Teleradiology Services Market
Teleradiology Services Market (Services Type - General Reporting, Consultation, Auditing; Coverage - Day Time, After Hours/Night Time; Specialty - Cardiology, Neurology, Musculoskeletal, Gastroenterology, Oncology; Modality - X-ray, Ultrasound, Magnetic Resonance Imaging (MRI), Computed Tomography (CT), Nuclear Imaging; End use - Hospitals, Diagnostic Imaging Centers, Ambulatory Surgical Centers, Clinics) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026
Press Release :
- According to Transparency Market Research’s latest report on the global teleradiology services market for the historical period 2017–2018 and forecast period 2019–2027, Rise in number of radiology imaging procedures, advancements in digital technology, are projected to drive the global teleradiology services market during the forecast period
- According to the report, the global teleradiology services market was valued at US$ 5.4 Bn in 2018 and is anticipated to expand at a CAGR of 18.7% from 2019 to 2027
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Rise in Number of Radiology Imaging Procedures and Advancements in Digital Technology to Boost the Global Market Expansion: Key Drivers
- The changing face of interventional radiology across the globe and rise in prevalence of chronic diseases such as cancer and coronary heart diseases are boosting the number of radiological procedures. According to the National Cancer Institute, an estimated 1,762,450 new cases of cancer were diagnosed in the U.S. in 2019. Increase in number of Radiology Imaging Procedures is helps to drive the growth of market during forecasted period.
- Advancements in digital technology is another major factor to drive the teleradiology services market. Rapid developments in digital image processing technologies ensure effective image distribution across the regional, local, and global level. The vastly improved capacity of the Internet and the speed of transmission have permitted a much wider use of teleradiology, with centers across the world providing day-time reporting for out of hours imaging services in other countries with different time zones.
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Shortage of Skilled and Well-qualified Radiologists and Stringent Government Regulations to Hamper Market
- The fundamental requirement for teleradiology service providers is of skilled and well-qualified radiologists. Globally, there has been a significant shortage of radiologists which is expected to continue in the near future. Demand for radiology services has increased at a rate more than the addition of new radiologists in the service. Demand for radiologist with expertise in teleradiology is high across the globe, particularly in the developed countries where the adoption rate of diagnostic imaging is high.
- Numerous legal issues surrounding the practice of teleradiology still present challenges to the service providers, as some state legislatures and courts are constructing stringent regulatory policies for teleradiology services. Such factors are restraining the growth of teleradiology services market.
Global Teleradiology services Market: Competitive Landscape
- This report profiles major players in the global teleradiology services market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
- The global teleradiology services market is highly fragmented, with the presence of a number of international as well as regional players
- Leading players operating in the global teleradiology services market are
- Envision Healthcare Corporation
- MEDNAX Services, Inc. (Virtual Radiologic)
- 4ways Limited
- Argus Radiology
- Teleradiology Solutions
- USARAD Holdings, Inc.
- ONRAD, Inc.
- Euro American Teleradiology
- Teleconsult Europe
- Africa Telerad Limited
- American Imaging Consultants
- other prominent players.
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Global Teleradiology services Market: Key Developments
Key players in the global teleradiology services market are engaged in regulatory approvals, technologically advanced products, launch of new products, and acquisition & collaborative agreements with other companies. These strategies are likely to fuel the growth of the global teleradiology services market. A few expansion strategies adopted by players operating in the global teleradiology services market are:
- In 04 September, 2020, UNILABS acquired Saltro for expanding its presence in the Netherlands.
- In March 2020, USARAD Holdings Inc. (US), a teleradiology company backed by Siemens Healthineers, launched a first-of-its-kind screening program to identify patients with COVID-19.
The report on the global teleradiology services market discussed individual strategies, followed by company profiles of manufacturers of teleradiology services. The competitive landscape section has been included in the report to provide readers with a dashboard view and a company market share analysis of key players operating in the global teleradiology services market.
Global Teleradiology Services Market - Scope of Report
TMR’s report on the global teleradiology Services market studies past as well as current growth trends and opportunities to gain valuable insights of these indicators of the market during the forecast period from 2019 to 2027. The report provides revenue of the global teleradiology Services market for the period 2017–2027, considering 2018 as the base year and 2027 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global teleradiology Services market during the forecast period.
The report has been prepared after an extensive primary and secondary research. Primary research involved bulk of research efforts, wherein analysts carried out interviews with industry leaders and opinion makers. Extensive secondary research involved referring to key players’ product literature, annual reports, press releases, and relevant documents to understand the global teleradiology Services Market.
Secondary research also included internet sources, statistical data from government agencies, websites, company presentations, sales data, and trade associations. Analysts have employed a combination of top-down and bottom-up approaches to study various phenomenon in the global teleradiology Services market.
The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments included in the scope of the study. Furthermore, the report sheds light on the changing competitive dynamics in the global teleradiology Services market. These indices serve as valuable tools for existing market players as well as for entities interested in entering the global teleradiology Services market.
The report delves into the competitive landscape of the global teleradiology Services market. Key players operating in the global teleradiology Services market have been identified, and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the global teleradiology Services market that have been profiled in this report.
Key Questions Answered in Global Teleradiology Services Market Report
- What is the scope of growth of service companies in the global teleradiology Services market?
- What will be the Y-o-Y growth of the global teleradiology Services market between 2019 and 2027?
- What is the influence of changing trends in technologies on the global teleradiology Services market?
- Will North America continue to be the most profitable market for teleradiology Services providers?
- Which factors are anticipated to hamper the growth of the global teleradiology Services market during the forecast period?
- Which are the leading companies in the global teleradiology Services market?
A unique research methodology has been utilized by TMR to conduct comprehensive research on the growth of the global teleradiology Services market and arrive at conclusions on its growth prospects. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.
Secondary methods referred to by analysts during the production of the global teleradiology Services market report include statistics from company annual reports, SEC filings, company websites, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of TMR’s study on the teleradiology Services market as primary methods.
These primary and secondary methods have provided exclusive information during interviews, which serves as a validation from the teleradiology Services market leaders. Access to an extensive internal repository and external proprietary databases enabled this report to address specific details and questions about the global teleradiology Services market with accuracy. The study also uses the top-down approach to assess the revenues for each segment and the bottom-up approach to counter-validate them. This has helped in reaching TMR’s estimates on future prospects of the global teleradiology Services market more reliably and accurately.
Regional Segmentation of Teleradiology Services Market
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
Global Teleradiology Services Market - Segmentation