At 21.0 % CAGR Teleradiology Services Market To Reach US$ 16,143.1 Mn By 2028 | Teleradiology Solutions, Virtual Radiologic Corporation, Argus Radiology, OnePacs LLC, SRL Diagnostics, USARAD Holdings, Inc

Teleradiology is the process of interpreting and analyzing medical images by a radiologist who is not present at the place where the images were made. Emergency care centers, hospitals, telemedicine businesses, and other clinics use this service. Teleradiology services allow radiologists to use web services to improve patient treatment and care without the requirement for radiologists to be physically available on site.

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Statistics

By the end of 2027, the global teleradiology services market is expected to be worth US$ 16,143.1 Million.

Global Teleradiology Services Market: Drivers

The trend toward a value-based healthcare paradigm is expected to drive the global teleradiology services market growth over the forecast period. Governments and regulatory bodies around the world are implementing different cost-cutting initiatives to lessen the burden of healthcare, particularly in developed regions. This change from a volume-based to a value-based system is being driven by different initiatives undertaken by governments, teleradiology service providers, and life sciences firms, such as profit and risk sharing, outcome-based pricing, competitive bidding, and price regulation.

Furthermore, government initiatives to encourage healthcare digitization are expected to help in market growth. For instance, in March 2020, Russia’s Federation Council and Parliament introduced bills to digitalize healthcare in order to improve medical treatment, specifically during the COVID-19 pandemic.

Statistics

In 2019, North America accounted for the largest share in the global teleradiology services market, representing 45.5 % of the market share, trailed by Europe and the Asia Pacific, respectively.

Global Teleradiology Services Market: Restraints

The high price of preliminary setup and installation of imaging equipment and internet connectivity in remote areas are the factors hindering the global teleradiology services market growth over the forecast period. Furthermore, the possibilities of reimbursing the expenditures are completely determined by the number of scans received each day. As a result, attaining break-even is highly unpredictable and risky.

Furthermore, a shortage of imaging data security is expected to limit the global teleradiology services market growth over the forecast period. Teleradiology practice entails the transportation of imaging data across the world, which necessitates the preservation of data confidentiality and security. A lack of effective data protection measures could hinder the teleradiology services market growth over the forecast period.

Global Teleradiology Services Market: Opportunities

A second opinion is essential in cancer/tumor diagnoses during remote-patient diagnosis. As a result, market players might concentrate on offering collaborative healthcare platforms to facilitate the sharing of diagnosis-related information such as images and documents. In terms of combining teleradiology technology with cloud storage technologies, the teleradiology market is encountering problems.

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Furthermore, the market’s capital-intensive nature and uncertain regulations governing technological applications are impeding the global teleradiology market growth over the forecast period. Furthermore, growing collaboration and partnerships among diagnostic centers and cloud service providers are expected to provide attractive development possibilities for market players.

Statistics

The global teleradiology services market was worth US$ 3,490.0 million in 2019 and is expected to exceed US$ 16,143.1 million by 2027, registering a CAGR of 21.0 % during the forecast period 2020 and 2027.

Market Trends/Key Takeaways

The global teleradiology services market is moderately controlled by commercial rules, due to a lack of clarification regarding the technology, which has a substantial impact on teleradiology adoption. For instance, Teleradiology service providers in Europe must obtain EU Health and Safety legislation. This restricts the adoption of teleradiology in multiple sectors of the healthcare sector.

Growing elderly population in North America is expected to drive the global teleradiology services market growth over the forecast period. According to the U.S. Census Bureau, by 2034 the elderly population in the U.S. is expected to exceed 77 million.

Regulations

The U.S.

Licensing and Certification Laws

The acquisition, ownership, expansion, operation, and construction of diagnostic imaging facilities are subjected to several federal and state laws, approvals, and regulations related to licensing of facilities. Furthermore, free-standing imaging facilities need to meet Medicare requirements in order to be certified as an independent diagnostic center

Medicare and Medicaid Fraud and Abuse- Stark Law

The Stark Law prohibits a physician from referring Medicare patients to an entity providing designated health services, as defined under the Stark Law, including, without limitation, radiology services, in which the physician has an ownership or investment interest or with which the physician has entered into a compensation arrangement. The Stark Law also prohibits the entity from billing for any such prohibited referral. The penalties for violating the Stark Law include a prohibition on payment by these government programs and civil penalties of as much as US$ 15,000 for each violation referral and US$ 100,000 for participation in a circumvention scheme.

Global Teleradiology Services Market: Competitive Landscape

Some of the key players contributing to the global teleradiology services market are Rays (Envision Healthcare Company), Vital Radiology Services, Imaging On Call, LLC, NightShift Radiology, Virtual Radiologic Corporation, Virtual Radiologic Corporation, Foundation Radiology Group, USARAD Holdings, Inc., Alta Vista TeleRadiology, Telemedicine Clinic, SRL Diagnostics, Direct Radiology, Teleradiology Providers, ARIS Radiology, Quality Nighthawk, Argus Radiology, StatRad LLC, Life Image, Imaging Advantage, OnePacs LLC, ONRAD, Inc., Teleradiology Solutions, Mednax, Inc., and TeleDiagnosys Services Pvt. Ltd.

Global Teleradiology Services Market: Key Developments

To increase their market share, key players are focusing on collaboration and partnership tactics. For illustrate, Life Image, a healthcare network, in April 2020 partnered with the Alaska Native Tribal Health Consortium and the Southcentral Foundation to provide its image exchange and network access provider to the Alaska Native Medical Center, enhancing its capacity to deliver telehealth and teleradiology services across Alaska.

Furthermore, in February 2020, NANO-X IMAGING LTD announced a partnership with Siemens Healthineers-backed USARAD, under which USARAD would use current radiologists and recruit more experts to become service providers for imaging diagnostics utilizing the Nanox.CLOUD and the Nanox.ARC.

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Table of Contents

1. Research Objectives and Assumptions
   • Research Objectives
   • Assumptions
   • Abbreviations
2. Market Purview
   • Report Description
     • Market Definition and Scope
   • Executive Summary
     • Market Snippet, By Process Type
     • Market Snippet, By Service Type
     • Market Snippet, By Modality
     • Market Snippet, By End User
     • Market Snippet, By Region
     • Coherent Opportunity Map (COM)
3. Market Dynamics, Regulations, and Trends Analysis
   • Market Dynamics
     • Drivers
     • Restraints
     • Market Opportunities
   • Impact Analysis
   • Key Highlights
   • Product launch
   • PEST Analysis
   • Technological Advancements
   • Regulatory Scenario
   • Mergers and Acquisitions
4. Teleradiology Services Market, By Process Type, 2019 – 2027, (US$ Mn)
   • Introduction
     • Market Share Analysis, 2020 and 2027 (%)
     • Y-o-Y Growth Analysis, 2017 – 2027
     • Segment Trends
   • Certified Reporting Services Process
     • Introduction
     • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
   • Preliminary Reporting
     • Introduction
     • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
5. Teleradiology Services Market, By Service Type, 2019 – 2027, (US$ Mn)
   • Introduction
     • Market Share Analysis, 2020 and 2027 (%)
     • Y-o-Y Growth Analysis, 2017 – 2027
     • Segment Trends
   • Emergency Nighthawk
     • Introduction
     • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
   • Day Time Coverage
     • Introduction
     • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
   • Sub-specialty Reading
     • Introduction
     • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
       • Cardiac Reading
       • Neuroradiology
       • Nuclear Scans
       • Musculoskeletal Studies
   • Second Opinion
     • Introduction
     • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
   • Clinical Trials
     • Introduction
     • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
6. Teleradiology Services Market, By Modality, 2019 – 2027, (US$ Mn)
   • Introduction
     • Market Share Analysis, 2020 and 2027 (%)
     • Y-o-Y Growth Analysis, 2017 – 2027
     • Segment Trends
   • X-ray Scans
     • Introduction
     • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
   • CT Scan
     • Introduction
     • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
   • MRI Scan
     • Introduction
     • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
   • Ultrasound Scans
     • Introduction
     • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
   • Cardiac Echo
     • Introduction
     • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
   • Mammography
     • Introduction
     • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
   • Electro mammography
     • Introduction
     • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
7. Teleradiology Services Market, By End User, 2019 – 2027, (US$ Mn)
   • Introduction
     • Market Share Analysis, 2020 and 2027 (%)
     • Y-o-Y Growth Analysis, 2017 – 2027
     • Segment Trends
   • Hospitals
     • Introduction
     • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
   • Clinics
     • Introduction
     • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
   • Ambulatory Surgical Centers
     • Introduction
     • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
   • Radiology Centers
     • Introduction
     • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
8. Teleradiology Services Market, By Region, 2019 – 2027, (US$ Mn)
   • Introduction
     • Market Share Analysis, By Region, 2020 and 2027 (%)
     • Y-o-Y Growth Analysis, For Regions, 2017–2026
   • North America
     • Market Size and Forecast, By Process Type, 2016 – 2027, (US$ Mn)
     • Market Size and Forecast, By Service Type, 2016 – 2027, (US$ Mn)
     • Market Size and Forecast, By Modality, 2016 – 2027, (US$ Mn)
     • Market Size and Forecast, By End User, 2016 – 2027, (US$ Mn)
     • Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
       • U.S.
       • Canada
   • Latin America
     • Market Size and Forecast, By Process Type, 2016 – 2027, (US$ Mn)
     • Market Size and Forecast, By Service Type, 2016 – 2027, (US$ Mn)
     • Market Size and Forecast, By Modality, 2016 – 2027, (US$ Mn)
     • Market Size and Forecast, By End User, 2016 – 2027, (US$ Mn)
     • Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
       • Brazil
       • Mexico
       • Argentina
       • Rest of Latin America
   • Europe
     • Market Size and Forecast, By Process Type, 2016 – 2027, (US$ Mn)
     • Market Size and Forecast, By Service Type, 2016 – 2027, (US$ Mn)
     • Market Size and Forecast, By Modality, 2016 – 2027, (US$ Mn)
     • Market Size and Forecast, By End User, 2016 – 2027, (US$ Mn)
     • Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
       • Germany
       • U.K.
       • France
       • Italy
       • Spain
       • Russia
       • Rest of Europe
   • Asia Pacific
     • Market Size and Forecast, By Process Type, 2016 – 2027, (US$ Mn)
     • Market Size and Forecast, By Service Type, 2016 – 2027, (US$ Mn)
     • Market Size and Forecast, By Modality, 2016 – 2027, (US$ Mn)
     • Market Size and Forecast, By End User, 2016 – 2027, (US$ Mn)
     • Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
       • China
       • India
       • Japan
       • Australia
       • South Korea
       • ASEAN
       • Rest of APAC
   • Middle East
     • Market Size and Forecast, By Process Type, 2016 – 2027, (US$ Mn)
     • Market Size and Forecast, By Service Type, 2016 – 2027, (US$ Mn)
     • Market Size and Forecast, By Modality, 2016 – 2027, (US$ Mn)
     • Market Size and Forecast, By End User, 2016 – 2027, (US$ Mn)
     • Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
       • GCC
       • Israel
       • Rest of Middle East
   • Africa
     • Market Size and Forecast, By Process Type, 2016 – 2027, (US$ Mn)
     • Market Size and Forecast, By Service Type, 2016 – 2027, (US$ Mn)
     • Market Size and Forecast, By Modality, 2016 – 2027, (US$ Mn)
     • Market Size and Forecast, By End User, 2016 – 2027, (US$ Mn)
     • Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
       • South Africa
       • Central Africa
       • North Africa