Global Teleradiology Market Overview
The global Teleradiology market size is expected to reach USD XX MN by 2026, with a CAGR of 14.8%. Key factors such as the growing use of teleradiology in case of emergencies and, as the second opinion, are significant factors that drive the growth of the teleradiology market. In addition to this, the shortage of healthcare professionals, specifically in pediatric and neurology, boosts the adoption of teleradiology services. Teleradiology helps healthcare professionals to access patient information at remote location, hence enhancing the diagnostic area. Thus, the rising implementation of teleradiology services for timely diagnosis is likely to propel the global teleradiology market over the forecast period. Whereas with regards to volume,the market was calculated XX Metric K Units in 2019 and foreseen to grow with a CAGR of XX% during 2020-2026.
Technological advancements such as introduction of AI into teleradiology, the execution of Picture Archiving and Communication System (PACS) and rising expenditure on R&D activities related to e-health services are few factors anticipated to fuel the demand for teleradiology services during the forecast period. Also, rising adoption of smart connectivity devices and associated solutions endorse a real interpretation of the medical images, thus reducing treatment time. Therefore, advancement in digital technology will improve the distance patient monitoring techniques and accessibility to radiologist’s interpretation and consultation.
Teleradiology applications include telemonitoring, teleconsultation, and telediagnosis, which allow radiologists to perform their daily work efficiently. Teleradiology offers an effective on-site solution via a cloud network across the globe and real time explanation. Rising cases of chronic related diseases such as cancer, cellulitis, and osteomyelitis and increasing number of emergency cases in developing regions are expected to drive the market. However, the initial setup costs is high and setting up of imaging equipment and broadband technology in remote locations may hamper the growth of the teleradiology market.
The global teleradiology market is moderately fragmented market with presence of large number of companies. Key players operating in this market include 4ways Healthcare Ltd.; HealthWatch TeleDiagnostics Pvt. Ltd.; RamSoft, Inc.; Everlight Radiology; Virtual Radiologic; Agfa-Gevaert N.V.; ONRAD; Teleradiology Solutions; and Global Diagnostics. These companies involved in many strategies such as collaborations and partnerships, new product development, and mergers and acquisitions to augment their capabilities and provide quality services.
In this market research report, the market is segmented into product, end-use and region.
Analysis by Product
The market has been categorized into X-ray, Ultrasound, Computed Tomography (CT), Magnetic Resonance Imaging (MRI), and Nuclear Imaging, based on product. X-ray is leading the segment in 2019. The factor behind this growth includes economical pricing, highly practice in primary diagnosis and technological advancement such as filmless x-ray equipment’s. Further, X-rays find broad application across many healthcare industry such as chest imaging, cancer screening, orthopedics, dental imaging, and cardiovascular diagnostics. In addition to this, the computed tomography segment is emerging as the fastest-growing segment during the forecast period. The rising trend of digitalization and its beneficial features like providing clear images of complex body organs such as lungs and brain support segment growth.
Analysis by End-Use
Based on End-use, the market is segmented into Hospitals, Ambulatory Imaging Centers, and Radiology Clinics. Hospital held the top position by acquiring the maximum share in the market in 2019 and is expected to maintain its dominancy over the forecast period. The segment is mainly driven by the rising case of emergency treat patients and can use in the absence of a neuroradiologist. In addition to this, rising healthcare expenditure, especially in developed economies, and the growing adoption of such technology in advanced and multi-specialty hospitals across the globe, boosting the demand.
Analysis by Region
In terms of region, the market has been studied in North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Among these, North America led the market, accounted for over 35% market share in 2019, and is estimated to maintain its dominancy over the forecast period. The rising target audience, growing prevalence of chronic diseases, and the presence of significant market players are the factors that propel the demand in North America. Further, developed infrastructure, favorable government initiatives, and rising demand for efficient teleradiology solutions are likely to drive the regional market.
Market segmentation covered in the report:
- Computed Tomography (CT)
- Magnetic Resonance Imaging (MRI)
- Nuclear Imaging
- Ambulatory Imaging Centers
- Radiology Clinics
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
This market research report has been produced by gathering information on the basis of primary and secondary research. Secondary research has been done by using various sources which include (but not limited to) Company Websites, Paid Data Sources, Technical Journals, Financial Reports, SEC Filings, and other different industry publications.
If specific information is required which is not currently within the scope of the report, it can be provided as a part of customization.