increase in demand. As the demands are rising for radiology, there will also be demand for a workforce in several subspecialties. Also, due to financial restrictions, public healthcare service providers cannot invest in trainee radiologists. Therefore, it is difficult for the industry to retain and hire radiologists. Another factor affecting the market growth is the lack of awareness in rural areas, rising healthcare costs.
Impact of COVID-19 on the North American teleradiology market:
The impact of COVID-19 on hospitals around the world has increased the number of patients requiring diagnostic examinations, such as a chest X-ray or computed tomography (CT). Radiology is quite valuable for the treatment of Coronavirus patients. In addition, some radiologic patterns detected on X-ray and chest CT scans are fairly specific for COVID-19 infection. The remote reading of diagnostic images within a hospital's network, but the knock-on effect of resourcing constraints will lead to hospitals outsourcing more and more of their diagnostic reporting workload to teleradiology reading services providers.
The use of teleradiology to analyze the impact of lockdown on a specific number of emergency sectors has been stated useful. For example, COVID-19 has made everyone work from home and created emergencies in that teleradiology ensure that it can be reported immediately when a scan is performed. As a result, treatment decisions can be made right away.
This research report on the North America Teleradiology Market has been segmented and sub-segmented into the following categories:
By Technology Solutions:
Geographically, North America was the leader in the global market in 2020 and accounted for over 40.0%. The major factors responsible for its high revenue share are establishing a highly developed healthcare infrastructure, the availability of high-speed internet facilities, technology-enabled healthcare platforms, and increased public healthcare expenditure. According to Michael Barry, MD, president of the Central African Republic (CAR), there will be a demand for 1,700 additional radiologists between now and 2040 in Canada.
The United States radiology market dominated the North American teleradiology market with more than 60% of the market share. The market growth is fuelled by the growing inclination of hospitals towards the automation and digitization of patient records, the rising awareness about the benefits of early disease diagnosis. Also, the increasing adoption of cloud-based solutions and technological advancements in the healthcare sector boost market growth.
The Canadian radiology market is anticipated to witness significant growth during the forecast period. The increasing prevalence of chronic diseases, developing medical infrastructure, increasing healthcare spending fuel market growth.
KEY MARKET PLAYERS:
Companies playing a dominant role in the North American teleradiology market profiled in this report are 4ways Healthcare Limited, RamSoft, Inc., Virtual Radiologic (vRAD), Agfa-Gevaert N.V., ONARD, North America Diagnostics, Everlight Radiology, Sectra AB, and Health Watch Tele Diagnostics Pvt. Ltd.
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