PUBLISHER: Grand View Research | PRODUCT CODE: 1363052
PUBLISHER: Grand View Research | PRODUCT CODE: 1363052
The U.S. teleradiology market size is anticipated to reach USD 2.09 billion by 2030, according to a new report by Grand View Research, Inc.. The market growth can be attributed to novel product launches, increasing application of artificial intelligence in radiology, and increasing mergers and acquisitions among the industry key players. The development of teleradiology has been aided by improvements in imaging technology such as high-resolution imaging, 3D imaging, and artificial intelligence (AI). AI can help radiologists analyze images, spot anomalies, and prioritize critical cases, improving the speed and precision of diagnoses.
AI is increasingly being included in teleradiology workflows. By spotting patterns and anomalies in medical images, AI algorithms can help radiologists, lowering human errors and increasing diagnostic precision. As AI technologies advance, this trend is anticipated to persist. For instance, in May 2023, Koninklijke Philips N.V. introduced a Philips CT 3500, an innovative high-throughput CT system aimed at meeting the demands of large quantities of screening initiatives and regular radiology. The Philips CT 3500, which is operated by AI, has a number of image-reconstruction and workflow-improving features that work together to provide the reliability, speed, and quality of images required for clinicians to diagnose patients with confidence and to increase return earnings - even in the most rigorous, substantial medical facilities.
In the healthcare and medical technology industries, particularly teleradiology, mergers and acquisitions are frequent occurrences. These deals may include teleradiology corporations buying out smaller rivals, breaking into new markets, or improving their technology and service capabilities. For instance, Teleradiology Solutions revealed in April 2022 that it had signed a contract with Andhra Med Tech Zone to establish a hub in the area for the provision of remote radiology image reads targeted at the public and government sectors by qualified radiologists accompanied by cutting-edge AI approaches.
Teleradiology enables medical facilities to outsource radiology interpretations, potentially lowering the expense of keeping an on-site radiological team. The need for radiology services has increased due to the rising usage of diagnostic imaging methods in healthcare, which has fueled the expansion of the teleradiology industry.