Global Teleradiology Market: Snapshot
Teleradiology is part of the larger concept of telemedicine and has been in practice for almost 50 years. The extensive advancement in telecommunication networks, improved digital infrastructure that connects remote areas, and enhanced data transfer speeds has led the global teleradiology market to reach new heights. With further advancement in data transmission technologies, teleradiology will evolve from an ancillary exercise to a mainstream practice.
The high cost factor of technologically advanced medical imaging equipment needed for radiology accounts for the cost-intensive nature of radiology diagnostic modality. This, along with the unavailability of broadband networks in rural areas has been one of the toughest challenges for the teleradiology market. However, the significant rise in healthcare expenditures and expansion of broadband networks over the past few years have favored teleradiology practices to be adopted globally. These factors have been particularly beneficial for the teleradiology market to expand its reach to the emerging economies of Asia Pacific and Latin America.
The global teleradiology market is expected to display double-digit CAGR of 11.3% between 2015 and 2023 for the market’s valuation to increase from US$1,354.6 mn in 2014 to US$3,632.6 mn by 2023.
North America to Display Sustained Growth
Region-wise, North America currently dominates the global teleradiology market and is expected to offer considerable growth opportunities in the future as well. The teleradiology market in North America is driven by the presence of technologically advanced healthcare infrastructure, high awareness among individuals for technologically advanced healthcare, and the increasing integration of teleradiology with regular medical imaging services for value-added services. In addition, the disproportion between the number of qualified radiologists and the volume of medical images produced is leading to the demand for teleradiology services. As per a recent report by The American College of Radiology’s Commission on Human Resources, the number of medical imaging is increasing by 6% every year in North America against the mere 2% increase in the number of radiologists every year in the region.
The increasing prevalence of cancers in the region is also exhibiting the need for effective teleradiology services for diagnostic or consultation purposes. Measures for the prevention of breast cancer is expected to augment the demand for telemammography modality in the coming years.
Nevertheless, Asia Pacific is expected to emerge as a promising region for the teleradiology market. Factors driving the demand for teleradiology services in the region include rising expenditure on healthcare by the emerging middle-class population in the region, advancement of healthcare infrastructure, and expansion of high-speed broadband networks.
CT scan to Emerge as Key Growth Enabler
In 2014, X-ray technology held the largest share in the global market by revenue. X-ray diagnostic modality offers advantages such as low cost, accuracy, and low complexity of the resultant images, thereby leading to its dominant position in the global teleradiology market. The segment of computed tomography scan (CT scan) will emerge as the fastest-growing segment displaying a CAGR of 13.1% between 2015 and 2023. The rising use of CT scan diagnostic modality across remotely located small and medium-sized clinical service providers and healthcare centers will lead to increasing transfer of CT scan images via teleradiology.
Some of the leading companies in the global market for teleradiology market Agfa-Gevaert N.V., Everlight Radiology, InHealth Medica Reporting Ltd., Radisphere National Radiology Group Inc., RamSoft Inc., Telemedicine Clinic, TeleDiagnosys Services Pvt Ltd., Virtual Radiologic, Cybernet Medical Corporation, Global Diagnostics Ltd., ONRAD Inc., Radiology Reporting Online, Sectra AB, Teleradiology Solutions Inc., and The Telelaudo.
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
184.108.40.206. Advancements in Digital Technology
220.127.116.11. Increase in Health Care Expenditure
18.104.22.168. Lack of Imaging Data Security
22.214.171.124. High Cost of Technology
126.96.36.199. Shortage of Skilled Radiologists and Technicians
188.8.131.52. 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