Transparency Market Research (TMR) has published a new report titled “Teleradiology Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019-2027”. According to the report, the global teleradiology market was valued at US$2.6 billion in 2018 and is expected to grow at a CAGR of 16.9% from 2019 to 2027.
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On the basis of modality, the teleradiology market is segmented into X-ray, ultrasound, CT, MRI, nuclear imaging
Rigorous research and development activities in radiology imaging services and growing adoption of teleradiology are driving the market
North America dominated the global teleradiology market in 2018 and the trend is expected to continue over the forecast period owing to a highly developed healthcare sector coupled with increased patient awareness and the continuous evolution of information technologies. The teleradiology market offers immense growth potential in this region.
The Asia-Pacific teleradiology market is expected to grow at a significant CAGR over the forecast period owing to increased awareness of teleradiology and growing healthcare sector in countries like China, Japan and India. Moreover, technological advancements and increasing adoption of teleradiology solutions are expected to propel the market growth over the forecast period.
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Increase in the number of radiology imaging procedures and public and private players involved in the promotion of teleradiology to drive the global teleradiology market
The changing face of interventional radiology across the world and the increasing prevalence of chronic diseases such as cancer and coronary heart disease are increasing the number of radiological procedures. According to the National Cancer Institute, approximately 1,685,210 new cases of cancer were diagnosed in the United States in 2016
The need for timely interpretation of quality x-rays is high in developed economies where the incidence rate of chronic diseases is increasing at a rapid rate. To keep pace with the growing demand for radiological procedures and comprehensive interpretation, teleradiology is preferred by healthcare providers around the world.
Teleradiology is becoming a major driver for the expansion of quality health care around the world. Increase in government initiatives for the adoption of telehealth and other digital healthcare services is expected to propel the market during the forecast period. In July 2016, Japan’s Ministry of Economy, Trade and Industry announced plans to launch a demonstration project to improve diabetes management through the use of IoT and health information. .
Public and private players participate to publicize the notable developments in the diagnostic imaging services sector. Key companies are collaborating to improve access to teleradiology in niche markets. In 2017, Teleradiology Solutions, an industry leader in teleradiology services in India, and GE Healthcare collaborated to improve access to advanced radiology interpretation services
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Type I segment to dominate the market
On the basis of modality, the global teleradiology market is segmented into X-ray, Ultrasound, CT Scan, MRI, Nuclear Imaging.
The computed tomography (CT) segment held a major share of the global teleradiology market in 2018 and is expected to grow at the highest CAGR over the forecast period.
Although comparatively expensive, computed tomography (CT) is estimated to hold the dominant market share over the forecast period due to its ability to distinguish between 2000 density levels, enabling the physician to view 3D structures in the body for an accurate diagnosis.
North America will dominate the global market
Geographically, the global teleradiology market has been segmented into five major regions: North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. North America dominated the global teleradiology market in 2018, followed by Europe.
North America accounted for a significant share of the global teleradiology market in 2018, owing to a highly developed healthcare sector coupled with increased patient awareness and continuous advancement in information technology . The market for teleradiology services offers immense growth potential in this region.
The Asia-Pacific teleradiology market is expected to grow at a significant CAGR over the forecast period owing to the increased awareness of teleradiology and the growth of the healthcare sector in countries such as China, the Japan and India. Moreover, technological advancements and increasing adoption of teleradiology solutions are expected to propel the market growth over the forecast period.
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Envision Healthcare Corporation, Teleradiology Solutions, Agfa-Gevaert NV are the major players in the global teleradiology market holding the majority of the market share
The global teleradiology market is fragmented in number of players. The major players in the global market are Envision Healthcare Corporation, Agfa-Gevaert NV, 4ways Healthcare Limited, InHealth, Teleradiology Solutions, USARAD Holdings, Inc., ONRAD, Inc., TeleDiagnosys Services Pvt Ltd., Euro American Tele Radiology, Cybernet Medical Corporation among others
Development of new products through strong R&D activities and mergers and acquisitions are the major strategies adopted by these players to operate their business in the global teleradiology market
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The global teleradiology market has been segmented as follows:
Global Teleradiology Market, By Type
Global Teleradiology Market, By Region
The rest of Europe
Australia and New Zealand
Rest of Asia-Pacific
Rest of Latin America
Middle East and Africa
Rest of the Middle East and Africa
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