Teleradiology Market Size, Share, Trends, Growth, Consumption, Revenue, Company Analysis and Forecast 2020-2027

Published Date : Nov 2020 | No. of Pages : 200 Pages | Category : Healthcare

According to Vision Research Reports, the global teleradiology market size surpassed US$ 2.7 Bn in 2019 and is projected to expand at a CAGR of 17% from 2020 to 2027.

The global teleradiology market size is expected to reach US$ 10.3 billion by 2027, advancements in digital technology, rise in number of radiology imaging procedures are projected to drive the global teleradiology Market.

Overview

  • Based on modality, teleradiology market is segmented into X-ray, Ultrasound, CT, MRI, Nuclear Imaging
  • Rigorous research and development activities in radiology imaging services and growth in adoption of teleradiology drive the market
  • North America dominated the global teleradiology market in 2018 and the trend is anticipated to continue during the forecast period owing to a highly developed health care sector, coupled with increased awareness among patients, and continuous evolution of information technology. The teleradiology market offers immense growth potential in this region.
  • The teleradiology market in Asia Pacific is anticipated to expand at a significant CAGR during the forecast period due to increase in awareness about teleradiology and growth in the healthcare sector in countries such as China, Japan, and India. Moreover, technological advancement and increasing adoption of teleradiology solutions are expected to propel the growth of the market during the forecast period

Key Drivers

  • Rapid developments in digital image processing technologies ensure effective image distribution across the regional, local, and global level. The vastly improved capacity of the Internet and the speed of transmission have permitted a much wider use of teleradiology, with centers across the world providing day-time reporting for out of hours imaging services in other countries with different time zones.
  • Emergence and acceptance of mobile technology (mHealth) to visualize and interpret images further fuels the growth of the teleradiology market in the developed nations such as the U.S., Germany, U.K., Australia and Japan. Widespread use of smart connectivity devices and related solutions confirms effective interpretation of the medical images, thereby reducing treatment time. Hence, advancements in digital technology will enhance the remote patient monitoring methodologies and accessibility to radiologist’s interpretation and consultation.
  • Outsourcing radiology services to well-trained radiologists, who can work for a relatively lower fraction of cost is profitable to the health care providers, according to macroeconomic principles. Hubs are, therefore, emerging in price-sensitive countries in Asia to handle the bulk of radiology reporting requirements. Radiologists providing services to the rich and developed countries are focusing more on improving their role as imaging consultants, which is considered to be a value addition to patient care in certain cases.

 Rise in number of radiology imaging procedures and Public & private players participating to promote teleradiology to Drive Global Teleradiology Market

  • The changing face of interventional radiology across the globe and rise in prevalence of chronic diseases such as cancer and coronary heart diseases are boosting the number of radiological procedures. According to the National Cancer Institute, an estimated 1,685,210 new cases of cancer were diagnosed in the U.S. in 2016
  • The need of time-saving interpretation of radiographs with quality is high in developed economies where incidence rate of chronic diseases is rising at a rapid pace. To keep pace with the rising demand for radiological procedures and comprehensive interpretation, teleradiology is being preferred by health care providers across the globe.
  • Teleradiology is emerging as a major driver of expansion to quality health care across the globe. Increase in government initiatives for the adoption of telehealth and other digital health services is likely to propel the market during the forecast period. In July 2016, Japan's Ministry of Economy, Trade, and Industry announced plans to launch a demonstration project to improve diabetes management through the utilization of IoT and health information
  • Public & private players are participating to spread awareness about the notable developments in the diagnostic imaging service sector. Key companies are collaborating to improve access to teleradiology in niche markets. In 2017, Teleradiology Solutions, a leader in teleradiology service sector in India, and GE Healthcare collaborated to improve access to advanced radiology interpretation services

Type I Segment to Dominate Market

  • Based on modality, global teleradiology market is segmented into X-ray, Ultrasound, CT, MRI, Nuclear Imaging.
  • Computed tomography (CT) segment held major share in the global teleradiology market in 2018 and is estimated to expand at the highest CAGR during the forecast period.
  • Although relatively expensive, the Computed Tomography (CT) is estimated to have the dominant market share in the forecast period owing to its ability to distinguish between 2000 levels of density, enabling the doctor to visualize 3D structures in the body for accurate diagnosis.

North America to Dominate Global Market

  • Geographically, the global teleradiology market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global teleradiology market in 2018, followed by Europe.
  • North America accounted for major share of the global teleradiology market in 2018, owing to a highly developed health care sector, coupled with increased awareness among patients, and continuous evolution of information technology. The teleradiology service market offers immense growth potential in this region.
  • The teleradiology market in Asia Pacific is anticipated to expand at a significant CAGR during the forecast period due to increase in awareness about teleradiology and growth in the healthcare sector in countries such as China, Japan, and India. Moreover, technological advancement and increasing adoption of teleradiology solutions are expected to propel the growth of the market during the forecast period.

Competitive Landscape

  • Envision Healthcare Corporation, Teleradiology Solutions, Agfa-Gevaert N.V. are the leading players in the global teleradiology market that hold majority of the market share
  • The global teleradiology market is fragmented in terms of number of players. Key players in the global market include Envision Healthcare Corporation, Agfa-Gevaert N.V., 4ways Healthcare Limited, InHealth, Teleradiology Solutions, USARAD Holdings, Inc., ONRAD, Inc., TeleDiagnosys Services Pvt Ltd., Euro American Tele Radiology, Cybernet Medical Corporation among others
  • New product development through robust R&D activities and merger & acquisitions are the key strategies adopted by these players to operate their business in the global teleradiology market

The global teleradiology market has been segmented as follows:

Global Teleradiology Market, by Type

  • X-ray
  • Ultrasound
  • CT
  • MRI
  • Nuclear Imaging

Global Teleradiology Market, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia & New Zealand
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of Middle East & Africa

Scope of Report

VRR’s report on the global teleradiology market studies the past as well as current growth trends and opportunities to gain valuable insights of these indicators of the market during the forecast period from 2020 to 2027. The report provides revenue of the global teleradiology market for the period 2016–2027, considering 2020 as the base year and 2027 as the forecast year. The report also provides the compound annual growth rate (CAGR) of the global teleradiology market during the forecast period.

The report has been prepared after an extensive primary and secondary research. Primary research involved bulk of research efforts, wherein analysts carried out interviews with industry leaders and opinion makers. Extensive secondary research involved referring to key players’ product literature, annual reports, press releases, and relevant documents to understand the global teleradiology market.

Secondary research also included Internet sources, statistical data from government agencies, websites, companies’ presentations, sales data, and trade associations. Analysts have employed a combination of top-down and bottom-up approaches to study various phenomenon in the global teleradiology market.

The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments included in the scope of the study. Furthermore, the report sheds light on the changing competitive dynamics in the global teleradiology market. These indices serve as valuable tools for existing market players as well as for entities interested in entering the global teleradiology market.

The report delves into the competitive landscape of the global teleradiology market. Key players operating in the global teleradiology market have been identified, and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the global teleradiology market that have been profiled in this report. 

Key Questions Answered in Global Teleradiology Market Report

  • What is the scope of growth of services offering companies in the global teleradiology market?
  • What will be the Y-o-Y growth of the global teleradiology market between 2019 and 2027?
  • What is the influence of changing trends in technologies on the global teleradiology market?
  • Will North America continue to be the most profitable market for teleradiology service providers?
  • Which factors are anticipated to hamper the growth of the global teleradiology market during the forecast period?
  • Which are the leading companies in the global teleradiology market?

Research Methodology

A unique research methodology has been utilized by VRR to conduct comprehensive research on the growth of the global teleradiology market and arrive at conclusions on its growth prospects. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.

Secondary methods referred to by analysts during the production of the global teleradiology market report include statistics from company annual reports, SEC filings, company websites, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of VRR’s study on the teleradiology market as primary methods.

These primary and secondary methods have provided exclusive information during interviews, which serve as a validation from the teleradiology market leaders. Access to an extensive internal repository and external proprietary databases enabled this report to address specific details and questions about the global teleradiology market with accuracy. The study also uses the top-down approach to assess the revenues for each segment and the bottom-up approach to counter-validate them. This has helped in reaching TMR’s estimates on future prospects of the global teleradiology market more reliably and accurately.


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