According to the current analysis of Reports and Data, the Global Teleradiology Market was valued at USD 3.55 Billion in 2019 and is expected to reach USD 13.5 Billion by the year 2027, at a CAGR of 18.2%. Teleradiology is the process of transference of radiological patient images from one place to another for either official diagnosis or consultation with other radiologists and physicians. The teleradiology market involves the technology that deals in the transmission of radiography images from external or remote locations to a strong healthcare establishment in an urban area through software that makes use of the Internet. Digital image processing methods and various wireless technology can provide immense benefits to this market globally.
The growing number of imaging tests, rising R&D activities related to eHealth, and increasing implementation of picture archiving and communication systems are some of the factors estimated to stimulate the growth of the market. The increasing chances of long-term diseases, such as breast cancer, osteomyelitis, and cellulitis, and the growing number of emergency cases in less developed areas are expected to drive the market further. Given the saturated nature of the outsourced, preliminary teleradiology market and the need for large teleradiology companies to grow, the companies’ focus has recently expanded to the acquisition of existing hospital radiology contracts. For example, one company, Radisphere, sponsored a webinar titled ‘How to Run a Successful RFP Process,’ which included templates of the documents necessary to initiate the process of displacing a radiology group. Despite the aggressive behavior of some companies, their success is not assured.
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Virtual Radiologic (vRad), a major national teleradiology firm, recently announced that it would cut the pay of its contracted radiologists. Uncertain market forces have compelled other teleradiology companies to rebrand or retrench. One example is the 2010 acquisition of NightHawk Radiology Inc by vRad, which merged the two biggest publicly traded teleradiology companies into one large private equity-controlled group. Developed infrastructure, increasing demand for efficient radiology solutions are likely to drive the regional market. Increase in government expenditure on healthcare information sector, increase in focus of key players toward bringing innovation to digital diagnostics, and supportive government initiatives further fuel the market growth, but the low availability of broadband networks and a shortage of skilled radiologists restrain the sector’s expansion.
Further key findings from the report suggest
- Teleradiology allows the storage of digital radiograph images through picture archiving and communication system software. It is used by urgent care clinics, hospitals, and mobile imaging companies
- The growing number of imaging tests, rising R&D activities related to eHealth, and increasing implementation of picture archiving and communication systems are some of the factors boosting the growth of the market
- Siemens Healthineers, in collaboration with GE Healthcare, launched a Go platform cardiac CT scanner in March 2019, boosting demand from Hospitals and Clinics
- Growing target population base coupled with the increasing prevalence of chronic diseases, such as cancer, cardiac diseases, bone impairments, and liver diseases, are the major factors contributing to the North American region’s largest revenue share of nearly 40% of the market
- Diagnostic centers are expected to high CAGR during the forecast period
- X-rays are the leading technique sub-segment of the global teleradiology market with a large market share of 41.1%, as it is having wide applications in various healthcare domains, such as orthopedics, cardiovascular diagnostics, chest imaging, cancer screening, and dental imaging
- Continuous advancements in medical diagnostic technologies are expected to provide lucrative opportunities for the growth of the teleradiology players during the forecast period.
- Some of the key market players 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.
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For this report, Reports and Data has segmented the Teleradiology market based on technique, end-use, and region:
Technique (Revenue, USD Million; 2017–2027)
- Computed Tomography (CT)
- Magnetic Resonance Imaging (MRI)
- Nuclear imaging
End-Use (Revenue, USD Million; 2017–2027)
- Ambulatory Surgical Centers
- Diagnostic Centers
Regional Outlook (Revenue in USD Million; 2017–2027)
- North America
- Rest of the Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- South Africa
- Saudi Arabia
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
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