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Global Teleradiology Market By Product (MRI, X-ray, Others), By Services (Software, Teleradiology Services), By End-Users (Hospitals & Clinics, Diagnostic Imaging Center & Laboratories, Others) By Region, Forecast & Opportunities to 2026

The global teleradiology market accounted for a value of USD 7.2 billion in 2019 and is projected to register growth at a CAGR of 18.5% during forecast period.

COVID-19 has impacted teleradiology market. All the medical practices are under immense pressure due to outbreak of corona virus. Many healthcare providers are rely on teleradiology solutions for reading diagnostic report and efficiently treat patients. The imaging diagnostic is become more efficient with teleradiology solutions by simplifying and optimizing radiology with correct reads and reduced errors.  There is staffing and logistics issue in teleradiology. Many cancellation and postponed of appointments took place in radiology due to spread of corona virus. The teleradioligy market is witnessing decline due to COVID-19.

Definition:

Teleradiology can be defined as transmission of radiological patient images such CTs, MRIs and X-rays from one location to other for studies with other physician and radiologists. It allows radiologists to provide services without actually present at the location of the patient.

Market Dynamics (Drivers/Opportunities):

Teleradiology allows transmission of medical images from one location to another for proper assistance from physician and radiologists. Using this technology, radiologists can provide their expertise without actually present at patients location. It is a very important technology as in various regions the number of radiologist are few. This drives growth in teleradiology market during forecast period.

The adoption of teleradiology solution is increasing worldwide as it creates a bridge between rural and urban disparity in various countries across the world. many developed and developing countries are adopting this technology widely and this increase demand for teleradiology and drives growth in this market during forecast period.

Market Insights, by Product

On the basis of product, the teleradiology market is segmented into nuclear imaging, computed tomography (CT), magnetic resonance imaging, ultrasound and X-ray.  X-ray segment accounted for a value of 1.1 billion in 2019. The introduction of various new and innovative systems such as filmless x-ray is responsible for driving growth in this segment.

However, computed tomography (CT) segment is estimated to witness fastest growth during forecast period. It provides clearer and fastest images of complex body organs such as lungs, cardiac cavities and brains and this makes major countries adopt CT technologies. Technological advancement is increasing in this segment and drives growth in CT segment during forecast period.

Market Insights, by Services

On the basis of services, the teleradiology market is segmented into software and teleradiology services. The software services segment is estimated to register growth at highest CAGR during forecast period.  The demand is increasing for healthcare software to improve technical capabilities, enhance interoperability and increase data transparency in healthcare units around the world. The demand for better data management of patients’ data is increasing and this made various hospitals deploy teleradiology solutions. This improves efficiency and drives growth in software services during forecast period.

Market Insights, by End-Users

On the basis of end-users, the teleradiology market is segmented into hospitals & clinics, diagnostic imaging center & laboratories, long term care centers, nursing homes, assisted living facilities and others. Hospitals & clinics segment accounted for largest market share in 2019. It is estimated to dominate the market during forecast period. The number of diagnostic imaging procedures performed in the hospitals is rising rapidly around the globe. The hospitals and clinics are shifting towards automation and digitization for improving the patient’s record and management. It also helps in improving efficiency and workflow. This drives growth in hospitals and clinics segment during forecast period.

Regional Insights

North America region accounted largest market share in 2019. However, Asia-Pacific region is estimated to register growth at highest CAGR during forecast period. The adoption of new and advanced technology is increasing in this region and the investment in healthcare facilities are also increasing in this region. The awareness about benefits of early disease diagnosis is increasing. Government is also adopting various initiatives to support teleradiology market in this region. The increasing adoption and technological advancements in this region is likely to drive growth in Asia-Pacific region during forecast period.

Key Companies & Market Share Insights

The key market players in teleradiology industry are Philips Healthcare, Mednax Services Inc., Teleradiology Solutions, Carestream health Inc., Onrad Inc., Usarad Holdings Inc., Cerner Corporation, Mckesson Corporation, Siemens Healthineers, Fujifilm Holdings Corporation, Agfa Healthcare, Ramsoft Inc.,  Everlight Radiology, Novarad Corporation, Telediagnostic Solutions Pvt. Ltd., Sttrad LLC, Medweb LLC and Nautilus medical.

Segments Covered in the Report

This report forecasts The Global Teleradiology Market, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2020 to 2026. For the purpose of this study, Our Company has segmented the global teleradiology market report on the basis of product, services and end-users.

Teleradiology Market Size & Forecast (2017-2026)

  1. Research Framework
    • Market Definition and Product Overview
    • Market Segmentation
  2. Research Methodology
    • Qualitative Research
      • Primary & Secondary Sources
    • Quantitative Research
      • Primary & Secondary Sources
    • Breakdown of Primary Research Respondents, By Region
      • Secondary Research
      • Primary Research
    • Breakdown of Primary Research Respondents, By Industry Participants
      • Market Size Estimation
      • Assumption for the Study
      • Market Breakdown & Data Triangulation
  1. Executive Summary
    • Market Snapshot
  2. Industry Insights
    • Industry ecosystem analysis
      • Value Chain Analysis
    • Industry impact and forces
      • Growth Drivers
      • Challenges &Restraints
      • Opportunities
    • Disruptive Technological Analysis
    • Regulatory framework
      • North America
      • Europe
      • Asia Pacific
      • Middle East & Africa
      • South America
    • Growth potential analysis, 2019
    • Porter’s Five forces analysis
    • Pricing Analysis
      • North America
      • Europe
      • Asia Pacific
      • Middle East & Africa
      • South America
  1. COVID – Impact Analysis
    • North America
    • Europe
    • Asia Pacific
    • Middle East & Africa
    • South America
  2. Teleradiology Market, By Product, Market Size & Forecast To 2026

(USD Million 2017,2018, 2019, 2020, 2021-e-2026-p)

  • Introduction
  • Nuclear Imaging
  • Computed Tomography (CT)
  • Magnetic Resonance Imaging
  • Ultrasound
  • X-ray
  1. Teleradiology Market, By Services, Market Size & Forecast To 2026

(USD Million 2017,2018, 2019, 2020, 2021-e-2026-p)

  • Introduction
  • Software
  • Teleradiology Services
  1. Teleradiology Market, By End-Users, Market Size & Forecast To 2026

(USD Million 2017,2018, 2019, 2020, 2021-e-2026-p)

  • Introduction
  • Hospitals & Clinics
  • Diagnostic Imaging Center & Laboratories
  • Long Term Care Centers, Nursing Homes, Assisted Living Facilities
  1. Teleradiology Market, By Region, Market Size & Forecast To 2026

(USD Million 2017,2018, 2019, 2020, 2021-e-2026-p)

  • Introduction
  • North America Market Size & Forecast To 2026
    • Market Overview
    • COVID-19 Impact
    • By Product
    • By Services
    • By End-Users
    • By Country
      • USA
        • By End-Users
      • Canada
      • Mexico
    • South America Market Size & Forecast To 2026
      • Market Overview
      • COVID-19 Impact
      • By Product
      • By Services
      • By End-Users
      • By Country
        • Brazil
          • By End-Users
        • Argentina
        • Chile
        • Rest of South America
      • Europe Market Size & Forecast To 2026
        • Market Overview
        • COVID-19 Impact
        • By Product
        • By Services
        • By End-Users
        • By Country
          • UK
            • By End-Users
          • Germany
          • France
          • Italy
          • Rest of Europe
        • APAC Market Size & Forecast To 2026
          • Market Overview
          • COVID-19 Impact
          • By Product
          • By Services
          • By End-Users
          • By Country
            • China
              • By End-Users
            • India
            • Japan
            • South Korea
            • Australia
            • Rest of APAC
          • Middle East & Africa Market Size & Forecast To 2026
            • Market Overview
            • COVID-19 Impact
            • By Product
            • By Services
            • By End-Users
            • By Country
              • Saudi Arabia
                • By End-Users
              • UAE
              • Qatar
              • Kuwait
              • South Africa
              • Rest of Middle East & Africa
  1. Competitive Landscaping
    • Competitive Benchmarking
      • Market Share Analysis, 2019
      • Global Presence and Growth Strategies
        • Mergers & Acquisitions
        • New Product Launches
        • Investments Trends
        • R&D Initiatives
  1. Company Profile
    • Nautilus medical
      • Company Overview
      • Financial Overview
      • Product Portfolio
      • Recent Developments
      • SWOT Analysis
      • Strategic Outlook
    • Philips Healthcare
    • Mednax Services Inc.
    • Teleradiology Solutions
    • Carestream health Inc.
    • Onrad Inc.
    • Usarad Holdings Inc.
    • Cerner Corporation
    • Mckesson Corporation
    • Siemens Healthineers
    • Fujifilm Holdings Corporation
    • Agfa Healthcare
    • Ramsoft Inc.
    • Everlight Radiology
    • Novarad Corporation
    • Telediagnostic Solutions Pvt. Ltd.
    • Medweb LLC
  2. Appendix
    • Interrelated Market

 

Research Methodology

1.1     Research Methodology

The process of market research at PAN Market Consulting is very intuitive being iterative in nature and usually follows the path where Information gathered from secondary research is used to build data models, which are than validated from primary participants. Then same cycle repeats where, according to inputs from primary participants, additional secondary research is done, and new information type is again incorporated into data model. The process continues till desired level of information is not generated.

To calculate the market size, the report considers the revenue generated from the sales of the product/services. The revenue generated from the sales of product/services has been calculated through primary and secondary research. The report also analyses the key players operating in the market at the global level which are identified through secondary research and a corresponding detailed analysis of the top vendors in the market. The market size calculation also includes product segmentation determined using secondary sources and verified through primary sources.

1.2     Secondary Research

The secondary research source that are typically referred to include, but are not limited to:

  • Company websites, annual reports, financial reports, broker reports, investor presentations and SEC filings
  • Internal and external proprietary databases, relevant patent and regulatory databases
  • National government documents, statistical databases and market reports
  • News articles, press releases and web-casts specific to the companies operating in the market

The source for secondary research includes but is not limited to Factiva, Hoovers and Statista

SecondaryResearch

1.3     Primary Research

We conduct primary interviews on an ongoing basis with industry participants and commentators in order to validate data and analysis. A typical research interview fulfills the following end users:

  • It provides first-hand information on the market size, market trends, growth trends, competitive landscape, future outlook etc.
  • Helps in validating and strengthening the secondary research findings
  • Further develops the analysis team’s expertise and market understanding
  • Primary research involves E-mail interactions, telephonic interviews as well as face-to-face interviews for each market, category, segment and sub-segment across geographies

The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: CEOs, VPs, marketing/ product managers, market intelligence managers and national sales managers
  • Purchasing managers, technical personnel, distributors and resellers
  • Outside experts: Investment bankers, valuation experts, research analysts specializing in specific markets
  • Key opinion leaders specializing in different areas corresponding to different industry end users

1.4     Models

Where no hard data is available, we use modeling and estimates in order to produce comprehensive data sets. A rigorous methodology is adopted in which the available hard data is cross referenced with the following data products to produce estimates:

  • Demographic data: Population split by segment
  • Macro-economic indicators: GDP, etc.
  • Industry indicators: Expenditure, product stage & infrastructure, sector growth and facilities.

Data is then cross checked by the expert panel.

1.4.1 Company Share Analysis Model

Company share analysis is used to derive the size of global market. As well as study of revenues of companies for last three to five years also provide the base for forecasting the market size and its growth rate. This model is built in following steps:

ResearchMethodology1

1.4.2 Revenue Based Modeling

Revenue based models can be built in two ways – Top-Down or Bottom-Up irrespective of industry. Market size estimated from company share analysis acts as a validation point for bottom-up approach whereas it acts as starting point for top-down approach.

ResearchMethodology2

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