- According to Transparency Market Research’s latest report on the global teleradiology Market for the historical period 2017-2018 and forecast period 2019-2027, advancements in digital technology, rise in number of radiology imaging procedures are projected to drive the global teleradiology Market
- According to the report, the global teleradiology Market was valued at US$ 2.6 Bn in 2018 and is projected to expand at a CAGR of 16.9% from 2019 to 2027
Advancements in digital technology and adoption of outsourcing in developed countries: Key Drivers
- 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.
- Emergence and acceptance of mobile technology (mHealth) to visualize and interpret images further fuels the growth of the teleradiology market in the developed nations such as the U.S., Germany, U.K., Australia and Japan. Widespread use of smart connectivity devices and related solutions confirms effective interpretation of the medical images, thereby reducing treatment time. Hence, advancements in digital technology will enhance the remote patient monitoring methodologies and accessibility to radiologist’s interpretation and consultation.
- Outsourcing radiology services to well-trained radiologists, who can work for a relatively lower fraction of cost is profitable to the health care providers, according to macroeconomic principles. Hubs are, therefore, emerging in price-sensitive countries in Asia to handle the bulk of radiology reporting requirements. Radiologists providing services to the rich and developed countries are focusing more on improving their role as imaging consultants, which is considered to be a value addition to patient care in certain cases.
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Focus on Geographic Expansion
- Companies in the global teleradiology Market are undergoing strategic acquisitions and various product launch which enable product distribution in various regions and also strengthen their market share in global market.
- Envision Healthcare Corporation acquired several companies in the last two years to expand its several others services and geographical presence. For instance, in January 2017 the company acquired Sunshine Radiology, LLC to expand its radiology business. In April 2017 Envision Healthcare Corporation acquired Imaging Advantage, LLC. This acquisition was also intended to expand its radiology business
High Cost of Technology and Lack of Imaging Data Security May Hamper Market
- High costs involved in the initial set up and installation of imaging equipment and broadband technology in remote locations is one of the challenging factors for the teleradiology market. Moreover, the chances of recovering the costs solely depends on the number of scans arriving per day. The introduction and subsequent implementation of hi-tech medical devices and imaging technologies demand up gradation in the infrastructure. This change seeks huge costs which might hamper the growth of the market, or at least the profit margins
- Teleradiology practice involves transfer of imaging data across the globe, for which maintenance of data confidentiality and security is crucial. They are also susceptible to cyber-crime and hacking. There is a need for the development of virtual private networks and data encryption that safeguards the data from theft and reduce further ambiguity to hospitals, clinicians and patients. Lack of robust data security tools and technologies might hamper the growth and acceptance of teleradiology technologies and services
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Global Teleradiology Market: Competitive Landscape
- This report profiles major players in the global teleradiology Market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
- The global teleradiology Market is fragmented, with the presence of a number of international as well as regional players
- Various players operating in the global teleradiology Market are -
- Envision Healthcare Corporation
- Agfa-Gevaert N.V.
- 4ways Healthcare Limited
- InHealth
- Teleradiology Solutions
- USARAD Holdings, Inc.
- ONRAD, Inc.
- TeleDiagnosys Services Pvt Ltd.
- Euro American Tele Radiology
- Cybernet Medical Corporation among others
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Global Teleradiology Market: Key Developments
Key players in the global teleradiology Market are engaged in regulatory approvals, technologically advanced products, and acquisition & collaborative agreements with other companies. These strategies of key players are likely to fuel the growth of the global teleradiology Market. A few expansion strategies adopted by players operating in the global teleradiology Market are:
- In December 2019, FogChain Corp has entered into a definitive share exchange agreement with Canadian Teleradiology Services Inc. ("CTS") and the shareholders of CTS.
- In January 2018, 4ways Limited announced that it had completed scans of over 3 million radiographs since its inception and that it possessed a clinical audit dataset of more than 200,000 studies. The company has the largest clinical audit dataset with around 3,000 studies audited every month.
- On August 7, 2017, UNILABS announced an agreement to acquire Blufstein, accredited labs in Peru. This acquisition benefited the company to expand services portfolio and extend its reach into the private health care market in Peru.
- In January 2017, MEDNAX, Inc. announced the acquisition of Radiology Alliance, the largest private practice radiology group in the U.S. Radiology Alliance was the first on-site radiology group to join MEDNAX.
The report on the global teleradiology market discussed individual strategies, followed by company profiles of that offer 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 Market.
Global Teleradiology Services Market - Segmentation
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Frequently Asked Questions
What is the total market worth of teleradiology market?
Teleradiology market to reach US$ 10.5 Bn by 2027
What is the anticipated CAGR of the teleradiology market in the forecast period?
Teleradiology market is projected to expand at a CAGR of 16.9% from 2019 to 2027
What are the key driving factors for the growth of the teleradiology market?
Teleradiology market is driven by rise in number of radiology imaging procedures
Which region is expected to project the highest market share in the global teleradiology market?
North America accounted for major share of the global teleradiology market
Who are the key players in the global teleradiology market?
Key players in the global teleradiology market include Envision Healthcare Corporation, Agfa-Gevaert N.V., 4ways Healthcare Limited, InHealth, Teleradiology Solutions
1. Preface
1.1. Market Definition and Scope
1.2. Market Segmentation
1.3. Key Research Objectives
1.4. Research Highlights
2. Assumptions and Research Methodology
3. Executive Summary: Global Teleradiology Market
4. Market Overview
4.1. Introduction
4.2. Overview
4.3. Market Dynamics
4.3.1. Drivers
4.3.2. Restraints
4.3.3. Opportunities
4.4. Global Teleradiology Market Analysis and Forecast, 2017–2027
4.4.1. Market Revenue Projections (US$ Mn)
4.5. Porter’s Five Force Analysis
5. Key Insights
5.1. Pricing Analysis
5.2. Import and Export Data Analysis
6. Global Teleradiology Market Analysis and Forecast, by Modality
6.1. Introduction & Definition
6.1.1. Key Findings / Developments
6.2. Global Teleradiology Market Value Forecast, by Modality, 2017–2027
6.2.1. X-Ray
6.2.2. Ultrasound
6.2.3. CT
6.2.4. MRI
6.2.5. Nuclear Imaging
6.3. Global Teleradiology Market Attractiveness, by Modality
7. Global Teleradiology Market Analysis and Forecast, by Region
7.1. Key Findings
7.2. Global Teleradiology Market Value Forecast, by Region
7.2.1. North America
7.2.2. Europe
7.2.3. Asia Pacific
7.2.4. Latin America
7.2.5. Middle East & Africa
7.3. North America Teleradiology Market Attractiveness, by Region
8. North America Teleradiology Market Analysis and Forecast
8.1. Introduction
8.1.1. Key Findings
8.2. North America Teleradiology Market Value (US$ Mn) Forecast, by Modality, 2017–2027
8.2.1. X-Ray
8.2.2. Ultrasound
8.2.3. CT
8.2.4. MRI
8.2.5. Nuclear Imaging
8.3. North America Teleradiology Market Value (US$ Mn) Forecast, by Country, 2017–2027
8.3.1. U.S.
8.3.2. Canada
8.4. North America Teleradiology Market Attractiveness Analysis
8.4.1. By Modality
8.4.2. By Country
9. Europe Teleradiology Market Analysis and Forecast
9.1. Introduction
9.1.1. Key Findings
9.2. Europe Teleradiology Market Value (US$ Mn) Forecast, by Modality, 2017–2027
9.2.1. X-Ray
9.2.2. Ultrasound
9.2.3. CT
9.2.4. MRI
9.2.5. Nuclear Imaging
9.3. Europe Teleradiology Market Value (US$ Mn) Forecast, by Country/Sub-region, 2017–2027
9.3.1. Germany
9.3.2. U.K.
9.3.3. France
9.3.4. Spain
9.3.5. Italy
9.3.6. Rest of Europe
9.4. Europe Teleradiology Market Attractiveness Analysis
9.4.1. By Modality
9.4.2. By Country/Sub-region
10. Asia Pacific Teleradiology Market Analysis and Forecast
10.1. Introduction
10.1.1. Key Findings
10.2. Asia Pacific Teleradiology Market Value (US$ Mn) Forecast, by Modality, 2017–2027
10.2.1. X-Ray
10.2.2. Ultrasound
10.2.3. CT
10.2.4. MRI
10.2.5. Nuclear Imaging
10.3. Asia Pacific Teleradiology Market Value (US$ Mn) Forecast, by Country/Sub-region, 2017–2027
10.3.1. China
10.3.2. Japan
10.3.3. India
10.3.4. Australia & New Zealand
10.3.5. Rest of Asia Pacific
10.4. Asia Pacific Teleradiology Market Attractiveness Analysis
10.4.1. By Modality
10.4.2. By Country/Sub-region
11. Latin America Teleradiology Market Analysis and Forecast
11.1. Introduction
11.1.1. Key Findings
11.2. Latin America Teleradiology Market Value (US$ Mn) Forecast, by Modality, 2017–2027
11.2.1. X-Ray
11.2.2. Ultrasound
11.2.3. CT
11.2.4. MRI
11.2.5. Nuclear Imaging
11.3. Latin America Teleradiology Market Value (US$ Mn) Forecast, by Country/Sub-region, 2017–2027
11.3.1. Brazil
11.3.2. Mexico
11.3.3. Rest of Latin America Latin America
11.4. Latin America Teleradiology Market Attractiveness Analysis
11.4.1. By Modality
11.4.2. By Country/Sub-region
12. Middle East & Africa Teleradiology Market Analysis and Forecast
12.1. Introduction
12.1.1. Key Findings
12.2. Middle East & Africa Teleradiology Market Value (US$ Mn) Forecast, by Modality, 2017–2027
12.2.1. X-Ray
12.2.2. Ultrasound
12.2.3. CT
12.2.4. MRI
12.2.5. Nuclear Imaging
12.3. Middle East & Africa Teleradiology Market Value (US$ Mn) Forecast, by Country/Sub-region, 2017–2027
12.3.1. GCC Countries
12.3.2. South Africa
12.3.3. Rest of Middle East & Africa
12.4. Middle East & Africa Teleradiology Market Attractiveness Analysis
12.4.1. By Modality
12.4.2. By Country/Sub-region
13. Competition Landscape
13.1. Mergers & Acquisitions (M&A)
13.2. Funding
13.3. Company Profiles
13.3.1. Envision Healthcare Corporation
13.3.1.1. Company Overview (HQ, Business Segments, Employee Strength)
13.3.1.2. Growth Strategies
13.3.1.3. SWOT Analysis
13.3.2. Agfa-Gevaert N.V.
13.3.2.1. Company Overview (HQ, Business Segments, Employee Strength)
13.3.2.2. Growth Strategies
13.3.2.3. SWOT Analysis
13.3.3. 4ways Healthcare Limited
13.3.3.1. Company Overview (HQ, Business Segments, Employee Strength)
13.3.3.2. Growth Strategies
13.3.3.3. SWOT Analysis
13.3.4. InHealth
13.3.4.1. Company Overview (HQ, Business Segments, Employee Strength)
13.3.4.2. Growth Strategies
13.3.4.3. SWOT Analysis
13.3.5. Teleradiology Solutions
13.3.5.1. Company Overview (HQ, Business Segments, Employee Strength)
13.3.5.2. Growth Strategies
13.3.5.3. SWOT Analysis
13.3.6. USARAD Holdings, Inc.
13.3.6.1. Company Overview (HQ, Business Segments, Employee Strength)
13.3.6.2. Growth Strategies
13.3.6.3. SWOT Analysis
13.3.7. ONRAD, Inc.
13.3.7.1. Company Overview (HQ, Business Segments, Employee Strength)
13.3.7.2. Growth Strategies
13.3.7.3. SWOT Analysis
13.3.8. TeleDiagnosys Services Pvt Ltd
13.3.8.1. Company Overview (HQ, Business Segments, Employee Strength)
13.3.8.2. Growth Strategies
13.3.8.3. SWOT Analysis
13.3.9. Euro American Tele Radiology
13.3.9.1. Company Overview (HQ, Business Segments, Employee Strength)
13.3.9.2. Growth Strategies
13.3.9.3. SWOT Analysis
13.3.10. Cybernet Medical Corporation
13.3.10.1. Company Overview (HQ, Business Segments, Employee Strength)
13.3.10.2. Growth Strategies
13.3.10.3. SWOT Analysis
List of Figures
Figure 01 Global Teleradiology Market Value (US$ Mn) Forecast, 2017–2027
Figure 02 Global Teleradiology Market Value Share, by Modality, 2018
Figure 03 Global Teleradiology Market Value Share, by Region, 2018
Figure 04 Global Teleradiology Market Value Share Analysis, by Modality, 2018 and 2027
Figure 05 Global Teleradiology Market Revenue (US$ Mn), by X-Ray, 2017–2027
Figure 06 Global Teleradiology Market Revenue (US$ Mn), by Ultrasound, 2017–2027
Figure 07 Global Teleradiology Market Revenue (US$ Mn), by CT, 2017–2027
Figure 08 Global Teleradiology Market Revenue (US$ Mn), by MRI, 2017–2027
Figure 09 Global Teleradiology Market Revenue (US$ Mn), by Nuclear Imaging, 2017–2027
Figure 10 Global Teleradiology Market Attractiveness Analysis, by Modality, 2018-2027
Figure 11 Global Teleradiology Market Value Share Analysis, by Region, 2018 and 2027
Figure 12 Global Teleradiology Market Attractiveness Analysis, by Region, 2018-2027
Figure 13 North America Teleradiology Market Value (US$ Mn) Forecast and Y-o-Y Growth (%) Projection, 2017–2027
Figure 14 North America Teleradiology Market Value Share (%), by Country, 2018 and 2027
Figure 15 North America Teleradiology Market Attractiveness Analysis, by Country, 2018-2027
Figure 16 North America Teleradiology Market Value Share (%), by Modality, 2018 and 2027
Figure 17 North America Teleradiology Market Attractiveness Analysis, by Modality, 2018-2027
Figure 18 Europe Teleradiology Market Value (US$ Mn) Forecast and Y-o-Y Growth (%) Projection, 2017–2027
Figure 19 Europe Teleradiology Market Value Share (%), by Country/Sub-Region, 2018 and 2027
Figure 20 Europe Teleradiology Market Attractiveness Analysis, by Country/Sub-Region, 2018-2027
Figure 21 Europe Teleradiology Market Value Share (%), by Modality, 2018 and 2027
Figure 22 Europe Teleradiology Market Attractiveness Analysis, by Modality, 2018-2027
Figure 23 Asia Pacific Teleradiology Market Value (US$ Mn) Forecast and Y-o-Y Growth (%) Projection, 2017–2027
Figure 24 Asia Pacific Teleradiology Market Value Share (%), by Country/Sub-Region, 2018 and 2027
Figure 25 Asia Pacific Teleradiology Market Attractiveness Analysis, by Country/Sub-Region, 2018-2027
Figure 26 Asia Pacific Teleradiology Market Value Share (%), by Modality, 2018 and 2027
Figure 27 Asia Pacific Teleradiology Market Attractiveness Analysis, by Modality, 2018-2027
Figure 28 Latin America Teleradiology Market Value (US$ Mn) Forecast and Y-o-Y Growth (%) Projection, 2017–2027
Figure 29 Latin America Teleradiology Market Value Share (%), by Country/Sub-Region, 2018 and 2027
Figure 30 Latin America Teleradiology Market Attractiveness Analysis, by Country/Sub-Region, 2018-2027
Figure 31 Latin America Teleradiology Market Value Share (%), by Modality, 2018 and 2027
Figure 32 Latin America Teleradiology Market Attractiveness Analysis, by Modality, 2018-2027
Figure 33 Middle East & Africa Teleradiology Market Value (US$ Mn) Forecast and Y-o-Y Growth (%) Projection, 2017–2027
Figure 34 Middle East & Africa Teleradiology Market Value Share (%), by Country/Sub-Region, 2018 and 2027
Figure 35 Middle East & Africa Teleradiology Market Attractiveness Analysis, by Country/Sub-Region, 2018-2027
Figure 36 Middle East & Africa Teleradiology Market Value Share (%), by Modality, 2018 and 2027
Figure 37 Middle East & Africa Teleradiology Market Attractiveness Analysis, by Modality, 2018-2027
Figure 38 Global Teleradiology Market Analysis, by Top Company Ranking, 2018
List of Tables
Table 01 Global Teleradiology Market Value (US$ Mn) Forecast, by Modality, 2017-2027
Table 02 Global Teleradiology Market Value (US$ Mn) Forecast, by Region, 2017-2027
Table 03 North America Teleradiology Market Value (US$ Mn) Forecast, by Country, 2017-2027
Table 04 North America Teleradiology Market Value (US$ Mn) Forecast, by Modality, 2017-2027
Table 05 Europe Teleradiology Market Value (US$ Mn) Forecast, by Country/Sub-Region, 2017-2027
Table 06 Europe Teleradiology Market Value (US$ Mn) Forecast, by Modality, 2017-2027
Table 07 Asia Pacific Teleradiology Market Value (US$ Mn) Forecast, by Country/Sub-Region, 2017-2027
Table 08 Asia Pacific Teleradiology Market Value (US$ Mn) Forecast, by Modality, 2017-2027
Table 09 Latin America Teleradiology Market Value (US$ Mn) Forecast, by Country/Sub-Region, 2017-2027
Table 10 Latin America Teleradiology Market Value (US$ Mn) Forecast, by Modality, 2017-2027
Table 11 Middle East & Africa Teleradiology Market Value (US$ Mn) Forecast, by Country/Sub-Region, 2017-2027
Table 12 Middle East & Africa Teleradiology Market Value (US$ Mn) Forecast, by Modality, 2017-2027
