Teleradiology Market (Modality - X-Ray, Ultrasound, Computed Tomography, Magnetic Resonance Imaging, and Nuclear Imaging) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 - 2027
Press Release :
- 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
- 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 Market - Scope of Report
TMR’s report on the global teleradiology market studies the 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 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) of the global teleradiology 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 market.
Secondary research also included Internet sources, statistical data from government agencies, websites, companies’ 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 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 market. These indices serve as valuable tools for existing market players as well as for entities interested in entering the global teleradiology market.
The report delves into the competitive landscape of the global teleradiology market. Key players operating in the global teleradiology 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 market that have been profiled in this report.
Key Questions Answered in Global Teleradiology Market Report
- What is the scope of growth of services offering companies in the global teleradiology market?
- What will be the Y-o-Y growth of the global teleradiology market between 2019 and 2027?
- What is the influence of changing trends in technologies on the global teleradiology market?
- Will North America continue to be the most profitable market for teleradiology service providers?
- Which factors are anticipated to hamper the growth of the global teleradiology market during the forecast period?
- Which are the leading companies in the global teleradiology market?
A unique research methodology has been utilized by TMR to conduct comprehensive research on the growth of the global teleradiology 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 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 market as primary methods.
These primary and secondary methods have provided exclusive information during interviews, which serve as a validation from the teleradiology 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 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 market more reliably and accurately.
Regional Segmentation of Global Teleradiology 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 Market - Segmentation
Global Teleradiology Services Market - Segmentation