Western Europe Teleradiology Market: Snapshot

Of late, the Western Europe market for teleradiology has been experiencing a substantial surge, thanks to the constant evolution of information and communication technologies in this region. Going forward, the shortage of expert radiologists across Europe is likely to fuel the demand for teleradiology solutions in the near future, reflecting greatly on this market. In 2014, the opportunity in the Western Europe teleradiology market was US$305.8 mn. Expanding at a CAGR of 18.50% during the period from 2015 to 2023, it is likely to reach US$1443.7 mn by 2023 end. The cost efficiency of teleradiology solutions, emergency coverage, and the rising number of imaging procedures are projected to boost this market over the next few years. However, the complex regulations, high initial investment, and language barrier are expected to limit the growth of this regional market in the years to come.


Demand for X-ray to Remain Strong

Majorly, the Western Europe teleradiology market is analyzed on the basis of the modality into magnetic resonance imaging (MRI), X-ray, computed tomography, ultrasound, and nuclear imaging. Among these, the demand for X-ray has been relatively higher and this trend is anticipated to remain so over the forthcoming years, thanks to rising number of X-ray procedures and the need for expert radiologist advice due to complexity of images.

Among others, ultrasound teleradiology has been reporting a high adoption rate, thanks to the advent of 3D and 4D ultrasound platforms, improved image quality, and the absence of ionizing radiation. CT teleradiology, on the other hand, is expected to surface as a highly lucrative segment over the forecast period, owing to favorable reimbursement policies and its ability to easily visualize complex body parts, such as lungs, brain, and cardiac abnormalities.

U.K. to Retain Dominance

The Western Europe market for teleradiology is spread across the U.K., the Netherlands, Spain, Germany, Italy, and the Rest of Western Europe. The U.K. and Germany together accounted for the largest share of the market. In 2014, the U.K. led the teleradiology market in Western Europe and this scenario is anticipated to remain so in the years to come. The advancements in digital image processing technology, increasing implementation of picture archiving communication systems (PACS), and the presence of a large pool of well-established market players, together with a number of domestic service providers, are the key factors behind the growth of the U.K. market for teleradiology. Germany stood second in 2014 and is projected to retain its position over the forthcoming years. The dearth of expert radiologists and the rising number of government initiatives are likely to support the teleradiology market in this country.

Agfa-Gevaert N.V., ONRAD Inc., Telemedicine Clinic, Cybernet Medical Corp., Sectra AB, and Global Diagnostics Ltd. are some of the key vendors of teleradiology solutions in the Western Europe. The market demonstrates a fragmented and highly competitive business landscape. The leading companies are expected to involve into strategic partnerships and mergers and acquisitions over the next few years.

COVID-19 Pandemic to Fuel Growth Prospects across the Teleradiology Market

The rapid shift of the healthcare sector toward a value-based model will serve as a prominent growth-generating factor for the global teleradiology market across the assessment period of 2015-2023. The varied advantages offered by teleradiology such as affordability and emergency coverage will bring good growth opportunities during the forecast period of 2015-2023.

  • Teleradiology is the practice of interpreting medical images. These images can be analyzed by a radiologist who is not present at the site of image-generation. The growing utilization of teleradiology services by emergency care centers, hospitals, telemedicine companies, and others will serve as significant growth accelerators for the teleradiology market.
  • The shortage of skilled radiologists across many countries and regions around the world will serve as a vital growth factor for the teleradiology market. Lacking in-house facilities to study a large number of diagnostic images will bring phenomenal growth opportunities between 2015 and 2023. The presence of radiologists in lower numbers in Latin America, Asia, and Africa will bring good growth opportunities.
  • The treatment and management of fueling chronic diseases numbers around the world will invite profitable growth opportunities for the teleradiology market. The growing number of chronic diseases has urged many countries to control it. These factors bode well for the growth of the teleradiology market. The increasing prevalence of cancer around the world has escalated the influence of imaging services, thud generating extensive growth prospects.
  • The novel coronavirus pandemic has affected the growth of almost all businesses and sectors. The teleradiology market has been minimally affected by the pandemic. On the flip side, the demand for teleradiology has increased considerably during the outbreak. The remote testing mechanism for COVID patients to avoid disease transmission has increased extensively. This factor will have a great influence on the growth of the teleradiology market.

Western Europe Teleradiology Market: Overview

Teleradiology has now become an inseparable part of telehealth services across in Western Europe. The technology that allows the electronic transfer of radiology images between two locations to enable emergency services or allow for a second opinion, is increasingly being seen as the bridge between the mounting demand and lack of resources in the field of radiology and diagnostics. The market previously suffered from issues such as slow transfer of images with unreliable image quality and clarity. Over the years, however, the vast improvements observed in the field of image processing and telecommunications have made the teleradiology sector highly dependent. 

The report presents a thorough analytical analysis of the Western Europe teleradiology market on both regional as well as global fronts. The study presents vast historical data and plausible forecast statistics over the period between 2015 and 2023 in terms of revenue and sales figures. A detailed and all-including segmentation and the key factors expected to encourage or discourage growth of the Western Europe teleradiology market have been included in the report. The vast data in the report is expected to provide the reader a strong understanding of the key aspects of the market. Furthermore, a thorough view of the market has been provided with the help of an in-depth competitiveness analysis of the market. 

Western Europe Teleradiology Market: Trends and Opportunities

Analysts suggest that the increased reliability of diagnostics and other healthcare services possible with the help of the modern-day teleradiology will help the global teleradiology market attain great heights in the next few years. In Western Europe, especially, the presence of a highly developed healthcare infrastructure and an affluent patient population will help the market gain traction in the next few years. Western Europe accounts for nearly 70% to 75% of the overall Europe teleradiology market.

The market is also expected to benefit from the shortage of expert radiologists in the region and the cost effectiveness of teleradiology solutions. A vast rise in the number of imaging procedures will also boost the market in the region. However, factors such as the high initial investment required to setup teleradiology practice, complex approval regulations, and language barriers are expected to hinder the overall growth prospects of the market to a certain extent. 

Western Europe Teleradiology Market: Segmentation

The Western Europe teleradiology market has been segmented on the basis of modality in the report into ultrasound, X-ray, magnetic resonance imaging (MRI), computed tomography, and nuclear imaging. Of these, these the segment of X-ray teleradiology dominated the overall market in 2014. The segment is also likely to retain dominance over the report’s forecast period. The high rate of adoption of X-ray procedures for a number of diagnostic purposes will be the key factor strengthening the growth prospects of the X-ray segment. 

The segment of ultrasound teleradiology held the second position in the Western Europe teleradiology market in 2014, chiefly owing to the development of the 3-D and 4-D ultrasound technologies, the increased reliability of ultrasound in terms of image clarity, and the absence of ionizing radiation. The CT teleradiology segment is expected to hold immense promise in the next few years. 

In terms of geography, the Western Europe teleradiology market has been segmented in the report into six regions: the U.K., Spain, the Netherlands, Germany, Italy, and Rest of Western Europe. Of these, the U.K. market dominates presently and is likely to lead to the most promising growth opportunities over the forecast period as well.

Western Europe Teleradiology Market: Competitive Dynamics

This study on the Western Europe teleradiology market presents a vast analytical overview of the competitive landscape of the market, including insights into the leading vendors in the market, their business profiles, financial overviews, SWOT analysis, and information regarding recent developments related to the said companies. Some of the leading companies in the Western Europe teleradiology market are ONRAD, Inc., Agfa-Gevaert N.V., Global Diagnostics Ltd., Cybernet Medical Corporation, Telemedicine Clinic, and Sectra AB.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

1. Introduction  
    1.1 Report Description
    1.2 Research Methodology
    1.3 Market Segmentation

2. Executive Summary
    2.1 Market Snapshot
    2.2 Western Europe Teleradiology Market, by Modality, 2014 (US$ Mn)

3. Western Europe Teleradiology Market Overview
    3.1 Introduction
    3.2 Recent Market Trends: Western Europe Teleradiology Market 
    3.3 Market Dynamics
    3.4 Drivers
         3.4.1 Advancements in digital technology
         3.4.2 Increasing introduction of mHealth services
         3.4.3 Rise in health care expenditure
    3.5 Restraints 
         3.5.1 High cost of technology 
         3.5.2 Language barrier
         3.5.3 Stringent and complex regulations
    3.6 Opportunity 
         3.6.1 Investment in teleradiology services to upgrade digital infrastructure
    3.7 Porter’s Five Forces Analysis
    3.8 Regulatory Framework 
    3.9 Market Attractiveness Analysis

4. Market Segmentation - By Modality
    4.1 Introduction Western Europe Teleradiology Market 
    4.2 Market Revenue of X-ray, 2013–2023, (US$ Mn)
    4.3 Ultrasound
    4.4 CT
    4.5 MRI
    4.6 Nuclear Imaging 

5. Market Segmentation - By Country 
    5.1 Introduction 
    5.2 U.K.
    5.3 Germany 
    5.4 Spain 
    5.5 Italy 
    5.6 Netherlands 
    5.7 Western Europe 

6. Recommendations 
    6.1 Adoption of New Business Models Enabling the Development of the Teleradiology Market 

7. Company Profiles 
    7.1 Agfa-Gevaert N.V. 
    7.2 Cybernet Medical Corporation 
    7.3 ONRAD, Inc.     
    7.4 Sectra AB 
    7.5 Telemedicine Clinic
    7.6 Global Diagnostics Ltd.

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Western Europe Teleradiology Market