From being an adjuvant discipline to the practice of radiology, mostly used for seeking expert opinions in emergency and complex medical cases, teleradiology has evolved into an essential practice today. Favorable developments in the field of data transmission in the past few years have significantly widened the scope of teleradiology and the range and numbers of medical images that are being transmitted from remote areas with unsustainable radiology departments. Expert radiology centers around the world are extending services to places located across the globe in countries with different time zones, thanks to the virtually limitless potential for image transmission these days. The rising prominence of cloud platform has also enhanced the efficiency of teleradiology practices and will play a prominent role in the future development of the global teleradiology market.
With the rising prevalence of a number of cancers and other chronic health conditions combined with the rising consumer awareness regarding disease prevention, the demand for effective teleradiology services is expected to expand at a favorable pace in the years to come. Transparency Market Research states that the global teleradiology market will exhibit a favorable 11.3% CAGR from 2015 through 2023. As a result, the market, which had a valuation of US$1.35 bn in 2014, will rise to US$3.63 bn by 2023.
CT Scan to be Key Enabler of Growth
The high acceptance of x-ray technology, on account of its accuracy, low cost, and low complexity of the resultant images have helped the x-ray segment in acquiring the leading position in the teleradiology market in the past few years. In 2014, x-ray teleradiology accounted for the largest share in the global market in terms of revenue. From 2015 through 2023, the segment of x-ray computed tomography scan (CT scan) will be the fastest growing segment, expanding at a 13.1% CAGR. The significant rise in transmission of CT scan images through teleradiology will be encouraged by the rising adoption of CT scanners across remotely located small- and medium-sized healthcare institutes and clinical services providers.
North America to Provide Sustained Growth Opportunities
Demand for effective teleradiology services in developed regions such as North America and Europe will be driven by the rising rift between the numbers of qualified radiologists and the numbers of medical images being produced. The American College of Radiology’s Commission on Human Resources (ACRCHR) states in one of its recent reports that the numbers of medical imaging are rising by 6% every year in North America. In comparison to this, the number of radiologists in North America is rising at a mere 2% annually.
In North America and Europe, demand for effective teleradiology services is also expected to rise owing to the rising numbers of cancers and the resultant rise in the volumes of medical images. The rising focus on prevention of breast cancer across these regions will essentially give a major boost to the telemammography modality in the coming years.
Asia Pacific to Provide Most Lucrative Playing Field
The global demand for effective teleradiology services is expected to see a massive rise in Asia Pacific over 2015 and 2023. The region will prove to be the fastest emerging hub for teleradiology practices over the said period. Factors enabling the vast development of the market will be the developing healthcare infrastructures, upgradation of digital infrastructure, rising awareness about disease prevention, and increased spending on healthcare expenses by the emerging middle-class demographic in the region.
1.1. Report Description
1.2. Market Segmentation
1.3. Research Methodology
2. Executive Summary
2.1. Global Teleradiology Market Share, by Geography, 2014–2023 (Value %)
2.2. Global Teleradiology Market, by Modalities, 2014 (US$ Mn)
2.3. Teleradiology Market Snapshot
3. Global Teleradiology Market – Industry Analysis
3.2. Market Dynamics
3.2.1. Market Drivers
126.96.36.199. Advancements in Digital Technology
188.8.131.52. Increase in Health Care Expenditure
184.108.40.206. Lack of Imaging Data Security
220.127.116.11. High Cost of Technology
18.104.22.168. Shortage of Skilled Radiologists and Technicians
22.214.171.124. Upgrade of Digital Infrastructure
3.3. Teleradiology Market Penetration (2014)
3.4. Market Analysis, by Region (2014)
3.5. Market Attractiveness Analysis– Teleradiology Market, by Geography (2014) (%)
3.6. Heat Map Analysis by Key Market Players, 2014
4. Market Segmentation – By Product Type
4.1. Global Teleradiology Market Revenue, by Modality, 2013–2023 (US$ Mn)
4.2. Global X-Ray Market Revenue, 2013–2023 (US$ Mn)
4.3. Global Ultrasound Market Revenue, 2013–2023 (US$ Mn)
4.4. Global CT Market Revenue, 2013–2023 (US$ Mn)
4.5. Global MRI Market Revenue, 2013–2023 (US$ Mn)
4.6. Global Nuclear Imaging Market Revenue, 2013–2023 (US$ Mn)
5. Market Segmentation – By Geography
5.1.1. Global Teleradiology Market Revenue, by Geography, 2013–2023 (US$ Mn)
5.2. North America Teleradiology Market Revenue, by Country, 2013–2023 (US$ Mn)
5.3. Europe Teleradiology Market Revenue, by Country, 2013–2023 (US$ Mn)
5.3.3. Rest of Europe
5.4. Asia Pacific Teleradiology Market Revenue, by Country, 2013–2023 (US$ Mn)
5.4.4. Rest of Asia Pacific
5.5. Africa Teleradiology Market Revenue, by Country, 2013–2023 (US$ Mn)
5.5.3. Rest of Africa
5.6. Middle East Teleradiology Market Revenue, by Country, 2013–2023 (US$ Mn)
5.6.1. Saudi Arabia
5.6.3. Rest of Middle East
5.7. Rest of the World Market Revenue, by Country, 2013–2023 (US$ Mn)
7. Company Profiles
7.1. 4Ways Healthcare Limited
7.2. Agfa-Gevaert n.v.
7.3. Cybernet Medical Corporation
7.4. Everlight Radiology
7.5. Global Diagnostics Ltd.
7.7. Medica Reporting Ltd.
7.8. Onrad, Inc.
7.9. Radisphere National Radiology Group, Inc.
7.10. Radiology Reporting Online (Rro)
7.11. Ramsoft, Inc.
7.12. Sectra AB
7.13. Telemedicine Clinic
7.14. Teleradiology Solutions, Inc.
7.15. TeleDiagnosys Services Pvt. Ltd.
7.16. The Telelaudo
7.17. Virtual Radiologic (vRad)
List of Figures
FIG. 1 Global Teleradiology Market Share, by Geography, 2014 (Value %)
FIG. 2 Global Teleradiology Market Share, by Geography, 2023 (Value %)
FIG. 3 Global Teleradiology Market, by Modalities, 2014 (US$ Mn)
FIG. 4 Benefits of Teleradiology
FIG. 5 Process Involved in Teleradiology
FIG. 6 Teleradiology Market Penetration (2014)
FIG. 7 Global Teleradiology Market: Market Attractiveness Analysis, by Geography, 2014
FIG. 8 Global Percentage Change in the World’s Population by Age Group (Years): 2010–2050
FIG. 9 Global X-Ray Teleradiology Market Revenue, 2013–2023 (US$ Mn)
FIG. 10 Global Ultrasound Teleradiology Market Revenue, 2013–2023 (US$ Mn)
FIG. 11 Global CT Teleradiology Market Revenue, 2013–2023 (US$ Mn)
FIG. 12 Global MRI Teleradiology Market Revenue, 2013–2023 (US$ Mn)
FIG. 13 Global Nuclear Imaging Teleradiology Market Revenue, 2013–2023 (US$ Mn)
FIG. 14 Rest of the World Teleradiology Market Revenue, by Country, 2013–2023 (US$ Mn)
FIG. 15 Agfa-Gevaert N.V., Annual Revenue, 2012–2014 (US$ Mn)
FIG. 16 Sectra AB, Annual Revenue, 2012–2014 (US$ Mn)
List of Tables
TABLE 1 Teleradiology Market Snapshot: 2014
TABLE 2 Global Teleradiology Market Revenue, by Modality, 2013–2023 (US$ Mn)
TABLE 3 Global Teleradiology Market Revenue, by Geography, 2013–2023 (US$ Mn)
TABLE 4 North America Teleradiology Market Revenue, by Country, 2013–2023 (US$ Mn)
TABLE 5 Europe Teleradiology Market Revenue, by Country, 2013–2023 (US$ Mn)
TABLE 6 Asia Pacific Teleradiology Market Revenue, by Country, 2013–2023 (US$ Mn)
TABLE 7 Africa Teleradiology Market Revenue, by Country, 2013–2023 (US$ Mn)
TABLE 8 Middle East Teleradiology Market Revenue, by Country, 2013–2023 (US$ Mn)
This report analyzes the current and future prospects of the teleradiology market across the globe. Teleradiology is transmission of radiology images from one location to another for emergency services and second opinion from an expert. It is also a cost saving option. Hence, the global demand for teleradiology services is likely to increase during the forecast period from 2015 to 2023.
The research is a robust combination of primary and secondary research. Primary research formed the bulk of our research efforts with information collected from telephonic interviews and interactions via e-mails. Secondary research involved study of company websites, annual reports, press releases, stock analysis presentations, and various international and national databases. The report provides market size in terms of US$ million for each segment for the period from 2013 to 2023, considering the macro and micro environmental factors. Growth rates for each segment within the global teleradiology market have been determined after a thorough analysis of past trends, demographics, future trends, technological developments, and regulatory requirements.
The market report comprises an elaborate executive summary, which includes a market snapshot that provides information about various segments and sub-segments of the market. It also provides information and data analysis of the global teleradiology market with respect to market segments based on the modality type and geographic analysis. Based on modality, the global teleradiology market has been segmented into X-ray, ultrasound, computed tomography (CT), magnetic resonance imaging (MRI), and nuclear imaging. Market size estimations involved in-depth study of teleradiology services and product features of different types of services. Additionally, market related factors such as increasing preference for technologically advanced services, product innovation and growing number of acute and chronic patient in various geographies and historical year-on-year growth have been taken into consideration while estimating the market size. The market size and forecast in terms of US$ million for each segment has been provided for the period from 2013 to 2023. The report also provides the compound annual growth rate (CAGR %) for each market segment for the forecast period from 2015 to 2023, considering 2013 and 2014 as base years.
Furthermore, based on geography, the market has been analyzed into major regions, namely, North America, Europe, Asia-Pacific, Middle East, Africa, and Rest of the World (RoW). The market size and forecast for each of these regions has been provided for the period from 2013 to 2023, along with their respective CAGRs for the forecast period from 2015 to 2023, considering 2013 and 2014 as base years. The report also provides with market size and forecast for select countries in the respective regions, namely, the U.S., Canada, U.K., Germany, Australia, Malaysia, Philippines, Saudi Arabia, Qatar, Nigeria, and Ghana.
A detailed qualitative analysis of factors responsible for driving and restraining the market growth and future opportunities has been provided in the market overview section. This section of the report also provides with market attractiveness analysis, and a heat map analysis providing a thorough analysis of the overall competitive scenario in the global teleradiology market.
A list of recommendations has been provided for new entrants as well as existing market players to assist them in taking strategic initiatives to establish a strong presence in the market. The report also profiles major players in the market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments. The global teleradiology market is highly fragmented with most of the private companies operating in this space. Majority of firms operating in the region are local, except for a few companies such as vRad, Inc., USA Rad, which have international presence. Some of the key players in the global teleradiology market include Agfa-Gevaert N.V., Cybernet Medical Corporation, Everlight Radiology, Global Diagnostics Ltd., InHealth, Medica Reporting Ltd., ONRAD, Inc., Radisphere National Radiology Group, Inc., Radiology Reporting Online (RRO), RamSoft, Inc., Sectra AB, Telemedicine Clinic, Teleradiology Solutions, Inc., TeleDiagnosys Services Pvt Ltd., The Telelaudo, Virtual Radiologic and (vRad).
The global teleradiology market has been segmented as follows:
Teleradiology Market, by Modality
- Computed Tomography
- Magnetic Resonance Imaging
- Nuclear Imaging
Teleradiology Market, by Geography
- North America
- Rest of Europe
- Rest of Asia Pacific
- Middle East
- Saudi Arabia
- Rest of Middle East
- Rest of Africa
- Rest of the World