Transparency Market Research (TMR) has published a new report titled, ‘Teleradiology services Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027’. According to the report, the global teleradiology services market was valued at US$ 5.4 Bn in 2018 and is projected to expand at a CAGR of 18.7% from 2019 to 2027.
- Teleradiology is the electronic transmission of radiographic images such as CTs, MRIs and X-rays from one location to another for the purpose of consultation and interpretation.
- Teleradiology allows radiologist to provide service for 24/7, additionally it helps to provide services during medical emergencies and night time. Teleradiology services includes general reporting, auditing, consultation and others.
- North America dominated the global teleradiology services market in 2018 and the trend is anticipated to continue during the forecast period. Highly structured health care industry, increase in prevalence of major chronic diseases and are expected to drive the market in North America.
- Asia Pacific is likely to be a highly lucrative market for teleradiology services and it is expected to expand at a high CAGR during the forecast period
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Rise in Number of Radiology Imaging Procedures and Technological Advancement to Drive Market
- The changing face of interventional radiology across the globe and rise in prevalence of chronic diseases such as cancer and coronary heart diseases are boosting the number of radiological procedures. According to the World Health Organization, an estimated 1million new cases and 9.6 million cancer deaths occurred in 2018. Increase in number of radiology imaging procedures is helps to drive the growth of market during forecasted period.
- Technological advancement is also major factor to drive the growth if teleradiology services market. The technological developments in the teleradiology sector involves upgradation of the workflow, with the help of efficient software tools and the telecommunication network. To streamline the workflow, the software enhancements is considered to be a key factor which reduces turnaround time, provide cost effective operational results, and improve the quality. For instance, in January 2017, Direct teleradiology, a U.S. based teleradiology service provider launched automation intelligence software to improve its teleradiology workflow.
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General Reporting Segment to Dominate Market
- Based on service type, the global teleradiology services market has been divided into general reporting, auditing, consultation and others. The general reporting segment dominated the global teleradiology services market in 2018 and the trend is projected to continue during the forecast period. Rising demand for the precise and accurate diagnosis of radiology procedures such as CT & MRI is projected to boost the growth of this segment by 2027. In addition, rising demand for the time-saving and cost-effective radiograph interpretation by healthcare providers across the globe are helps to drive the growth of this market.
- Consultation segment is considered to be the second most prominent segment for the forecast period and it is expected to expand at a high CAGR during the forecast period. Increase in growth of this segment due to availability of well-qualified radiologists in developed countries, and rising necessity for precise and accurate diagnosis of chronic diseases such as oncology & heart disorders.
After Hours / Night Time Coverage Segment to be Highly Lucrative Segment
- In terms of coverage, the global teleradiology services market has been classified into day time coverage and after hours / night time coverage
- The after hours / night time coverage segment dominated the global teleradiology services market in 2018. Major players in the teleradiology market are outsourcing the teleradiology services to the price-sensitive countries such as India, Singapore etc., which provides the benefits of time zone. This is one of the major factor for the estimated dominance of after hours/night time coverage segment during the forecast period.
- The day time coverage segment is expected to expand at a significant CAGR by 2027
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Neurology to Be the Most Promising Segment
- In terms of specialty, the teleradiology services market has been segmented into cardiology, neurology, oncology, musculoskeletal, gastroenterology and others.
- The neurology segment held a dominant share of global teleradiology services market in 2018, as rise in outsourcing of neurology scan due its complexity and difficulty in reading, as it requires highly specialized radiologists to read neurology scans.
- Oncology segment is likely to be a highly lucrative market for teleradiology services and it is expected to expand at a high CAGR during the forecast period. Increase in number of cancer cases is likely to drive the growth of this segment.
Computed Tomography (CT) Segment to Dominate Market
- In terms of modality, the teleradiology services market has been segmented into X-ray, ultrasound, magnetic resonance imaging (MRI), computed tomography (CT), nuclear imaging and others.
- The computed tomography (CT) segment held a dominant share of global teleradiology services market due to increasing research and development in mobile medical imaging systems and its allow patients to take diagnostic images from smartphone and share it with the physician.
Diagnostic Imaging Centers Segment to be Highly Lucrative Segment
- In terms of end-users, the global teleradiology services market has been classified into hospitals, diagnostic imaging centers, ambulatory surgical centers, clinics, and others.
- The diagnostic imaging centers segment dominated the teleradiology services market. Diagnostic imaging centers offer a one stop shop for all imaging requirements under one roof, making it a preferred choice for patients. This is expected to boost the segment.
- The hospitals segment is expected to expand at a fastest CAGR during the forecast period. Growth of the segment can be attributed to availability of multiple imaging options and devices and tie-ups with health care companies to enhance imaging offerings.
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North America to Dominate Global Market
- In terms of region, the global teleradiology services market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global teleradiology services market in 2018, followed by Europe.
- North America accounted for major share of the global teleradiology services market in 2018. This is attributable to Growth of the segment can be attributed to availability of multiple imaging options and devices and tie-ups with health care companies to enhance imaging offerings.
- The teleradiology services market in Asia Pacific is anticipated to expand at a high CAGR from 2019 to 2027. This can be attributed to increase in awareness about teleradiology and growth in the healthcare sector in countries such as China, Japan, and India. Moreover, technological advancement and increasing adoption of teleradiology solutions are expected to propel the growth of the market during the forecast period.
- The global teleradiology services market is fragmented in terms of number of players. Key players in the global market include Envision Healthcare Corporation, MEDNAX Services, Inc. (Virtual Radiologic), 4ways Limited, Argus Radiology, Teleradiology Solutions, UNILABS, USARAD Holdings, Inc., ONRAD, Inc., Euro American Teleradiology, Teleconsult Europe, Africa Telerad Limited, American Imaging Consultants and other prominent players.
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