Global Teleradiology Service Market Projected to Value over US$ 9 billion by the End of 2026

  • 06 Jun 2019

The global teleradiology service market is projected to value over US$ 9 billion by the end of 2026 and expand at a CAGR of over 18.2% during the forecast period of 2019-2026.

Teleradiology is the practice of medical images being interpreted by a radiologist indifferent of the proximity. These interpretations help in assured and accurate diagnosis of diseases and thus speed up their treatment. In addition to this, teleradiology allows stocking of digital images through various software like the picture archiving and communication system (PACS) software. This technology is employed in emergency clinics, large scale hospitals, and mobile imaging companies. Teleradiology delivers immediate results and solutions with remote access through global network and real-time interpretation. It calls for combined effort and sharing of knowledge in order to facilitate efficient treatment of diseases.
The teleradiology technology fuels on the awareness of the importance of early diagnosis. Along with this, the employment of teleradiology into health care services has increased the popularity and efficiency of the services. All these factors led to the robust development of teleradiology services in the global market. Teleradiology Services markets in North America and Europe account for the major share in the global market due to the acceptance of such services and technology by the general public as well as end-users. The Asia Pacific region has proven to emerge as one of the most lucrative markets for these services. This can be accounted to their fluctuating erratic climate leading to a rise in chronic ailments. These regions are more susceptible to serious illnesses given their climate as well as the extensive population growth. The large population invites a lot of health threats inevitably as well as the geriatric population is more prone and exposed to the hazards. All of these thus fuel demand for the same market is that of teleradiology. Latin America and the rest of the world are extremely unexplored and untapped markets in the sphere of teleradiology services and once ventured into can be found extremely profitable. To further expand trade, government initiatives, assistance and subsidies can provide major help. This can be along the lines of the provision of experts in the field or training of more personnel in the required domains and funding machinery.

Global Teleradiology Services Market: Restraints 
> Continued shortage of experts and radiologists
> Unavailability of broadband network required for operation
> Complex machinery and expensive infrastructure

Global Teleradiology Services Market: Segmentation
By Service Type

> X-ray
> Computed Tomography
> Ultrasound
> Nuclear Imaging
> Magnetic Resonance Imaging
The X-ray segment was dominant in 2018 and had a revenue share of over USD $800 million. Various applications require it to be extensively used, while on the other hand, continuous technological improvements will fuel the market growth of CT scan. The (CT) segment is predicted to register the fastest growth during the forecast period. Digitalization will further support the growth of this segment. To draw an elaborate reference, in March 2019, Siemens Healthineers, in collaboration with GE Healthcare, launched a Go platform cardiac CT scanner. However, the nuclear imaging segment is anticipated to grow at the fastest rate during the forecast period. 
 

By End User 
> Hospitals
> Diagnostics Laboratories
> Clinics
> Outpatient Centres
The segment of diagnostic laboratories recorded major share in 2017, accounting 30.0% of total revenue. This segment proofs as a one-stop solution for all required requirements thus is preferred by patients. Thus the segment is supposed to experience a business boost during the period of 2018 to 2026. The hospitals segment is anticipated to expand at a higher CAGR than other segments during the forecast period due to quick service, high-quality, and competitive pricing.

By Region
> Europe  
> North America  
> APAC  
> Latin America
> Rest of World
According to revenue statistics, North America held largest market share in 2018 and is likely to continue to do so in the global teleradiology services market during the forecast period. The teleradiology services market in the Asia Pacific segment is expected to attain a significant CAGR  during the forecast period. Supportive government subsidies and initiatives, global trade expansion strategies undertaken by major firms, and targeting rising population in regions are also expected to fuel the growth.

 
Competitive Landscape:  
> Tier 1 players- established companies in the market with a major market share  
> Tier 2 players 
> Emerging players which are growing rapidly 
> New Entrants  
Major firms ruling the market are Envision Healthcare Corporation, MEDNAX Services, Inc., 4ways Healthcare Limited, Euro American Tele Radiology, Argus Radiology, Teleradiology Solutions, American Imaging Consultants, USARAD Holdings, Inc., ONRAD, Inc., Teleconsult Europe, Africa Telerad Limited, and Unilabs. 
These shareholders have adopted strategies such as inorganic growth through partnerships, collaboration, and expansion. For reference, November 13, 2017, Unilabs acquired Telemedicine Clinic (“TMC”), a leading provider of teleradiology and telepathology services in Europe. This acquisition thus accelerated the adoption of digital processes in radiology and pathology, which will enable the company to offer more sub-specialist reporting from top experts in their field to end-users.
 

FutureWise Takeaways  
> Growth prospects  
> SWOT analysis 
> Key trends 
> Key data-points affecting market growth  
 

Objectives of the Study:
> To provide with an exhaustive analysis on global teleradiology service market by service type, end-user and region 
> To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
> To evaluate and forecast micro-markets and the overall market  
> To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and the Middle East 
> To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions 
> Profiling of companies to evaluate their market shares, strategies, financials and core competencies

 

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