Global Teleradiology Market by End Use (Hospital, Ambulatory Imaging Center, Radiology Clinics), by Product (MRI, Nuclear Imaging, X-ray, Ultrasound, CT) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global teleradiology market was valued at USD 3.6 billion in 2019. It is expected to grow at 13.9% CAGR over the forecast period. The market's most important driver is the rising demand for teleradiology in emergency situations and second opinions. A shortage of healthcare professionals, particularly in sub-specialist areas like pediatrics, neurology, and muscle and skeletal radiology, has led to the adoption of teleradiology services. Teleradiology allows healthcare professionals to access patient information regardless of distance. This improves diagnostic coverage. The market is expected to grow during the forecast period due to increasing adoption of teleradiology in timely diagnosis.

Other factors that will increase the demand for teleradiology services are the integration of Artificial Intelligence into teleradiology, the implementation of Picture Archiving and Communication System and the growing R&D activities pertaining eHealth. HDM World, a Latin American teleradiology service provider, selected RamSoft's PowerServer PACS as its data communication system. This will allow for faster diagnosis by increasing the speed and safety in patient data transfers.

Teleradiology applications include teleconsultation and telemonitoring. These allow radiologists to efficiently do their day-to-day work. Teleradiology offers on-site solutions through a global cloud network and real-time interpretation. The market is expected to grow due to rising incidences of chronic diseases like breast cancer, osteomyelitis and cellulitis. There are also increasing numbers of emergency cases in less developed countries.

Favorable government initiatives, such as the 1996 Health Insurance Portability and Accountability Act of the United States, ensure that all patient data is protected from cybercrimes. This act must be adhered to by every U.S. teleradiology service. These initiatives increase physician and patient confidence in teleradiology services, which will lead to a higher adoption rate over the forecast period. Market growth will also be supported by the availability of healthcare coverage for teleradiology services in Australia and the U.S.

Product Insights

The market for teleradiology can be divided by product into three segments: nuclear radiology (X-ray), and MRI. CT is the only segment that does not include ultrasound. In 2019, X-ray was the most dominant segment and was worth USD 1.1 million. The segment's dominance is due to its affordability, high use in primary diagnosis, as well as the introduction of new systems like filmless xray systems. X-rays are used in many healthcare areas, including orthopedics, cardiology, chest imaging and cancer screening.

The segment Computed Tomography (CT), is expected to experience the most growth during the forecast period. CT allows for faster and more detailed images of complex organs such as the brain, heart, and lungs. This contributes to segment growth. This field is expected to grow with technological advances and digitalization. In March 2019, Siemens Healthineers launched a Go platform cardiac CT scanner.

The forecast period will also see a healthy growth in the ultrasound segment. It is a valuable technology for those with limited resources due to its ability to quickly access critical health parameters without radiation. Teleradiology-based ultrasound devices can be used extensively to provide education and training programs for healthcare workers in remote locations. Philips and PURE, an organization that is not for profit, offer training on the use of tele-ultrasound technology for healthcare workers in Rwanda, Africa.

End-use Insights

The largest market share for teleradiology in 2019 was held by hospitals. This segment is expected to continue growing at a rapid pace during the forecast period. Teleradiology is used by hospitals for primary diagnosis, urgent care and second opinions. These services are preferred for emergency care. Teleradiology services can be used to quickly diagnose and deliver treatment if the patient is suffering from severe head trauma. The segment will be driven by an increase in hospital emergency visits over the forecast period.

The forecast period will see the Ambulatory Imaging Centers (AICs) grow at the fastest rate due to rising demand for imaging procedures and a shortage of radiologists. The time it takes to diagnose an imaging procedure is the most important problem. According to the National Health Service (NHS), in England, the average wait time for an MRI test was 21 days in 2018. AICs help to reduce this time for diagnosis, which is driving the increasing adoption of teleradiology for different imaging procedures.

The segment of radiology clinics is expected to expand at a steady pace over the forecast period. This segment is expected to grow in revenue due to the high pay scale for radiologists and rising imaging costs.

Regional Insights

North America was the market leader with a 39.5% share in 2019. It is expected to continue its dominance for the next few years. The region's dominant position is due to its growing target population, rising prevalence of chronic diseases, as well as the presence of key market players. The region's market will be driven by a strong infrastructure and supportive government initiatives. There is also a growing demand for teleradiology solutions that are efficient.

In 2019, a large portion of market revenue was accounted for by Europe. Market growth is expected to be driven by the increasing number of awareness programs on teleradiology and its applications being held in Europe. After being held in Italy last year, the 8th International Conference on Medical Informatics and Telemedicine (ICMI) will be held in Switzerland in 2020. These conferences will increase awareness and support innovation in teleradiology, which is expected to aid market growth.

Asia Pacific will experience the fastest growth during the forecast period. This is due to the high unmet healthcare need and rapidly expanding healthcare infrastructure. A large portion of the population in developing countries like India and China resides in rural areas. This is because they have very limited access to healthcare facilities. Hospitals and other organizations are now looking to tap into this market, recognizing the potential benefits for the bottom half of the pyramid. This will increase demand for cost-effective diagnostic services such as teleradiology, particularly in countries that have inefficient coverage policies.

Teleradiology Market Share insights

4ways Healthcare Ltd. and HealthWatch TeleDiagnostics Pvt. are key players in this market. Ltd., RamSoft, Inc., Everlight Radiology, Virtual Radiologic, Agfa-Gevaert N.V., ONRAD, Teleradiology Solutions, and Global Diagnostics. To improve their services and capabilities, these companies have used strategies like new product development, collaborations, partnerships, and M&As. Qure.ai, for example, entered into partnership with Teleradiology Solutions (T2) in May 2018 to lower costs and allow faster and more accurate diagnosis of CT scans and X-ray data. Telerad Tech (T2), a global IT company that provides AI-enabled RISPACS, and Teleradiology Solutions, a global leader in remote radiology interpretation.

The Report Covers Certain Segments

This report provides a forecast of revenue growth at the global, regional and country level and analyzes the most recent industry trends in each sub-segment from 2016 to 2027. Grand View Research has divided the global teleradiology market report by product, region, and end-use.

• Product Outlook (Volume: '000 Units; revenue, USD Million, 2016-2027)

  • X-ray

  • Ultrasound

  • Magnetic Resonance Imaging, (MRI)

  • Computed Tomography

  • Nuclear Imaging

• End-use Outlook (Revenue USD Million, 2016-2027)

  • Hospitals

  • Ambulatory Imaging Centers

  • Radiology Clinics

• Regional Outlook (Revenue USD Million, 2016-2027)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

    • Russia

    • Switzerland

    • Netherlands

    • Sweden

    • Spain

    • Belgium

  • Asia Pacific

    • China

    • Japan

    • India

    • Thailand

    • South Korea

    • Singapore

    • Australia

    • Taiwan

    • Indonesia

    • Malaysia

  • Latin America

    • Brazil

    • Mexico

    • Argentina

    • Colombia

    • Chile

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE

    • Kuwait

    • Israel

Up Market Research published a new report titled “Teleradiology Market research report which is segmented by End Use (Hospital, Ambulatory Imaging Center, Radiology Clinics), by Product (MRI, Nuclear Imaging, X-ray, Ultrasound, CT), By Players/Companies Qureai entered into a partnership with Teleradiology Solutions and Telerad Tech (T2) to reduce cost and enable faster, smarter diagnosis of CT scan and X-ray data Telerad Tech (T2) is a global health IT company and provider of AI-enabled RIS-PACS, 4ways Healthcare Ltd; HealthWatch TeleDiagnostics Pvt Ltd; RamSoft, M&As to enhance their capabilities and provide quality services For instance, in May 2018, collaborations and partnerships, Inc; Everlight Radiology; Virtual Radiologic; Agfa-Gevaert NV; ONRAD; Teleradiology Solutions; and Global Diagnostics These companies have adopted strategies such as new product development, while Teleradiology Solutions is a global pioneer in remote radiology interpretation and telehealth”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Teleradiology Market Report Segments:

The market is segmented by End Use (Hospital, Ambulatory Imaging Center, Radiology Clinics), by Product (MRI, Nuclear Imaging, X-ray, Ultrasound, CT).

Teleradiology Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Teleradiology Market

Overview of the regional outlook of the Teleradiology Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Teleradiology Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Teleradiology Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Hospital

                2. Ambulatory Imaging Center

                3. Radiology Clinics

                1. MRI

                2. Nuclear Imaging

                3. X-ray

                4. Ultrasound

                5. CT

8. Market scenario by region, sub-region, and country.
9. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
10. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
11. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Teleradiology Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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Reasons to Purchase the Teleradiology Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.