At 16.9% CAGR, North America Teleradiology Services Market is Projected to be Worth US$ 3,683.95 Million by 2030, says Business Market Insights

According to Business Market Insights' research, the North America teleradiology services market was valued at US$ 1,055.09 million in 2022 and is expected to reach US$ 3,683.95 million by 2030, registering a CAGR of 16.9% from 2022 to 2030. Shortage of radiologist and doctors and promising 5G technology to enhance are among the critical factors attributed to drive the North America teleradiology services market growth.

Telemedicine requires a network supporting high-quality videos while remotely monitoring patients in real time. Using 4G or older networks for transferring larger files between departments can be time-consuming, forcing physicians to spend their valuable time waiting for the file transfer process to complete. Upgrading to 5G can eliminate these blocks and provide healthcare providers with a more effective network that can continue to adapt to new technology. 5G is the next generation of wireless technology that benefits all devices operating in a network by providing higher bandwidths, faster speeds, and greater capacity to connect devices. 5G technology offers 100-2,000 times faster speed than typical hospital wireless networks, as it allows for quick data transfer even for large data sets (i.e., low latency), which will help the medical device connectivity to work faster. Remote patient monitoring aided in the proactive management of chronic diseases and the delivery of healthcare services. Healthcare experts increasingly recognized the value of medical device connectivity. As a result, the future of healthcare information systems is shifting toward digital data services. For example, EHRs, smart clinical administrative systems, and patient data portals are transforming the medical field to allow extraordinary access to care and interoperability among patient medical records. Due to various benefits offered by this technology, 5G is the best candidate to enrich cloud-based services and expand the offering of connected solutions. As 5G wireless connectivity expands what is possible from connected medical devices, care providers can treat more patients and provide medical assistance to underserved patients worldwide. It means a world of care accessibility for patients that was once impractical. Wireless technology enables connectivity among devices in the hospital, at home, and wherever a point of need arises. 5G-enabled wearable devices can transmit large data packets throughout the day, driving improved patient outcomes through continuous remote monitoring. Thus, with increasing medical device connectivity usage, the need for a better network and technology also arises, and 5G is one such technology that is likely to offer growth opportunities to the market during the forecast period.

On the contrary, security and privacy concerns hamper the growth of North America teleradiology services market.

Based on treatment, the North America teleradiology services market is bifurcated into cloud based and web based. The cloud based segment held 68.5% market share in 2022, amassing US$ 723.07 million. It is projected to garner US$ 2,547.71 million by 2030 to register 17.0% CAGR during 2022-2030.

In terms of modality, the North America teleradiology services market is segmented into MRI, CT-scan, X-ray, ultrasound, and others. The CT-scan segment held 31.5% share of North America teleradiology services market in 2022, amassing US$ 331.95 million. It is anticipated to garner US$ 1,182.38 million by 2030 to expand at 17.2% CAGR during 2022-2030.

By application, the North America teleradiology services market is divided into musculoskeletal system, gastroenterology, cardiology, oncology, neurology, and others. The musculoskeletal system segment held 25.9% share of North America teleradiology services market in 2022, amassing US$ 272.98 million. It is projected to garner US$ 1,038.16 million by 2030 to expand at 18.2% CAGR from 2022 to 2030.

In terms of end user, the North America teleradiology services market is categorized into hospitals and clinics, diagnostic and imaging centers, others. The hospitals and clinics segment held 58.5% share of North America teleradiology services market in 2022, amassing US$ 617.37 million. It is projected to garner US$ 2,233.61 million by 2030 to expand at 17.4% CAGR from 2022 to 2030.

Based on country, the North America teleradiology services market is categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 82.7% share of North America teleradiology services market in 2022. It was assessed at US$ 872.65 million in 2022 and is likely to hit US$ 3,057.11 million by 2030, registering a CAGR of 17.0% during 2022-2030.

Key players operating in the North America teleradiology services market are RAYUS Radiology Network, ONRAD Inc, Real Radiology LLC, Teleradiology Solutions Inc, Envision Healthcare Corp, and TeleDiagnosys LLC., among others.

In May 2022, Synapse Enterprise Information System from Fujifilm has been chosen by RAYUS Radiology, as the workflow management system for its extensive network of more than 150 imaging centers nationwide, according to FUJIFILM Healthcare Americas Corporation, a leading provider of enterprise imaging and informatics solutions.

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