Teleradiology Services Market

Teleradiology Services Market was estimated at USD 7,912 million in 2020 and projected to grow at 23.1% CAGR during the forecast period

Introduction of the Teleradiology services Market Report

Radiology has been of crucial significance in the medical field in treating numerous diseases by medical professionals by capturing images of the internal body to aid the process of diagnosis or treatment. Teleradiology involves capturing medical images, followed by viewing and interpretation of these images for diagnostic or consultative purpose by a radiologist. The main concept behind introduction of teleradiology is to reduce the cost associated with on-site image interpretation and improving patient care by allowing radiologist to provide expertise without being present with patient.

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Market Dynamic

Key Drivers and Emerging Trends

Rising incidence of chronic diseases such cardiovascular disease, and cancer among others is expected to drive the teleradiology service market over the forecasted period. For instance, The International Agency for Research on Cancer estimated that in 2020 there were nearly 19.3 million new cancer cases, and almost 10 million fatalities. Hence, disbursing timely diagnosis is become very important, prompting enhanced uptake of teleradiology. Moreover, it can help in early detecting of health problems, which can help in integrating data collected from test instantly, monitoring the condition of the patient, and relay the information to the doctor in real time. This is essential specially for the patient located in remote areas and where radiologist subspecialities are few in numbers and typically located in metropolitan cities.

Furthermore, increase use of cloud-based technology is making implementing information technology (IT) in teleradiology less complex. The benefits for hospitals and imaging centers in using cloud-based technology is that it bypasses the investment required for static IT architecture. Moreover, it removes geographical barrier, providing access to teleradiology globally simply requiring an internet connection and credential to access the report.

Restraint in the Teleradiology services Market

However, inadequate integration of patient history data and cybercrime risk associated with teleradiology services may act as a restraint and hamper the market growth.

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Imaging Techniques – Segment Analysis

Based on the imaging techniques, computed tomography is expected to grow at the fastest rate in the global teleradiology services market over the forecast period owing to its wide range of application such as cardiology, oncology, neurology, cardiac cavities with faster and clearer image. In addition, computed tomography is offering highly specialized 3-D report viewing services which can add significant value for entities like aortic, vascular occlusion or cerebral aneurysm. For instance, Hexarad (a teleradiology company providing teleradiology services to National Health Service (NHS) trusts as well as private healthcare providers in the UK) has received £1.7 million in investment to expand its services in UK healthcare. Key players such as Leveljump Healthcare Corp, a Canadian B2B telehealth solution has announced 14.6% Minority Investment in Real Time Medical a healthcare interventional analytics company dealing with teleradiology.

Component – Segment Analysis

Based on the component, software and services is projected to dominate the teleradiology services market over the forecast period owing to the increasing demand for healthcare software to improve interoperability, enhance technical capabilities, and increase data transparency and healthcare facilities to reduce costs and increasing demand for radiologists in the remote location. Similarly, use of AI for automated data analyzing with more efficient and productive way has led to the further demand of software service in teleradiology. For instance, STAR Teleradiology (a premier teleradiology partner) became the first practice in Florida to Use Rad AI Omni, the fastest growing radiologist-led AI company to use its technology for generating customized radiology report impression.

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Regional – Segment Analysis:

Based on the region, Asia-Pacific region is expected to dominate the teleradiology services market owing to the presence of leading players launching their services in the region. For instance, Siemens Healthineers India launched ACUSON Redwood Ultrasound System at IRIA(Indian Radiological & Imaging Association). The system is built on the company’s new architecture platform with AI-powered tools for smart workflows which signifies the leading company’s confidence in the region.

Top Market Players

Various notable players operating in the market, include, Koninklijke Philips N.V., Cerner Corporation., Siemens Healthcare GmbH, McKesson Corporation, Agfa-Gevaert Group, Teleradiology Solutions, Everlight Radiology, Carestream Health, NucleusHealth, ONRAD, Inc, among others.

Key Developments:

• • In 2021, VetRad and Synergy Veterinary Imaging Partners announced to merge together owing to overwhelming need in the veterinary community for teleradiology services.
  • In 2021, Nanox has closed more than USD 30 million in stocks to acquire teleradiology firm USARad and Medical Diagnostic Web, an online marketplace for connecting imaging facilities with radiologist.

Segments covered in the Report:

The global Teleradiology services market has been segmented on the basis of Imaging Techniques, Component, and regions. Based on imaging techniques, the market is segmented into X-ray, computed tomography (CT), magnetic resonance imaging (MRI), nuclear medicine, and others. Based on component, the market is segmented into software and services, Hardware.

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Key questions answered in this research report:

• • At what pace is global teleradiology services market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in teleradiology services market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global teleradiology services market?
  • Which imaging techniques generated maximum revenues in 2020 and identify the most promising Imaging techniques during the forecast period?
  • What are the various component areas of global teleradiology services market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Teleradiology services Market by Imaging Techniques

• • X-ray
  • Computed Tomography
  • Magnetic Resonance Imaging (MRI)
  • Nuclear Medicine
  • Others

Global Teleradiology services Market by Component

• • Software and Services
  • Hardware

Global Teleradiology Services Market by Region

• • North America Teleradiology Services Market (Option 1: As a part of the free 25% customization)
    • North America Teleradiology Services Market by Imaging Techniques
    • North America Teleradiology Services Market by Component
    • US Teleradiology Services Market All-Up
    • Canada Teleradiology Services Market All-Up
  • Europe Teleradiology Services Market (Option 2: As a part of the free 25% customization)
    • Europe Teleradiology Services Market by Imaging Techniques
    • Europe Teleradiology Services Market by Component
    • UK Teleradiology Services Market All-Up
    • Germany Teleradiology Services Market All-Up
    • France Teleradiology Services Market All-Up
    • Spain Teleradiology Services Market All-Up
    • Rest of Europe Teleradiology Services Market All-Up
  • Asia-Pacific Teleradiology Services Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Teleradiology Services Market by Imaging Techniques
    • Asia-Pacific Teleradiology Services Market by Component
    • China Teleradiology Services Market All-Up
    • India Teleradiology Services Market All-Up
    • Japan Teleradiology Services Market All-Up
    • Rest of APAC Teleradiology Services Market All-Up
  • RoW Teleradiology Services Market (Option 4: As a part of the free 25% customization)
    • RoW Teleradiology Services Market by Imaging Techniques
    • RoW Teleradiology Services Market by Component
    • Brazil Teleradiology Services Market All-Up
    • South Africa Teleradiology Services Market All-Up
    • Saudi Arabia Teleradiology Services Market All-Up
    • UAE Teleradiology Services Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Teleradiology Services Market All-Up

Major Players Operating in the Teleradiology services (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Koninklijke Philips N.V.
  • Cerner Corporation.
  • Siemens Healthcare GmbH
  • McKesson Corporation
  • Agfa-Gevaert Group
  • Teleradiology Solutions
  • Everlight Radiology
  • Carestream Health
  • NucleusHealth
  • ONRAD, Inc