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Teleradiology Market Expected to Reach $10.621 Million by 2025

October 7th, 2019 Allied Market Research Releases

Imbalance between the demand and availability of radiological services and lack of timely diagnostic services drive the growth of the global teleradiology market. The CT scans segment accounted for nearly one-fourth share of the total market in 2016. On the other hand, the web-based teleradiological solutions dominated the telecom & networking market with five-eighths share in 2016.

The global teleradiology market was valued at $2,709 million in 2017, and is projected to reach $10,621 million by 2025, growing at a CAGR of 18.4% from 2017 to 2025.

The prime factors that drive the growth of teleradiology market are imbalance between the demand and availability of radiological services. Lack of timely diagnostic services cause major problem for clinicians during emergencies especially night hours has further accelerated the demand of teleradiology technologies globally to initiate the proper treatment at the earliest. However, the scarcity of data security tools and robust technologies hamper the growth of the global teleradiology market. Funding by government and private organizations towards development of healthcare facilities in emerging economies is expected to provide lucrative growth opportunities for the teleradiology market growth.

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The X-rays technique accounted for about one-sixth share of the total market in 2016. This is owing to the fact that X-rays are used as a common imagine modality for diagnosing wide range of diseases and are recommended as the first line of diagnosis for any bone-related diseases. However, the nuclear imaging segment is expected to register high growth of CAGR 24.4% throughout the forecast period. This is due to the continuous technological breakthrough in the nuclear medicine sector by development of new radiotracers and investment for the modernization of diagnostic imaging centers.

In terms of technology, software segment dominated the market with four-sevenths share in 2016. This is owing to the rapidly growing IT sector with novel software development and increase in number of advanced software solutions that enables quick transfer of images and their retrieval. However, telecom & networking segment registered fastest growth with a CAGR of 21.1% during 2017-2023. This is attributed to the growth in demand for network security services with data backup solutions across medical settings.

The diagnostic center of end user segment dominated the market with a one-third share in 2016. This is attributed to the high number of x-rays and CT scan diagnostic procedures carried out in the diagnostic centers owing to low service cost in these centers. They are also preferred as primary location for performing diagnosis procedure. However, ambulatory surgical centers are expected to show fastest growth at a CAGR of 20.1% during the forecast period. This is owing to low-risk complications and benefits associated with reduced cost and less hospital stay in ambulatory centers.

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In 2016, Asia-Pacific and LAMEA collectively accounted for about two-sevenths share of the market and is expected to continue this trend. This is due to increase in adoption of teleradiology technologies such as PACS and RIS and high prevalence of chronic diseases specifically in China, India, and the other developing economies. Moreover, rise in investments towards development of healthcare-information technology (HCIT) done by key players in the teleradiology field is the main reason for the growth of the market in Asia-Pacific.

The key players in the global teleradiology market are Siemens AG, Teleradiology Solutions (TRS), Global Diagnostics Limited., Mednax, Inc., Onrad, Inc., Telediagnostics Services Pvt. Ltd., Everlight Radiology, Agfa-Gevaert Group, Radisphere National Radiology Group, Inc., and Fujifilm Medical Systems, Inc.

Report Attribute Details
Market size available for years 2017 – 2025
Base year considered 2018
Forecast period 2018 – 2025
Forecast units Value (USD)
Segments covered By Imaging Technique, Technology and End User
Geographies covered North America, Europe, Asia-Pacific, LAMEA

Related Reports: 

Mammography Systems Market by Type (Analog Mammography Systems, Digital Mammography Systems, and Breast Tomosynthesis Systems), Technology (2-D Mammography, 3-D Mammography, and Combined 2-D and 3-D Mammography), and End-User (Inpatient Settings and Ambulatory Surgical Centers) – Global Opportunity Analysis and Industry Forecast, 2014-2022

World Nuclear Imaging System and Equipment Market – Opportunities and Forecast, 2019-2026

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