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.
For more details, visit: 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
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.
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.
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.
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.
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.
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.
- What are the expected industry trends over the next three to five years?
- Which of the teleradiology product is likely to lead by 2025?
- Which of the end-user segments is expected to have the maximum potential to during the forecast period?
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- What are different organic and inorganic strategies implemented by companies to gain increased market share?