Teleradiology Services 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 services market size surpassed at US$ 5.5 Bn in 2019 and expected to reach US$ 25.4 billion by 2027 with a CAGR of 18.6% from 2020 to 2027.

Rise in number of radiology imaging procedures, advancements in digital technology, are projected to drive the global teleradiology services market during the forecast period. Advancements in digital technology is another major factor to drive the teleradiology services market. 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.

Overview

  • Teleradiology is the electronic transmission of radiographic images such as CTs, MRIs and X-rays from one location to another for the purpose of consultation and interpretation.
  • Teleradiology allows radiologist to provide service for 24/7, additionally it helps to provide services during medical emergencies and night time. Teleradiology services includes general reporting, auditing, consultation and others.
  • North America dominated the global teleradiology services market in 2018 and the trend is anticipated to continue during the forecast period. Highly structured health care industry, increase in prevalence of major chronic diseases and are expected to drive the market in North America.
  • Asia Pacific is likely to be a highly lucrative market for teleradiology services and it is expected to expand at a high CAGR during the forecast period

Rise in Number of Radiology Imaging Procedures and Technological Advancement to Drive 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 World Health Organization, an estimated 18.1 million new cases and 9.6 million cancer deaths occurred in 2018. Increase in number of radiology imaging procedures is helps to drive the growth of market during forecasted period.
  • Technological advancement is also major factor to drive the growth if teleradiology services market. The technological developments in the teleradiology sector involves upgradation of the workflow, with the help of efficient software tools and the telecommunication network. To streamline the workflow, the software enhancements is considered to be a key factor which reduces turnaround time, provide cost effective operational results, and improve the quality. For instance, in January 2017, Direct teleradiology, a U.S. based teleradiology service provider launched automation intelligence software to improve its teleradiology workflow.

General Reporting Segment to Dominate Market

  • Based on service type, the global teleradiology services market has been divided into general reporting, auditing, consultation and others. The general reporting segment dominated the global teleradiology services market in 2018 and the trend is projected to continue during the forecast period. Rising demand for the precise and accurate diagnosis of radiology procedures such as CT & MRI is projected to boost the growth of this segment by 2027. In addition, rising demand for the time-saving and cost-effective radiograph interpretation by healthcare providers across the globe are helps to drive the growth of this market.
  • Consultation segment is considered to be the second most prominent segment for the forecast period and it is expected to expand at a high CAGR during the forecast period. Increase in growth of this segment due to availability of well-qualified radiologists in developed countries, and rising necessity for precise and accurate diagnosis of chronic diseases such as oncology & heart disorders.

After Hours / Night Time Coverage Segment to be Highly Lucrative Segment

  • In terms of coverage, the global teleradiology services market has been classified into day time coverage and after hours / night time coverage
  • The after hours / night time coverage segment dominated the global teleradiology services market in 2018. Major players in the teleradiology market are outsourcing the teleradiology services to the price-sensitive countries such as India, Singapore etc., which provides the benefits of time zone. This is one of the major factor for the estimated dominance of after hours/night time coverage segment during the forecast period.
  • The day time coverage segment is expected to expand at a significant CAGR by 2027

Neurology to Be the Most Promising Segment

  • In terms of specialty, the teleradiology services market has been segmented into cardiology, neurology, oncology, musculoskeletal, gastroenterology and others.
  • The neurology segment held a dominant share of global teleradiology services market in 2018, as rise in outsourcing of neurology scan due its complexity and difficulty in reading, as it requires highly specialized radiologists to read neurology scans.
  • Oncology segment is likely to be a highly lucrative market for teleradiology services and it is expected to expand at a high CAGR during the forecast period. Increase in number of cancer cases is likely to drive the growth of this segment.

Computed Tomography (CT) Segment to Dominate Market

  • In terms of modality, the teleradiology services market has been segmented into X-ray, ultrasound, magnetic resonance imaging (MRI), computed tomography (CT), nuclear imaging and others.
  • The computed tomography (CT) segment held a dominant share of global teleradiology services market due to increasing research and development in mobile medical imaging systems and its allow patients to take diagnostic images from smartphone and share it with the physician.

Diagnostic Imaging Centers Segment to be Highly Lucrative Segment

  • In terms of end-users, the global teleradiology services market has been classified into hospitals, diagnostic imaging centers, ambulatory surgical centers, clinics, and others.
  • The diagnostic imaging centers segment dominated the teleradiology services market. Diagnostic imaging centers offer a one stop shop for all imaging requirements under one roof, making it a preferred choice for patients. This is expected to boost the segment.
  • The hospitals segment is expected to expand at a fastest CAGR during the forecast period. Growth of the segment can be attributed to availability of multiple imaging options and devices and tie-ups with health care companies to enhance imaging offerings.

North America to Dominate Global Market

  • In terms of region, the global teleradiology services market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global teleradiology services market in 2018, followed by Europe.
  • North America accounted for major share of the global teleradiology services market in 2018. This is attributable to Growth of the segment can be attributed to availability of multiple imaging options and devices and tie-ups with health care companies to enhance imaging offerings.
  • The teleradiology services market in Asia Pacific is anticipated to expand at a high CAGR from 2019 to 2027. This can be attributed 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

  • The global teleradiology services market is fragmented in terms of number of players. Key players in the global market include Envision Healthcare Corporation, MEDNAX Services, Inc. (Virtual Radiologic), 4ways Limited, Argus Radiology, Teleradiology Solutions, UNILABS, USARAD Holdings, Inc., ONRAD, Inc., Euro American Teleradiology, Teleconsult Europe, Africa Telerad Limited, American Imaging Consultants and other prominent players.

Market Segmentation:

By Service Type

    • General Reporting
    • Consultation
    • Auditing
    • Others

By Coverage

    • Day Time Coverage
    • After Hours/Night Time Coverage

By Specialty

    • Cardiology
    • Neurology
    • Oncology
    • Musculoskeletal
    • Gastroenterology
    • Others

By Modality

    • X-rays
    • Ultrasound
    • Magnetic Resonance Imaging (MRI)
    • Computed Tomography (CT)
    • Nuclear Imaging
    • Others

By End-user

    • Hospitals
    • Diagnostic Imaging centers
    • Ambulatory Surgical Centers
    • Clinics
    • Others

By Region

    • North America
      • U.S.
      • Canada
    • Europe
      • Germany
      • U.K.
      • France
      • Italy
      • Spain
      • Russia
      • 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 Services market studies past as well as current growth trends and opportunities to gain valuable insights of these indicators of the market during the forecast period from 2019 to 2027. The report provides revenue of the global teleradiology Services market for the period 2017–2027, considering 2018 as the base year and 2027 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global teleradiology Services 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 Services Market.

Secondary research also included internet sources, statistical data from government agencies, websites, company 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 Services 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 Services market. These indices serve as valuable tools for existing market players as well as for entities interested in entering the global teleradiology Services market.

The report delves into the competitive landscape of the global teleradiology Services market. Key players operating in the global teleradiology Services 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 Services market that have been profiled in this report.

Key Questions Answered in Global Teleradiology Services Market Report

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

Research Methodology

A unique research methodology has been utilized by VRR to conduct comprehensive research on the growth of the global teleradiology Services 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 Services 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 Services market as primary methods.

These primary and secondary methods have provided exclusive information during interviews, which serves as a validation from the teleradiology Services 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 Services 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 VRR’s estimates on future prospects of the global teleradiology Services market more reliably and accurately.


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