Global Teleradiology Services Market by Type (Inhouse, Onshore, Offshore), by Modality (Mammography, Ultrasound, PET-CT Scan, MRI, X-Rays, CT) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Industry Insights

In 2018, the global teleradiology market was worth USD 22.0 billion. This number is expected to grow at 2.3% during the forecast period. Teleradiology services have been more popular in recent years due to a shortage of radiologists in many countries such as the U.S., U.K., Tanzania and others. According to the Royal College of Radiologists' (RCR), there was a shortage of 1,104 radiologists as of 2018. According to the RCR's 2017 workforce report, the National Health Service (NHS), spent USD 150 million on radiologists for outsource radiology scans.

In addition, factors like the growing demand for radiologist coverage after work hours, low reporting costs and short Turn-Around-Times (TAT), have resulted in an increase in outsourcing of teleradiology service. The uneven distribution of radiologists across several countries, including India and Canada, has led to an increase in the use of teleradiology services from hospitals and radiology centres located in rural areas.

The market will continue to grow due to favorable government initiatives in teleradiology. According to the Indian Express, the government of Maharashtra plans to form partnerships with private teleradiology companies to address the shortage of radiologists in rural areas. Saudi Arabia has worked with state governments to establish teleradiology services throughout the country. Al-Ahsa Health Affairs implemented a project in August 2017 that helped to boost radiology services and address the shortage of radiologists.

Recent years have seen a significant increase in penetration of Picture Archiving & Communication Systems and Radiology Information System in developed countries such as Italy, Germany and the U.K. This reflects the increased demand for exchanging scanned documents across departments and other territories for remote reading. Sectra AB reports that more than 400 institutions were connected to its image exchange portal in the U.K. as of mid-2019.

Medical imaging has become more important due to the rising prevalence of chronic diseases like cancer, liver disorders, brain injuries, and other serious illnesses. Hospitals and imaging centers are facing a problem with inadequate radiologist staff. To overcome these limitations, many hospitals and radiology centers are using teleradiology services.

Some African countries, such as Zimbabwe, Uganda, and Tanzania, have high rates of chronic diseases. This means that they are in high demand for medical imaging. These countries are also home to fewer radiologists who can interpret the radiology scans. These countries often turn to offshore services in order to manage their radiology workflow and meet the medical imaging requirements of patients.

Teleradiology providers have been focusing more on geographic expansion in recent years to increase their market share. In 2014, USARAD Holdings, Inc., and SecondOpinions.com, its consumer division, formed a partnership with General Hospital Ningxia Medical University. SecondOpinions.com was able to offer telemedicine services for the hospital through this partnership.

Virtual Radiologic (vRAD), entered into a partnership in April 2014 with E-Techco Information Technologies Co. Ltd. (E-Techco). vRAD was made an exclusive agent of E-Techco in order to provide professional teleradiology interpretation services in Macau, Hong Kong, Taiwan, Taiwan, and mainland China through this partnership. SecondOpinions.com launched its telemedicine platform and teleradiology platform for Russia in June 2014. This platform provides teleradiology services and telemedicine to hospitals and imaging centers throughout Russia.

Modality Insights

In 2018, the mammography segment was the most valuable and was valued at USD 5.8 billion. There are several factors that have contributed to the growth of this segment, including the increasing prevalence of breast cancer and an increase in the number of women diagnosed with it. Many emerging and developing countries lack on-site radiologists to report mammograms. In such cases, either offshore or onshore services are used for interpretation of mammography scans.

These remote radiology reading services allow for the interpretation of imaging scans from modalities such as CT, MRI and X-rays. The adoption rate for each modality of teleradiology varies depending on where it is being used. Teleradiology services are more widely used in France than for other imaging modalities, such as X-rays.

The Ultrasound segment will see the fastest CAGR at 3.4% during the assessment period, followed by PET-CT with a 3.3% CAGR in the same period. This is expected to be driven by the growing prevalence of chronic diseases and increased use of ultrasound modality to monitor several diseases like kidney disorders and liver cancer. Also, there will be a shortage of radiologists who can interpret ultrasound scans, especially in the emerging regions.

Type Insights

The uneven distribution of radiologists meant that the onshore segment accounted for 49.0% of the overall market share in 2018. Because there are not enough radiologists in remote areas to provide supervision, it is difficult for them to be available. Qikiqtani General Hospital, located in Iqaluit (Nunavut), connects with radiologists at Ottawa Hospital in Ontario to offer teleradiology services. Onshoring of teleradiology services has grown due to growing adoption of PACS/RIS by healthcare institutions and increased uptake of services onshore by rural and remote hospitals. In September 2014, a teleradiology centre was opened in Dubai, called the Global Hawk Imaging and Diagnostics Centre (GHID). The center was established to meet 60% of the unmet needs for MRI in UAE.

Some European countries like the U.K. and Italy have adopted in-house services. In the coming years, the growth of the regional market will be driven by factors such as the presence and availability of sufficient radiologist staff along with teleradiology infrastructure at hospitals.

Over the forecast period, the offshore services segment will experience the fastest CAGR at 4.7%. The growth is being driven by factors such as a shortage of radiologists across the globe, an increase in foreign-trained and licensed radiologists in developing nations such as India and Australia, increased need for night-time coverage and a rising demand for lower reporting costs.

Regional Insights

Asia Pacific held a 39.9% market share in 2018. Regional growth is supported by factors like the large number of teleradiology service providers, especially in India and Australia, as well as the high adoption rate of teleradiology services, due to the even distribution of radiologists. Japan has a lower number of radiologists than other countries, but they are using a greater number of imaging devices. This gap between the availability of medical imaging devices and radiologists has resulted in an increase in the use of teleradiology services, both onshore and offshore. These services are also more popular in hospitals than in any imaging clinics across the country.

Africa and the Middle East are likely to experience the fastest CAGR at 3.6% during the forecast period. Hospitals based in Saudi Arabia, South Africa, Kenya, and the UAE are seeing a greater adoption of teleradiology services. The segment will grow due to the development of healthcare IT infrastructure and government initiatives regarding teleradiology. In Kenya, St. Francis Community Hospital adopted teleradiology in 2017 to cut costs and reduce wait times for CT and Xray scans.

Teleradiology Services Market Share insights

Teleradiology Solutions; Virtual Radiologic Corp.; Medica Group, Everlight Radiology and Telemedicine Clinic (TMC). USARAD Holdings Inc., Argus Radiology and TeleDiagnosys Services Pvt. Some of the market leaders include ONRAD, Inc., StatRad, LLC, Aris Radiology, and NightShift Radiology. The majority of market players are focused on strategic initiatives such as geographic expansion through partnerships and agreements that with hospitals and imaging centres.

Scope of the Report

The Report Covers Certain Segments

This report predicts revenue growth at the global, regional and country level and offers an analysis of industry trends for each sub-segment from 2014 to 2025. Grand View Research, Inc. analyzed the global teleradiology market report by type, modality, region.

• Type Outlook, (Revenue, USD Billion, 2014 - 2025)

  • Inhouse

  • Offshore

  • Offshore

• Modality Outlook (Revenue, USD billion, 2014-2025)

  • CT

  • X-ray

  • MRI

  • Ultrasound

  • Mammography

  • PET-CT

• Regional Outlook (Revenue USD Billion, 2014-2025)

  • North America

    • The U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • Spain

    • Italy

    • France

    • Russia

  • Asia Pacific

    • China

    • Japan

    • India

    • Australia

    • Singapore

    • South Korea

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE

    • Kenya

    • Tanzania

    • Uganda

    • Zimbabwe

    • Rwanda

    • Mozambique

    • Nigeria

    • Ghana

Up Market Research published a new report titled “Teleradiology Services Market research report which is segmented by Type (Inhouse, Onshore, Offshore), by Modality (Mammography, Ultrasound, PET-CT Scan, MRI, X-Rays, CT), By Players/Companies Onshore, Type Outlook (Revenue USD Billion 2014 - 2025)InhouseOnshoreOffshore, Inhouse, Offshore”. 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 Services Market Report Segments:

The market is segmented by Type (Inhouse, Onshore, Offshore), by Modality (Mammography, Ultrasound, PET-CT Scan, MRI, X-Rays, CT).

Teleradiology Services 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 Services Market

Overview of the regional outlook of the Teleradiology Services 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 Services Market Report:

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

                1. Inhouse

                2. Onshore

                3. Offshore

                1. Mammography

                2. Ultrasound

                3. PET-CT Scan

                4. MRI

                5. X-Rays

                6. 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 Services 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 Services 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.