Teleradiology Services Market In-depth Analysis, Business Strategies, and Growth

Teleradiology Services Market - Snapshot

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. The changing face of interventional radiology across the globe and rise in prevalence of chronic diseases such as cancer and coronary heart diseases boost the number of radiological procedures. The need of time-saving interpretation of radiographs with quality is high in developed economies where incidence rate of chronic diseases is rising at a rapid pace. In order to keep pace with the rising demand for radiological procedures and comprehensive interpretation, teleradiology is being preferred by health care providers across the globe. The global teleradiology services market was valued at US$ 4.6 Bn in 2017 and is anticipated to reach US$ 21.8 Bn by 2026.

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Rise in incidence of chronic conditions and adoption of teleradiology propel the global teleradiology services market. Chronic diseases are one of the major health care concerns across the world. Hence, increasing incidence of chronic conditions such as cancer, cardiovascular diseases and others chronic diseases likely to drive the market in coming years. However, stringent government regulations and lack of skilled professionals in developing countries are the major factors restraining the market.

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The global teleradiology services market has been segmented based on services type, coverage, specialty, modality, end-user, and region. In terms of services type, the general reporting segment is anticipated to account for around 55% share of the market. Rise in demand for precise and accurate diagnosis of radiology procedures such as CT and MRI is projected to boost the growth of the segment from 2018 to 2026. Based on coverage, the market has been classified into day time and after hours/night time. The afterhours/night time segment is anticipated to expand at a relatively higher CAGR in terms of revenue during the forecast period. Based on specialty, neurology was the leading segment in 2017 and is likely to account for major market share during the forecast period due its complexity and difficulty in reading, as it requires highly specialized radiologists to read neurology scans. In terms of modality, the computed tomography (CT) segment held 30.0% share of the global teleradiology services market in terms of revenue in 2017. The segment is driven by increase in research and development in mobile medical imaging systems and ability of these systems to enable patients to take diagnostic images from smartphone and share it with physicians. Diagnostic imaging centers is the major end-user of teleradiology services, accounting for 35% of market share in terms of revenue, as diagnostic imaging centers offer a one stop shop for all imaging requirements, making it a preferred choice for patients.

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The global teleradiology services market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In terms of revenue, North America dominated the global teleradiology services market in 2017, accounting for 50.0% share. High share of the region is owing to large number of leading players located in the region, highly developed health care infrastructure, increased awareness among patients, and continuous evolution of information technology. The teleradiology services market in North America is likely to expand at a moderate CAGR during the forecast period. The market in Asia Pacific is projected to expand at a higher growth rate in terms of revenue from 2018 to 2026, due to rise in awareness about teleradiology services among small scale health care facilities and increase in adoption of technologically advanced digital platforms.

Key companies operating in the global teleradiology services market and profiled in the report include Envision Healthcare Corporation, MEDNAX Services, Inc., 4ways Healthcare Limited, Euro American Tele Radiology, Argus Radiology, Teleradiology Solutions, American Imaging Consultants, USARAD Holdings, Inc., ONRAD, Inc., Teleconsult Europe, Africa Telerad Limited, and Unilabs.

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