High target disease prevalence, product launches, increasing strategic developments such as partnerships and agreements, favorable research funding scenario and drug development pressure on pharmaceuticals due to upcoming patent expiration dates are key factors contributing to high CAGR of Teleradiology during the forecast period.
Market Size – USD 3,004.6 Million in 2018, Market Growth - CAGR of 18.2%, Market Trends – Product launches and research for advanced teleradiology practices
According to the current analysis of Reports and Data, the global Teleradiology market was valued at USD 3,004.6 million in 2018 and is expected to reach USD 11,423.4 million by the year 2026, 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. 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 sundry wireless technology can provide immense benefits to this market globally.
The growing number of imaging tests, rising RD 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. 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. 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.
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Further key findings from the report suggest
- Teleradiology allows 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 RD 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
The key companies profiled in the 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.
For this report, Reports and Data have segmented the Teleradiology market based on technique, end-use, and region:
Technique (Revenue, USD Million; 2016–2026)
- Computed Tomography (CT)
- Magnetic Resonance Imaging (MRI)
- Nuclear imaging
End Use (Revenue, USD Million; 2016–2026)
- Ambulatory Surgical Centers
- Diagnostic Centers
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The report further segments the market on the basis of key regions of the world and offers an assessment of the production and manufacturing capacity, import and export, production and consumption patterns, supply and demand ratio, and the presence of key players in each region. The Teleradiology market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East Africa.
In-depth regional analysis covers:
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East Africa
- Saudi Arabia
- Rest of MEA
The report includes primary and subjective research with a comprehensive study examined and validated by industry professionals and experts. The report further provides insights into the opportunities and threats that the industry may witness in the upcoming years, throughout the forecast period. The report also provides an insight into the growth in revenue along with CAGR throughout the forecast period. It also provides insights into lucrative opportunities to enable the businesses to capitalize on the emerging trends of the market.
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Highlights of the TOC:
- Report Overview
1.1 Research Scope
1.2 Key Teleradiology market segments
1.3 Major players
1.4 Market analysis by product
1.5 Market analysis by application
1.6 Report timeline
- Global Growth Trends
2.1 Global Teleradiology market size
2.2 Latest Teleradiology market trends
2.3 Key growth trends
- Competitive Landscape
3.1 Global Teleradiology market key players
3.2 Global Teleradiology size by manufacturers
3.3 Products of major players
3.4 Entry barriers in the Teleradiology market
3.5 Mergers, acquisitions, joint ventures, and strategic alliances
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