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Teleradiology Services Market Global Trends, Market Share, Industry Size, Growth, Opportunities, and Market Forecast 2019 to 2026

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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 ra
Teleradiology Services Market Global Trends, Market Share, Industry Size, Growth,
Opportunities, and Market Forecast 2019 to 2026
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 20192026.
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.
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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.
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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
Inquire further details about this report at: [email protected]
About FutureWise Research:
We specialise in high-growth niche markets, assuring flexibility, agility and
customised solutions for our clients. Through in-depth market insights and
consultancy, we present our clients with the tools they need to be at the forefront of
their industry – a position secured for far more than the near future.
Contact Us:
Company Name: FutureWise Research
Contact Person: Vinay Thaploo
Email: [email protected]
Phone: +44 141 628 9353 / +1 970 279 4295
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Country: United Kingdom
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Author
Merin John
Merin John263   documents Email
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